Top Ten Ways to Increase Your Profitability
1) Go back to basics.
Take a couple of steps back and address the fundamental facts or principles of your business. Going back to basics can mean cleaning the slate and focusing on basic elements that create success. 2) Come from a place of Integrity.
As the saying goes " Honesty is the best policy." Base all your decisions and actions on integrity. What do you know to be true? 3) Look for Profit holes.
These are expenses or areas where money is often spent unnecessarily. Don't ignore the intangible profit holes. Examples may include : Unproductive staff, wrong media, wrong message, wrong agency. Others includepaying late or missing discount deadlines. 4) Constructive Communication.
Miscommunication cause's misunderstandings. Encourage your team to communicate clearly with each other and with clients. Ensure that all communication is constructive and supportive. 5) Apply the Pareto Principle.
The value of the Pareto Principle for a manager is that it reminds you to focus on the 20 percent that matters. Of the things you do during your day, only 20 percent really matter. Those 20 percent produce 80 percent of your results. Identify and focus on those things. When the fire fighting of the day begins to sap your time, remind yourself of the 20 percent you need to focus on. If something in the schedule has to slip, if something isn't going to get done, make sure it's not part of that 20 percent that counts. 80 percent of your clerical time is wasted of activities that produce 20% on your income. 80 percent of your sales comes from 20% of your existing client base. 6.) Focus on what is working and capitalise on that.
Where is there a natural flow in your business? What works well for you? These are your strengths and if you keep doing what comes naturally, you will have success. Take the path of least resistance, Don't reinvent the wheel - less can be more. 7.) Think outside the box Think differently!
If what you're doing now isn't working, change direction -explore. Look at alternatives and keep asking " What opportunities have we available to us right now?" If you do something different you will resolve the problem quicker. If you keep doing what you have always done, you will keep getting the same results. 8.) Create some short term wins.
Identify areas within your current environment that need to be focused on to achieve your desired end result. Create three short term wins to be achieved in a specific time frame. What three short term wins can I put in place for the immediate future ? How do you feel when you win ? 9.) Look for your "Acres of Diamonds".
There is a story about a farmer who lived in Africa and through meeting a visitor became tremendously excited about looking for diamonds. He was so excited about the idea of millions of dollars worth of diamonds that he sold his farm to head out to the diamond line. He wandered all over the continent, constantly searching for diamonds and wealth which he never found. Eventually he went completely broke and threw himself into a river and drowned. Meanwhile, the new owner of his farm picked up an unusual looking rock about the size of an egg and put it on his mantle piece in his lounge. A visitor stopped by and in viewing the rock practically went into terminal convulsions. He told the new owner of the farm that the funny looking rock on his mantle piece was just about the biggest diamond that had ever been found. The new owner of the farm said, "Heck, the whole farm is covered with them" - and sure enough it was. The farm turned out to be the Kimberly Diamond Mine, the richest the world has ever known. The original owner of the farm was literally standing on "Acres of Diamonds" and he never knew. 10.) Accelerate your growth.
Hire a coach to help you facilitate this change. If you keep doing what you have always done , you will keep getting the same results. A coach acts as an independent catalyst for change and is an asset to any organisation looking to accelerate their growth. I work successfully with clients who want more out of life and business. My ideal client wants more time, freedom, energy and focus, to name but a few. Working as an independent catalyst for change, I give clients direction, showing them how to work smarter and how have more fun in the process. Clients who work with me gain clarity on life and in their business, they are refreshed thus creating the momentum to bridge the gap between where they are and where they want to be. Contact: Melanie Donnelly Full Circle Coaching email: life@myfullcircle.co.uk web: http://www.myfullcircle.co.uk 028 90 761 966
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