Let’s face it – you started this business with the dream of freedom. You wanted choices. You wanted to have the ability to be your own boss, call the shots, create your own destiny. Then somewhere along the way all the “business” of business started weighing you down. Your found yourself struggling to make a profit. Wondered if there was a way to not work so hard. Wished you could have more time away from your business and know that it would still run without you. Maybe even, dare I say, have more fun. You’re not alone – these are the kinds of challenges business owners just like you are facing and asking themselves all the time. Here’s the good news – it can be different. You don’t need to work more hours, or juggle more things to get all that.
The truth is, making a few simple changes in your business can make all the difference in helping you be more profitable, have more time, and even have more fun. In my interview on The Sustainable Business podcast I talk about these simple steps. Here is the link to the podcast – it’s worth a listen. Even if you just do one of these simple things, I promise you’ll get closer to living that dream.
Make it an extraordinary day.
Author of forthcoming book “The Simple Truths of Business” Your key to amazing success!
What information are you looking at regularly that helps you keep your finger on the pulse of your company? It’s a powerful question. If you want to grow your company, and become more profitable, you want to set goals and get feedback so your clear about where you’re headed, and where you are on the path.
Have a revenue, gross profit margin (your rate of return on work) and net profit goal. Most people have a revenue goal, but rarely have a margin or net profit goal. If you want to increase your bottom line, get clear on your targeted revenue, gross profit margin and net profit goals. Each month review your profit and loss statement and see how your doing. Look at the month, quarter and year to date to see trends.
Set a goal for dollar amount bid, and targeted close rate. It’s easy to just respond to the bids that come in the door and think that’s all there is. But it’s not. When you get intentional and set bidding and close rate goals, you’ll increase the odds of meeting your revenue goals. Try this simple formula – take your revenue goal, divide by your targeted close rate %, the result is how much you need to bid in dollars. Too high? Increase your close rate. Every other week track your results and see if you’re on track or if you need to make a course correction in either the amount your bidding, or your close rate.
Setting goals and tracking even just these few key performance indicators in your business will give you greater clarity and confidence to know what actions to take to help you grow your bottom line.
Make it an extraordinary day!
In the late 1980’s while the controller of an international training company, I had the nickname “Just say NO Vicki Suiter.” I hated being called that. It always felt like I was the bad guy. I was in a tough spot because my job was to control expense and make sure we met our bottom line goal numbers. If revenues were down, my job was to cut costs, and hold the line on spending. As you can imagine, that didn’t make me very popular. I felt torn between wanting to do a good job and wanting to be liked. (more…)
Me and my brother Len
After hiking 8 hours and 10 miles to the bottom of the Grand Canyon my lungs were parched, my legs ached and my feet were swollen. The only thing I could think was – – – how the hell was I going to get back up to the top?
A year ago my husband and I made reservations with 8 other people to hike down to the bottom of the Grand Canyon, stay for two nights, and hike back out on the third day. As the months passed I kept wondering” can I really do this?” Looking for proof that I could, last July while in Colorado we hiked 17 miles with an elevation of 2600 feet in one day. Wow I thought, I CAN do this! Little did I realize at the time, I was being a little too optimistic! (more…)
A controller recently left the employ of a clients after five years of service. This person brought a great deal to the company during her tenure. She improved reporting, created systems that improved communications, and saved thousands of dollars in insurance costs. She was considered to be a real asset, and they knew that finding the right replacement would be a challenge. But what they discovered in the 30 days following her departure was completely unexpected!