The Australian Small Business Blog

Tuesday, February 08, 2011

Turn Your Business Into a Profit Machine


Are you tired of working backbreaking hours in your business without getting the rewards you deserve?

For most business owners, working harder is not the answer. They are already putting in the hours. In fact working less hours is a better approach, if those hours are spent doing the right things.


There is a process that business owners can follow to achieve their goals. Here are the 7 Steps to turn your business into a profit machine that runs without you:

1. Understand the fundamentals of the profit structure of your business. Is it really profitable? Does every sale make you money?

2. Determine what it will take to make your business profitable. How many sales, at what price for which products or services. If it is profitable, use your understanding of your profit structure to set goals to drive your growth in the most efficient and effective way.

3. Develop a deep understanding of your points of difference. If you are not clear about your points of difference, how can you customers be clear? If they are not clear, they will only buy on Price. Without this understanding, your marketing efforts are likely to be largely wasted.

4. Create a Marketing Plan driven by activity that will generate a continuous stream of enquiries so you always know where the next customer will come from. Your Marketing must be measurable so you can control it.

5. You must have a Sales Pipeline that takes the enquirer to a sale systematically and efficiently. This step alone could double your turnover.

6. Create Business Systems so that work can be given to others to perform. With the Marketing and Sales system in place, you will have the confidence to bring in new people to your business so you have time to work ON your business.

7. Set-up a Business Management System that allows the reporting of all aspects of your business so you know that things are being done the way you want, by everyone in your business, all the time, even if you are not there.

These 7 steps will turn your business into a Saleable Asset because it is a Profit Machine that does not depend on you.

To find out how you can implement these steps for your business, visit
www.FivePillarsBusinessSuccess.com/Profit

May Your Business Be - As You Plan It.

Over to You. What do You Think? Post Your Comments Below.

Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.

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The Australian Small Business Blog

1 comment :

Arthur said...

Hi Greg,

You make some great points.

In regards to Point 1, it is imperative that all Owners are aware of time and costs required to produce and deliver a product or service. This will ensure that the price is set accordingly to meet profit targets.
How many Owners under price their services?


Points Of Difference is something many Owners don't think about adequately and use poorly as part of their Marketing communications. It takes a little time and thought to develop the PODs, but once done they can be effectively used as part of their Marketing Strategies.
It can be a good idea to get someone else outside the business for their thoughts on PODs. Others can often see things Owners miss. How many Owners use no PODs or half baked PODs?

The Marketing Plan is really the most important aspect of the business. Success is ultimately proportional to the effort in the planning and ececution of Marketing Plan.

Business Systems need to be simple and easy to follow. They ensure products and services are delivered in an efficient manner and meet quality requirements.

Allocating the time to the 7 points will ensure greater planning,results and confidence for business Owners.

The 7 points is a great checklist for Owners to compare against their current business planning.

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Dr. Greg Chapman is also the author of
The 5 Pillars of Guaranteed Business Success

The Five Pillars of Guaranteed Business Success

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