Are you on Clubhouse yet?
Clubhouse is a new social networking platform – but it’s not really a social networking platform… It’s a little bit of an enigma. An anomaly from all of the other platforms. And, I really like it.
This week, we are going to talk about profit, and I am going to share seven things that you can do to increase profit in your business this year, next year, and the year after.
They are all evergreen in nature, so if ever you’re feeling like your profit isn’t quite where you want it to be, refer back to these seven things:
People are constantly asking me, when should I hire? How many people should I hire? How much should I pay these people? And, how do I get over earnings guilt when my business starts to make money?
First and foremost, let’s talk about what happens inside of a big corporation when it comes to hiring. Inside of big corporations, they have budgets – they don’t just arbitrarily hire people. They have budgets that are allocated that tell a business unit leader exactly how much money they can spend when it comes to hiring. If your business is just starting out, this will greatly benefit you.
Your business is no different.
In times like these, it might feel like we’re in a business “famine” – so it’s more important than ever to look for the bright spots and good news stories.
In Chip and Dan Heath’s best-selling book written over a decade ago, Switch, How to Change When Change is Hard, they talk about looking for bright spots. And there’s one real story in the book I want to highlight:
With the unprecedented economy we’re currently in, the thought of selling and continuing “business as usual” may be nerve-wracking and next to impossible for some business owners. It’s not business as usual.
However, there are things most business owners can do to adjust their business and continue selling.
Even though it feels like everything is changing – with news coming out about new measures and restrictions on businesses in an effort to flatten the COVID-19 curve – there are two crucial elements you can take into consideration.
Ever wondered if you can double your profit in just one year? Last year, one book inspired me so much that I doubled my profit margins and grew my business by almost 50%.
Another book completely changed how I think about my client’s journey within our business, how we serve each client and how we retain their business in the long-run. The changes we implemented because of this one book resulted in dramatically more referrals this past year than ever before.
There are three key problems that every entrepreneur faces when it comes to building a successful business. They may not be your usual suspects, but, guaranteed, you’ll be able to relate to at least one of these problems– if not all three.
It doesn’t matter if you’re in start-up mode, out of the gate trying to make your first sale, or if you’re a pro who has crossed over the 7-figure mark. These problems will continue to haunt you in your business and should be considered regularly.
Seeing business growth doesn’t just happen – it requires strategy. If you want to ease yourself into your most profitable year yet and create momentum, keep reading.
At the time of this posting, we’re at the tail-end of 2019 and two months away from the next year. It’s the time of year when we round-up our gains and losses and start thinking and prepping about what’s ahead.
Now, my mentor, Alan Weiss, says, “The only place you coast is downhill”.
If you’ve got big goals for your next business year, there’s no coasting allowed.