Quick Checklist for Profits You Can Implement Today

Here is a top-10 checklist for profits:

1. Review and fine-tune your business plan. Be sure to discern your competitive landscape and benchmark your main competitors.

2. Bring on the A team – both in staff and advisors. Recruitment and training will remain important, and seek the best mentors and professionals for inspiration to help you sustain growth.

3. Remember Pareto’s Principle – the 80/20 rule – that applies to you and your business in a variety of ways.

It means, for example, that 80 percent of your revenue comes from 20 percent of your customers.

So evaluate how you spend your time and resources.

4. Enhance your staying power by concentrating on your most profitable customers while identifying new revenue sources.

5. In prospecting and marketing, select and target the right customers.

6. Add sizzle by improving your niche-performance. Uniqueness counts more and more each year.

7. Watch your cash flow and your firm’s overall budget each week.

8. Focus on quality in your business processes – make it your No. 1 job.

9. Innovate – plan for more marketplace changes and evolving consumer preferences.

10. Practice the art of mental toughness. Remember when it’s appropriate to ignore the opinions of others, and to persevere in your dreams against seemingly insurmountable odds.

I’m still marveling at the success of my mother, who is in her eighties. She was diagnosed with macular degeneration, which meant she couldn’t read the newspaper. A couple of years ago, she had life-threatening complications from back surgery. A few weeks later, she was back in intensive care and doctors warned she wouldn’t walk again.

Well, guess what? She’s walking, and once again insists on preparing full-course meals, especially at family gatherings.  Mmm, delicious! Go mom!

From the Coach’s Corner, editor’s picks:

Strategies for Stronger Profits by Optimizing Prices — In general, how can you manage the sweet spot – between your price-optimization and costs? Dennis Brown of the consulting firm, Atenga (www.atenga.com), says many companies make 11 pricing mistakes: Companies base their prices on their costs, not their customers’ perceptions of value.

For Profits, Manage Your Growth at the Right PaceEntrepreneurs frequently try to rush their business growth. Certainly, growth is great but if you scale too fast, you’re looking for trouble. The key is to prepare.

Profits: How and Why to Align Marketing with Sales — If marketing isn’t synchronized with sales, a company doesn’t enjoy optimized profits. So why is it so many companies don’t align their marketing with sales? Here is how and why to align marketing with sales for higher profits.

Profits: How to Save on Sales Opportunity Costs — There are five basic dos and don’ts for productive selling.

How to Create Luck So You Can Fly High with ProfitsCompanies survive and gain market share when their competitors fail. But that’s often because successful firms know how to create luck.

“A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”

 Henry Ford


Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

Hunting for Profit? How to Become a Lion, King of the Jungle

The quest for profits is challenging if you’re lost in a jungle of uncertainty. But success is possible if you emulate a lion hunting for its prey.

Hard work isn’t a cure-all for success in business. True, passion and enthusiasm help to a degree, as well. But success requires more than just these qualities.

Many business owners are so involved in putting out fires, they fail to take time to address the bigger picture – to grow via business leadership. Strong profits are possible – even in a weak economic environment – if you use a multi-prong approach.

In your hunt for profits, here are seven steps:

1. Perform a business-health checkup.

A SWOT analysis on a regular basis is best every 12 months.

It’s important to budget the time to assess strengths, weaknesses, opportunities and threats – then make a strategic-action plan using the best decision-making.

2. Review your budgeting.

Don’t know where to start? Use best practices in preparing your financial statements

If you’re a micro business, fortunately, budgeting basics are simple.

3. Analyze your profit situation.

Analyzing cost structures and profits are important. It really helps to determine your break-even point. An acronym for it is BEP.

4. Evaluate all your products/services.

Next, compare the viability of your offerings. Get rid of unprofitable products and services. In a good or weak economy, you always need to know which products and services drive your profit. Hint: There are four main profit drivers.

If innovation is needed for success, become a top innovator.

In a good or weak economy, you always need to know which products and services drive your profit.

5. Analyze your pricing.

History shows companies aren’t successful, if they focus on selling products and services at the lowest price in the marketplace. They can’t afford good customer service. So don’t be tempted to slash prices unless you really need to cut them to stay with your competition.

Give enough thought and consideration to your pricing. Remember, focus on strategies to give you pricing power.

6. Implement comeback strategies.

If your business doesn’t have a healthy cash flow, you’re in big trouble. For long-term sustainability implement turnaround strategies.

7. Never stop your marketing.

Marketing should be part of your daily focus. It’s important to make sure your marketing is cost-effective by using the essentials.

When doubt, value is of utmost importance. Think 1930s for business success. Why? Consumer attitudes are changing.

From the Coach’s Corner, more information related to this article:

Profit Drivers – How and Why to Partner with Your Employees — If you want maximum profit, consider partnering with your employees. “Key employees – in fact, all employees – will be more valuable to a company if they understand what drives profit and improves cash flow for the business,” says leading financial consultant Roni Fischer.

Don’t let Minimum Wage Mandates Ruin Your Business — Your cash flow, credit access, pricing and profit margins are all directly or indirectly at-risk with the proposed mandates to increase the minimum wage.

Sales Management: Motivate Your Staff in 10 Seconds — All too-often when sales managers are busy, they’re task-oriented. Not to be critical, but they’re focused only on what’s at the end of their noses. For effective management and revenue, the trick is to guard against it.

Energize Your Customer-Loyalty Program with 6 Steps — The quickest way for established businesses to optimize revenue is to have a stellar customer-loyalty program — there are six steps you can take for repeat sales and referrals. If you’re not a great steward of your current book of business, it’s futile to look for new customers.

Make everything as simple as possible, but not simpler.”

-Albert Einstein


Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

Seattle business consultant Terry Corbell provides high-performance management services and strategies.