Want To Keep Being Profitable? Don't Be Afraid To Change Direction!
When's the last time you got lost while driving? Not long ago, most of us would remember the answer to that question since it would have happened, like, last Tuesday! And would've involved lots of NSFW cursing I won't write here. But now, thanks to an array of navigation apps, soothing voices guide our every turn and warn us of problems reported ahead. OK, so while we may get lost less frequently, we can still relate to needing to change direction when we're going the wrong way. Right? (Or is it left?) It's the only way to get where we want to go. You have to apply that same idea to your company. It's something that most profitable business owners do all the time. I call it course correction.
Changing course is something you need to be prepared to do all the time. This means constantly evaluating your P&Ls — as in every week! — reviewing all your spending, and tracking your time carefully. When you notice that profits are down, or you see other outcomes you're not happy with, then you know it's time to change it up. And if you've been tracking how you spend your time and money, making those changes is easier. You can discuss issues with your staff; ask what they think is working and what's not. In addition to tracking all your spending, you should look at whether your pricing is where it should be. Don't short-sell yourself or your product! Most profitable business strategies rely on constant course correction to be successful. So don't be afraid (or too lazy) to change direction. If only there was a navigation app for running a business!
Be Oh So Quotable This Week!
This week I shared some quotes from one of my fave authors... moi! And from Steven D. Levitt and Stephen J. Dubner, the authors of Think Like a Freak. Hopefully you liked them and maybe they even got you thinking about how you run your company and how to identify your most profitable business strategies.
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Most Profitable Business – Tip #1:
"Once you see what you can do differently, you can take that knowledge, learn from your mistakes, and course correct."
Most Profitable Business – Tip #2:
"You cannot afford to keep working in your business without working on it."
Most Profitable Business – Tip #3:
"It can be unsettling, even frightening, to stare a root cause in the eye."
Most Profitable Business – Tip #4:
"If you suspect that you are leaving money on the table or working for less than you're worth, it's time to do something."
Most Profitable Business – Tip #5:
"Course correction involves sitting down with your staff & discussing what's working & what's not."
Let's talk! I'd love to hear YOUR stories on your most profitable business strategies!
I'm sure you have a thing or two to tell about how you try to have the most profitable business you can. Which tips above did you find helpful? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!