I wanted to talk to you personally about profit improvement. And when I talk profit improvement, I’m talking about improving your profit without spending any additional money in order to make more money. In fact, the reason I like to focus on profit improvement is because we are talking about using the resources you already have and shifting those resources or eliminating some things so you can improve the bottom line of your business.
What I’ve noticed is many companies spend dollars on things they do not receive a result from. So I am sharing with you things we have implemented internally and have gotten huge success from. Just this last year, we simply began to look at things we were not utilizing and, to my amazement, it’s actually going to save us around $24,000. The best part is that our business won’t be affected by it.
So again, when we talk about profit improvement, we are talking about putting strategies in place that won’t cost you any additional amount of money to do. You know, when most people or consultants promote profit improvement strategies, they talk about it in terms of spending more money on marketing to do this, or they say, “you have to spend money to make money” or even “scared money doesn’t make any money.” But the truth is, you’ve probably been in business for a number of years and there are things in your business you’re neglecting and not paying enough attention to. You are too close to your business to see several opportunities that lie right in front of you.
One of our clients we looked at was doing some marketing things, and all we did was just have him make one change and he was able to drop $39,000 to his bottom line.
That may not be a big deal for you, but for many business owners, making shifts like that changes what happens in their lifestyle and family, and changes how much time they can spend outside of the office.
The one thing we don’t get back is time. You can go out and make more money, but you can never go back and get more time. And if you can do things to increase more profit, it may mean that you can work less in your business. Working less in your business gives you the ability to do things in your life that you want to do. Perhaps you want to work more in your business. If that’s your desire, why don’t you make as much money as you can by maximizing your profit potential? That’s what business is all about. You owe it to yourself, and you owe it to your team members (some team members may deserve a raise, but you may not have enough money to give out). If you begin to improve your profit, you can take some of the reduced expenses or reduced costs you have and then re-shift that to invest into your people.
Profit improvement is a holistic process that’s about everyone you come in contact with. Once again, you owe it to yourself, your business, your family, and your employees. If you’re going to be in business, let’s maximize your profitability.
Schedule a complimentary Profit Improvement strategy session and leave with your customized action plan.