It’s about profitable growth. After all, if your business is growing but so are your expenses, and you are not actually making money, what exactly is the point?
Cost savings and profitable growth won’t magically happen by themselves
There are so many good reasons why small businesses should focus their offering on a clearly defined niche. One of the most compelling is that niche strategy not only helps you attract more clients like a magnet, but it does so more profitably, boosting your profits and putting more dollars in your pocket!
If the thought of writing a business plan makes you want to cry, swear a little, and then frantically search the internet for a free template that actually makes sense before giving up and cracking that bottle of tequila you’ve been saving…
2015 is approaching rapidly! Every year, I use the last month to do strategic planning in preparation for the following year. Year-end is a great time to reflect on the year’s WINS and losses, along with all there is to be learned. Then, plan the year ahead.
Over the last weekend, I got to read Profit First, the newest book from Mike Michalowicz. As I read, I thought of one client after another who could benefit from implementing Profit First in his or her business. In talking to business owners day in and day out about the challenges they face in their business, I hear a lot of the same challenges coming up over and over. Many of these challenges relate to managing finances in the business.
I am a convert. “Profit First: A Simple System to Transform Any Business From A Cash-Eating Monster to a Money-Making Machine” will be here in less than a week, and for small business owners all over the world, not a moment too soon. I have had the privilege of reading an advance copy of this third book from author (and Provendus CEO) Mike Michalowicz, and the following is a summary of what I love about it.
While I have co-founded, built and sold two multi-million dollar technology service firms, I admit they were never truly profitable. Every increase in revenue seemed to be matched with an even greater increase in expenses. Every day I checked (and still do) my bank balances. As the balances would climb and fall, so would my confidence and my spending. I lavishly incurred new, unnecessary expenses when my bank account was fat. I panicked when it was thin.
The key to growing your profits is to bring in more revenues, right? Not necessarily. While most business owners focus on growing the sales and revenue side of their business, they often miss key issues that are impacting their profitability.
After many years of working with thousands of Small Businesses, I have noticed that finance is often an área of weakness for small business owners. They say that the language of business is finance, but unfortunately, most small businesses do not fully understand this language.
Managing your sales activities to focus on the most profitable customers and products is key to the success of your business.
Phone: (800) 986-5905
Email: Info@PumpkinPlanYourBiz.com
