A new client recently asked me “how did I know where to begin looking for more profit?”.
Wow – what a question! My mind started racing through all of the areas where profit can hide. This could be my 25 Business Success Tips, but it’s more like a checklist of places to explore. Here’s my quick list of areas which I use as a guide map. The first, which has to be the most obvious is…
1. Start to look for the profit. So many business owners are overwhelmed with daily operations they don’t have a minute to consider anything new. Realizing that things can be better and then taking action is the first way to improve your profits.
I’ve grouped the remaining 24 areas into 4 basic categories – Administration, Operations, Marketing, Internet Opportunities. The Internet has become a virtual world without geographical or communication barriers. Because it is economical and open to everyone who logs on, I have made it a specific category.
Seriously consider which of these areas you could improve, and you’ll improve your profits.
Administration
2. Business Planning
3. Legal Requirements
4. Financial Management
5. Human Resources
6. Real Estate
7. Insurance
Operations
8. Procedure Manual
9. Costs of Good Sold
10. Inventory Control
11. Distribution Channels
12. Vendor Relations
13. Strategic Partnerships
Marketing
14. Identity and Positioning
15. Pricing Strategies
16. Communications Plan
17. Prospecting Buyers
18. Customer Relations
19. Traditional Promotions
Internet Opportunities
20. Websites 2.0
21. Social Media
22. E-mail Practices
23. Virtual Storefronts
24. Information Products
This is a quick list off the top of my head. Each subject is worthy of in-depth analysis of current practices and planning of how to improve. Usually, one of these areas will jump out and be the logical place to start.
Running a business is an on-going process which always has room for improvement. Maybe this list will help you find more profit. Kay Peck
