The two major causes of stress for business owners are people and money. In fact, it might be fair to say that about life too ???? Marketing, marketing They say feedback is the breakfast of champions. In my experience it’s true. In fact, I believe most people want to know how they are doing. If we don’t know how we are doing then we can start to lose momentum because we don’t know if what we are doing is working or adding value. Our subconscious can start to think “what’s the point of doing this? No-one is noticing” The two most common desires we hear from business owners are to have ‘more time’ and ‘more profit’. And to get more time, you first need to be making good profits, so this issue is all about your profitability.
Below we’ve compiled some of the best and simplest resources for you to better understand and execute on ways to be more profitable.
Put a smile on your face, and boost your profits ????
P.S. A common symptom for lack of profitability is a loss of passion for your business. It’s amazing how business owners who are having the most fun, also seem to be the most profitable. I wonder if there is a connection? Which comes first? Passion of course is critical, but passion without hard skills to drive profitability, will eventually fade.
3 Immediate Strategies To Boost Profits
If you want something you can do immediately, this blog post by yours truly is a great starting point. The three strategies I outline are simple, tangible and can be executed by any business.
There is a 10 – 30% increase in profitability from these 3 alone.
For Those Who Love Technology
Digital tools can be a great way to set up projects, timelines, accountabilities and manage communication, and they can avoid the “you never told me that” syndrome.
That said, they do not excuse you from being a leader. They will just make you a more organised one.
This article shares 14 cool tools (we use a couple of them), so if you are technically inclined, it makes a good shopping list. Just make sure these don’t become shiny new things to get you distracted
Building a Profit-First Budget
Building on one of the points from the article above, this strategy is not so much about building an operating budget (boring ) but rather developing a new way of thinking.
Check out this video
4 Ways to Measure Your Profitability
This is a great article sharing four ways to look at how you are performing from a profitability point of view. Often, it’s not enough just to look at the bottom line – we need to understand how to dissect our income statement into sections that tell us more of the story.
An easy 2 minute read.
The Hidden Profit Centre in Your Business
If you think profit is all about numbers, think again. This article will get you thinking about some strategies that at first, can seem more intangible but are far from it.
Thanks to our very own HR guru, Melina, for sharing this one …
When things go south in a performance review it is usually due to the skillset of the person giving the review.
Developing some coaching skills will greatly increase your effectiveness in helping your people grow.
Get it, read it.