Productivity

The Three P’s of Profitability

In business, we tend to do what we have always done. You are probably like many business owners, you want to know how you can increase the profits of your business without having to make too many changes. What can you do with the tools and resources that you already have?

You can double your profits and it doesn’t take a lot of effort.

Here are 3 ways that you can increase profits:

Pricing

People

Purchasing

Let’s start with Pricing. Have you changed your pricing recently? Many businesses have a fear of losing customers or clients when they raise their price. What will they do if I raise the price?

I like to describe fear as False Expectations Appearing Real (F.E.A.R.).

By raising the price just 2.5% it can have a dramatic effect in your business profitability.

Let’s take an example of a business that has the following income and profits:
Income   $ 2,500,000
Profits         $ 300,000
Increase average price by 2.5%
Income    $ […]

How to Use the Profit First Method – Part 1

The purpose of this post is to help business owners get control of their business. This is a straightforward (simple but not easy) explanation of why many business owners struggle with revenue, profit and how to really make money over time.
“Many small businesses, medium businesses, and even some big ones are barely surviving. The guy driving the new Tesla, whose children go to private school via chauffeur and who lives in a massive house and runs a three million-dollar company, is one bad month from declaring bankruptcy. I should know; he’s my neighbor.”
“Today is the day you make your business (and your life in the process) financially strong. Permanently.”
Pretty much every business owner is interested in growing their business. There is an inherent belief that Bigger is Better and if things are tight on the financial side, you can grow your way out of it. Revenue solves a lot of problems. Unfortunately, revenue also […]

Two Ways to Increasing Profits

As the year is approaching the mid way point, many companies are thinking about and planning ways to increase profits in the 2nd half of the year.  If growing your profits is important to you, then this article was written for you!

In this article, I will ask you a series of powerful questions.  These questions are centered on the most basic (and most significant) profit-drivers for a business.  Specifically, the questions will address:

Reducing Costs
Increasing Efficiencies

In answering these questions, it is likely you will get several ideas on how you can grow your profitability in coming year.  Remember, growing profits does not necessarily mean that you have to work harder.  Sometimes, we just need to work smarter.

Here are the powerful questions in each of those areas for you to consider and answer truthfully:

Reducing Costs

The cost of labor is usually one of the largest expenses in many businesses. Having a team of […]

What Does Your Sales System look like?

Are you a business owner or sales manager with outside salespeople? Are you frustrated with the poor results those salespeople have been getting or their lackluster performance?
Do your salespeople have a sales system to follow?
Once you have a sales system is in place and your sales team is trained, they need activity goals.  Remember, the ultimate goal is to “make sales” and “increase revenue,” thereby, increasing profits.  But there is the “sales cycle” that needs to be addressed.  The sales cycle is the average amount of time it takes to move someone from being a prospect to becoming a paying customer or client.

If you are selling office supplies, for example, the sales cycle may be very short.  Since many of your prospects order office supplies periodically, you have an opportunity more frequently to get their business.

But other industries may have much longer sales cycles.  For example, if you sell computer systems to manufacturers, they […]

Your Discovery Session Agenda

Your Agenda for your Discovery Session could be something totally different from mine. You need to discover what works for you. I personally provide a FREE 90-minute session with prospective clients. I do this with no stipulations (no obligations and no expectations).

During the session I don’t just tell them about coaching, I coach them. I don’t tell them what coaching is, I give them a coaching experience.

The agenda I set for this meeting is to:
1. Gain clarity
Help you gain clarity on the most significant ideas (issue to be solved or opportunity to be met) that can have the most favorable impact on your business. You get focus on what needs to be addressed. By asking powerful questions that help you to uncover what you truly want to see happen. How important is it to you?

2. Strategize

Help you determine the possible strategies to achieve the objective and then to determine the single top-priority strategy […]

Coaching Your Team with Goal Setting

As a business leader, what does it look like as you lead your team? You are constantly telling them what you think their goals should be. You are not confident that they reach their goals without your oversight. Does this sound like you?

If so, you are not alone!

I see this played out every day in businesses I have worked with. Many times a leader feels they are more important if they keep their people striving for a goal that may be unattainable. Do you set the goals for your team members?

Recently I was facilitating a conference on using coaching in leadership. I frequently encounter leaders who are skeptical about coaching people on their team. They reason that they have to tell their people what to do in order to reach their goals for themselves.

What is the right way to set goals?

As you use coaching skills in your leadership, you will discover that you don’t […]

Cascade Your Plan To Your Entire Organization

Even though your business is growing fast and your people are passionate about what they do, it does not mean that they magically understand what they are supposed to do to keep the business on the right track. This can be done in One Page for each area.

Cascading your execution plan to every area of the business will ensure your company is more focused and aligned to achieve your Main Endeavors and Priorities for the quarter and year.  Not doing so results in your divisions or departments planning and executing in silos with their own agenda.

We recommend you conduct a planning session with each of your business units in which you will:

Communicate the company Main Endeavors and Priorities for the quarter and year.
Discuss, debate, and agree on the correct priorities to focus on as a division or department.
Determine the best metrics and dashboards so you can review your plan every week or month and […]

How Prepared is Your Business for the New Year?

As you think about the objectives you had for this year, what did not get accomplished? What would it be like if you accomplished it in the new year? How important is it to you and your business?

Many businesses just move on to the next year without getting clear about what they want to achieve. You could be like many people and you are focused on just getting things done. There is even a book called Getting Things Done. I started to read the book and decided that I didn’t have time to read it all. What an oxymoron!

Take some time to reflect on what has gone right in your business and then move on to what you will direct your attention to in the next year. It is time to determine how you will prepare for success in the new year? What will the business be like if you reach specific objectives in […]

By |December 19th, 2016|Coaching, Productivity|0 Comments

Systemizing Your Business Processes

After fifteen years of working in an Information Technology consulting business, I realize that I was running in too many directions and doing too much myself. I spent very little time working on my business and expected it to change and be able to function without me. I decided it was time to move on.

In my current business (Soaring Eagles Business Advisors) I have put systems and processes in place that allow the business to function when I am not available. One way I have done this is to hire a Virtual Assistant Service to handle some of the tasks that I was doing like blog posting, email newsletters, market research, marketing materials, and accounting just to name a few. I also have web-based systems for project management, billing, autoresponder emails, client interaction, and online courses. This allows clients or customers to have access 24/7. I use a system called Coaches Console for much […]

By |November 28th, 2016|Coaching, Productivity|0 Comments

Creating Systems from Standard Operating Procedures

As you think about systems what comes to your mind? Many businesses think of systems in the form of a computerized system. Systems must incorporate an effective process or processes.  If you have people in your business that are doing the same job but each person is doing it differently, then only one person (at the most) is doing it the best way. Everyone else is doing it in a less-efficient and less-profitable manner.

When people do the same job in different ways, it is likely you will have a wide range of variation in your products or services.  As we all know, variation can kill your brand and frustrate your customers or clients.

A key in running efficient, profitable operations is to have “systems” that everyone follows in producing your product or delivering your service.  The goal is to develop systems that promote the highest level of efficiency and profitability while producing predictability and desired […]

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