There's not much point being in business if you're not making a profit. Sure, we all hit rough patches — a slump in sales, a downturn in the economy. But if you're running a for-profit business, your goal is to make money. Ain't nothing wrong with that, by the way! It's good for your business, your staff, your vendors, the local economy. When small businesses thrive, it's great for everyone, right? Right! I'm all about making a profit — the name The Profit Goddess! kinda makes that clear. So let's talk about that. Now that the first quarter is over, it's a good time to take stock of where you are so far this year and determine if you need to make any corrections or adjustments to what you're doing and how you're doing it. Can you make your profitable business even better?
How about start by taking a look at last year's numbers? You should have those all figured out by now. Start with the obvious, like your sales revenue, operating expenses, etc., all that financial stuff that your accountant calculates for you (or that you calculate for you). Next, look at other numbers that affected your business, such as how many customers you gained or lost, how many new competitors you have, traffic to your website, etc. All of this info will give you a snapshot of where you are right now and what you might need to do differently. Don't like what you see? Make some changes!
How To Make Your Profitable Business Thrive!
Depending on what those numbers are telling you, you might want to revisit your business plan and make a few tweaks. Nothing wrong with that. If the plan no longer fits where you're headed or doesn't align with any changes in the market you've been seeing, then change it up. The point of your business plan is to guide you through the year, not to serve as a fixed set of unchangeable goals and strategies.
Here are 5 other tips that can make a big difference and really help your business thrive.
- Have a mentor who can help you through the pitfalls. Someone who's been there, done that — and is willing to share their wisdom — is invaluable.
- Stop spending time on things that aren't beneficial to the bottom line. It's easy to get distracted and consumed with side projects that keep us busy, but that don't make us any money. Make sure you have your priorities in order when it comes to running a profitable business.
- Put a system in place to account for your time. Wow, I love to talk about this one! You've gotta know how you're spending your time, because time is money. If you can track how much time you spend on everything you do, you can hold yourself accountable and make improvements.
- The goal of being in business is profit. You're not running a non-profit, right? Then keep this goal in mind. Do what you can to maximize your time and effort, control spending and keep track of it all so you always know where you stand, no surprises.
- Keep educating yourself. Keep up with technology that can help your business, changes in the market, shifting consumer trends. Don't stop learning. The minute you do that, you're toast.
Be Oh So Quotable This Week!
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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.
Profitable Business – Tip #1:
"Remember why you started." – unknown
Profitable Business – Tip #2:
"The most valuable thing you can make is a mistake – you can’t learn anything from being perfect." – Adam Osborne
Profitable Business – Tip #3:
"Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better." – Jim Rohn
Profitable Business – Tip #4:
"If you want to make good use of your time, you’ve got to know what’s most important and then give it all you’ve got." – Lee Iacocca
Profitable Business – Tip #5:
"Beware of little expenses; a small leak will sink a great ship." – Benjamin Franklin
Let's talk! I'd love to hear your tips for running a profitable business!
Have you ever made any changes that took you from "non profit" to a profitable business? 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!
Oh by the way, in case you're looking for something to help with time management, we've got this fun little quiz to test your productivity. Are you a Vodka & Red Bull? A Dirty Dirty? Or a plucky Blue Sapphire? Find out which cocktail you are by taking our quiz right now!
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!
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