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.
We work with and talk to many small business owners who have healthy sales, but a very unhealthy bottom line. We even see entrepreneurs funding business operations out of their own bank accounts. Reality check: your business is supposed to pay you, not the other way around!
There are so many business “gurus” on the internet talking about how to grow your sales and get more clients. But we haven’t heard very many talking about how to make your business profitable, have you?
Image courtesy of Boaz Yiftach / FreeDigitalPhotos.net
We decided to talk to the smartest people we know. We went to small business thought leaders like Michael Port, John Jantsch and JJ Ramberg. And experts in their fields, such as Dr. Sabrina Schleicher – America’s Leading Rural Business Grower, Cash Guru Fred Pieplow, operations expert Janine Dawson, and systems expert Rodrigo Laddaga. We brought them all together and asked them to share their best tips, experiences, and methods for growing profits. And of course, our own Mike Michalowicz and I joined in as well.
Here’s what we know about being profitable:
Not every product or service will position your business for profit growth, even if you can sell it. You must identify the most profitable combination of offerings for your business in order to grow and prosper.
Your employees have a huge impact on your profitability, which means you need to know how to find and keep the ones who will grow your profits.
All sales are not equally profitable, and it is important to identify and focus your growth on higher profit sales.
Successful companies know how to charge higher prices without objection from their customers or prospects. Hint: measure and track the results that your service or product produces.
You can cut costs without sacrificing anything if you know where to look. Hint: the price is rarely the price – everything is negotiable.
The Profit First cash management system ensures you always make a profit.
Systems and process are crucial to running an efficient, money making company.
Your physical health impacts your financial health
During the week of March 17, 2014, we will dive deeper into all of these topics, and more. Attendance is FREE and online. Join the conference and learn straight forward methods for boosting your profits that you can implement right away.
If you haven’t already signed up, go here to access these information and insight rich interviews. Walk away with a new outlook on your business! Register for ProfitCon 2014.