No serious business owner or executive opposes increasing profits. People do argue about how to generate the profits that create free cash flow. Many an owner or executive has lamented their difficulties earning a profit from every sale. Whether it’s customer demands, competitive pressure, or a sub-optimal sales process, profits can be elusive. Today we … Continue reading You’re Not Opposed to Increasing Profits, Are you?
A financial advisor wrote on LinkedIn: “There are no short cuts. Success requires discipline, patience, and hard work.” I replied that I feel frustrated by experts who promote “hacks”—short cuts that are supposed to give you great results. Who needs discipline, patience, and hard work? Try a hack instead! And I asked, “Who would like … Continue reading There are No Shortcuts to Any Place Worth Going
Is it possible your company is creating cash flow problems because you follow norms promoted by your professional, technical or scientific services industry? And do you sometimes think you should do things differently, but are afraid to do them–well, because “everyone does it this way?” Do you create negative cash flow by: Offering discounts right … Continue reading Are Industry Norms Hurting Cash Flow?
How does your company balance on the two-edged sword of lots of demand (great!) and lots of competition (not so great)? Companies that provide professional, scientific, and technical services have lots of company, as these three sectors include 4,207,592 firms with 100 or fewer employees! It’s not enough for your company to have great skill, … Continue reading More Demand Creates More Competition-Are You Optimized?
This week’s Newsletter is brought to you by the letter “D.” Demur. Defer. Decide. We’ll look at how these behaviors impact company success.I’ve been thinking of these words because there are just over 30 days left in 2019. Business Owners are reviewing this year and looking ahead to next year. What initiatives, plans or investments … Continue reading Decide Already! Indecision Gobbles Up Profits
“Small disciplines repeated with consistency everyday lead to great achievements gained slowly over time.” John Maxwell, Leadership guru “What you do every day is more important than what you do once in awhile. “Mark LeBlanc, Growing Your Business “A foolish consistency is the hobgoblin of little minds…With consistency, a great soul has simply nothing to … Continue reading Is Consistency the Guarantor of Success or a Hobgoblin?
Do you wake up and think “what do I have to do today?” or do you jump out of bed, eager to make a difference? This week’s ideas are for those who want to make a difference.After 6, 10, 15 years or more, your company is solid. And yet, it is likely stuck on a … Continue reading Stuck in Neutral? Get Off the Revenue and Profit Plateau
Did you ever notice how we in business talk about profits? They’re the “bottom line.” The equation is ‘Sales-expenses=Profit.’ Our sales funnel starts with leads and ends at the sale; it doesn’t even recognize profits! It’s no surprise, then, that profits are hard to come by. What if we flipped this language and put profits … Continue reading Are You Failing to Put Profits First?
I’m spending more time with owners focusing intently on their earnings. This has led to conversations about how a company can boost the bottom line. Whether the company is young, 3-5 years old, maturing nicely at 6-16 years, or entering the period when the owner is thinking about an exit, earnings should be the filter … Continue reading Jettison the Three Beliefs that Reduce Earnings
When I owned Café Aurora, all of my employees had to be jacks-of-all-trades. They cooked, served, cashiered and cleaned. I knew in my gut that every one of those jobs could contribute to, or take away from, the revenue each day. Each day that they did their best, receipts would be high. My experience with … Continue reading Instill Pride of Ownership Throughout Your Company