Let recap last week’s blog, where we discussed the first three areas for maximizing your resources. For reference, they were:
- Recognize the obvious, give yourself the space to see the apparent areas of waste.
- Unconventional breakthroughs create a culture and method for maximizing new and creative ideas between you and your team.
- Face the facts, start by analyzing your current systems and start by making a 1% change.
Today we’ll cover the next three, which are:
- Reveal your business’ soul
- From breaking even to breaking the bank
- Stand up and stand out
Reveal Your Business’ Soul
Every business has a soul, and you likely felt it the strongest when your business was starting. It’s that passion, newness, and momentum you had at the very beginning. Unfortunately, sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.
The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients, not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high-quality products/services.
I challenge you to fill these affirmations daily or at least weekly the answer the following questions:
- I started my business to solve this (insert the problem you solve)__________ for (insert the person or people solve the proble for) ______________.
- I started this business to have my customers and clients feel (insert how you want your prospect to feel after purchasing/working with you) _____________.
Completing this short exercise will help you to be able to frame your purpose quickly and efficiently for yourself to keep you focused. Once focused, you can get back to the basics and solve the problems your business is facing.
From Breaking Even to Breaking the Bank
One of the easiest ways to instantly increase your profit is by cutting costs. Most people panic here and think I can’t afford to cut expenses. I am barely making it work as it is. Most of us, over the life of our business, accumulate costs that we forget about it. They can be $5 for this subscription or looking at your credit card processor.
By taking the time monthly to review your expense, you can significantly reduce your cost. It is also a great way to start noticing the spending trends of both you and your staff. Along with this, make sure you set aside time to review your annual expenses.
- Phone & Internet
- Product Licenses
- Payment process
- Banking Fees
- Insurance
- Rent
- inventory suppliers
These are just a few of the areas to consider reviewing but taking the time to look at making small changes in any of these areas can mean $10,000 or more in additional profit for your business. Of course, taking steps to make changes should never be done without a team. Make sure your key staff and accountant are a part of these conversations. If you’re fortunate to have a business coach make, I would include them as well.
Good luck and start cutting costs.
Stand Up and Stand Out
You need to stand out from the pack among your competitors. The only way you can do this is through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:
- Look for unfilled needs in your industry.
- Use preemptive marketing.
- Use a technique that is clear and to the point.
This wraps up this post. However, if you need help with any of these areas and techniques, try our Finacial Training & E-Learning Market Place to access a wealth of resources and tools.
