Growing the profit in your small business

Have you ever wondered why some businesses succeed and others don’t? Over 80% of all small businesses don’t make it past the first five years of operation. And of the survivors, only 20% make it to year ten.  When you do the math, you’ll see that only 4% of small businesses that start today will be around in 10 years, and have what it takes to succeed.  Here are some reasons why they do. 

The first, most important, and one of the most difficult things to keep in mind for success is the ability to take advice and act on that advice to truly change when it’s needed.

When you turn to your team, your business coach, your accountant, your lawyer, for help, you know you’re getting the best advice you can get for any business, financial or legal issues you may have. So, if they give you advice, it is crucial that you not only listen, but actually make the changes they recommend to you.

In the same vein, good communication skills are essential to be sure you and your team are on the same page. This allows your business to run more smoothly and to better serve your customers.

It is crucial not to fall into copying what other businesses do! Many people start a business and immediately do what everyone else in your industry is doing. If your business is unique, you won’t need to compete on prices. If your distinguish yourself, you’ll make more profit, hire more people, and grow your business.

While this if often overlooked, a system of duplication is so important, either a system of duplication of a product or consistency of service. Take a look at any large fast food chain, the reason they are so successful is because of their system of duplication. Their customers know what to expect every time. Consistency is key! 

Lastly, marketing and leverage are tools that let your business grow without you doing too much work. Without doing too much work, you ask? Remember, it’s about working ON your business, rather than IN your business. Apply this in conjunction with proper team recruitment and team building to help your business grow exponentially. Great businesses are built by great teams.

As Susan Rice, US Ambassador to the United Nations, said at the Stanford University Commencement of 2010, “If you want change, you have to make it. If we want progress we have to drive it.”

If you would like further information or you have any questions about this blog give me a call at 305-899-9963 or email me at [email protected] and we’ll make it happen.

Coach John
“Living beyond the ordinary”

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