Did you know that the average profit for a small business is about 10% depending on your industry it could be more.
When we start working with our clients during the discovery meeting what we find is that their top 3 concerns are maintaining profits, maintaining loyal customers and maintaining staff in that order.
So how do you actually increase the bottom line?
Well you must begin at the end. What is the magic number for you that puts you in your happy place? For some it’s 50k for other companies it $2 million. Believe it or not the final number doesn’t matter as much as the strategic plan that you use to get you to that number.
Most small business owners do what we like to call “non-planning” to develop their profitability plan.
Here’s what non-planning looks like:
- Sit in a room with your team brain-storm a bunch of ideas.
- Pick the three you like most.
- Then start executing.
- Don’t follow-up until the end of the year
- Be shocked and dismayed that you didn’t turn a profit.
This non-planning leaves business owners waking up everyday with “W H Syndrome.” That’s “wishing and hoping” the plan works.
To become profitable you need the “S&T vaccine.” That’s strategies and tactics.
F.A.S.T. Tip: Meeting a financial goal requires a well-defined and executable plan.
Here’s what planning looks like:
- Pick the “magic number.”
- Research the market.
- Develop the strategy.
- Execute the plan.
- Assess the plan frequently.
- Make necessary adjustments.
- Achieve the goal.
Sure you could continue to execute the non-planning system that you currently have in place. Or you could invest in your company to generate long-term growth and profits so that you’re in the top of your industry.
To schedule your discovery meeting today CLICK HERE.
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