25 Ways to Improve Your Profits
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
Three Fast Start Business Success Tips
I was recently inspired by an article on “Fast Start Tips”. The article was based on the idea that there are often three, short-term, high-impact activities which can be quickly implemented to improve business profits.
Focus on three things and you’ll get a result.
My initial reaction was to look at my current “To Do” list. I’ve got about 30 things that should be done asap. How can I prioritize and pick only three?! This is about high-impact activities, not that administrative busywork.
Ok, so here’s my plan…
1. Focus on Marketing. Get the word out about my services to new prospects. Go and find potential buyers and invite them into a dialogue.
2. Focus on Sales. Get in contact with my existing prospects. I’ve picked up business cards at networking events, or meet virtually in my social media. Work to develop those relationships.
3. Focus on the Telephone. Get the phone into my hand and start dialing. Calling people is an effective way to connect and close deals. Dial those digits and start talking. Ask effective, probing questions to find out their needs. Offer to help them with their problems.
In some ways this is one huge task – ultimately, find new business. Another description is to – “Go out and do something!”
It is difficult to make those sales calls. Nobody like to do it. I’ll admit it is hard. But the funny part is that once you get started, it gets easier. Here it is… one, two, three GO!
1. Make a quick outline of where you can find new prospects – maybe it’s the local yellow pages, or a school alumni directory.
2. Get out that stack of business cards of people who already know.
3. Script out the initial hello pitch. “Hi this is ____, from _____… Can I ask if you are having difficulty with ____?” When they say yes, the door is open and you’ll know how to move them through their buying process.
Ok now, you know what you’ve got to do. Take an hour and go dial – you’ll find more profit! Kay Peck
Starting A Small Business is a Challenge
Being an entrepreneur requires strength and courage. It takes a certain something to start a new project, especially one that your life could depend upon.
Some people are just not cut out to work for someone else. Others are driven by a dream or idea that can’t stop thinking about. Maybe the lack of employment opportunities has created the need to start a new business.
Whatever the reason, the fact remains that when you’ve been bit by the bug, you’ve got to scratch it! If starting a company is what gets you going in the morning, then do it.
You won’t be the only one out there doing it on your own. One out of every 14 people in the US is a business owner. They don’t all have MBAs or lots of money to get started. Actually, most start out small but with big goals.
One of the best ways to figure out how to get started is to talk with someone who already owns their business. Ask them how they got started. Find out how they found their first customers. Everyone approaches the start-up differently, but we all started at the beginning.
If you’ve got the itch, I’m glad you found my website. I love to talk with people about starting a company.
This is my fifth business endeavor in the past 10 years. My first was wildly successful and was sold to my partner when we reached a million in sales. The second one evolved into my third because they were in a related industry. My fourth was the birth of my marketing consulting business which was my original career back when I “had a job”. Now, I’m online and reaching around the globe.
It’s been up and down but I wouldn’t trade it for the 9-5 ever again! I came across this quote which made me smile.
“Please know that I am aware of the hazards. I want to do it because I want to do it.” Amelia Earhart
I couldn’t say it any better. Do you feel the same way? I’d love to hear some of your start-up stories. Kay Peck
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