This series focuses on 25 simple actions that will increase your company’s bottom line. They are simple to do. However, you must execute them and these actions must become habits. You don’t want a busy summer with cash being plentiful and have no cash left at the end of summer when you pay your bills.
This series starts with this question:
Why do you want to be more profitable?
You MUST have an answer to this question. Otherwise, you won’t do the work.
For those of you who are still struggling to make a profit, your first answer will probably be to generate sustainable profits so the company can survive.
However, once profits have gone beyond survival stage, NOW why do you want to continue being profitable?
Your answer might be, “Because I want to grow my business.” My next question is “Why do you want to grow”?
At this point…you’re probably thinking I’m questioning like a lawyer cross examining a witness.
However, you really do need to know why you want to be profitable…and have sustained profits, i.e. profitability.
Some of you might say, “To sell my business” or “Pass it along to the next generation” or “travel” or “send my kids to college” or….
Ok, you’ve sold your business. NOW what are you going to do?
I’ve watched owners sell their business for a good price and then get totally bored. They don’t know what to do with themselves now that they don’t have an office to go to every day. Will this be you too?
And, by the way, what makes me tick?
Giving business owners the tools and processes to get and stay profitable, build wealth, and significantly impact their lives and the lives of their employees. Imagine what could be achieved on a business and personal level. The world economics would be totally different…and much improved.
This goal is way bigger than I am. However, I’ve started with Financially Fit Business software that anyone, anywhere can use to look at the trends in their business to get and stay profitable. Go to www.financiallyfit.business to subscribe!
So, now I ask the question again to those of you who have profitability and are past the survival stage: Profitability to do what?
Once you have the answer to this question, and believe the answer to this question, you will do the 25 actions that I’ll write about over the next few weeks.
How financially fit is your business?
Click here to take this one minute assessment.
Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners become profitable and stay profitable. For over 40 years she has coached, trained, and helped contractors and others achieve the business growth and goals they wanted to achieve.
Contact Ruth by emailing ruthking@hvacchannel.tv.
