Business Management & profitability
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Transcript of Business Management & profitability
BIGGEST MISTAKES
THAT TORPEDO PROFITABILITY
3 You work hard to move your company forward, putting your blood, sweat, and tears into doing everything right to grow your business and make some solid profits in the process.
Why, then, is it such a struggle to make it happen?
After 30 years of in- the- trenches business leadership, I have learned that the answer hides behind 3 Critical Mistakes that can sink your profits before you even know what happened.
I’ve made all of them at one time or another and know that, luckily, if you are aware of them and plot against them, you can quickly set actions in motion to squash their impact.
Sitting down and writing out a business
plan, tracking quarterly and annual results,
systemizing customer and employee reviews
all sound like good ideas until you actually
have to sit at a computer and start wading
through it all. So, you don’t. At least not
consistently. And when you don’t, it comes
back to bite you.
Successful businesses know exactly what
their specific goals are for the next one to three years and they consistently (read:
VERY frequently) review reports that tell
them specifically how they are performing against those goals. What products are
working and which are falling out of
favor, how loyal and effective your team
is at delivering results, what’s going on
with the competition and how does that
effect your business.
You can’t get out in front of the game if
you don’t know how the current game
is shaping up. Knowledge is power…
and profitability
You can’t get out in front of the game if you don’t know how the current game is shaping up.
WINGING IT
www.thecoryellgroup.com3 Mistakes business owners make that torpedo profitability Sandi Coryell, Speaker Author Consultant T: 818-288-3483
Having the confidence to price your products and services for what they are truly worth is an art
form that struggling business owners seldom
practice. You fear that if you raise your
prices the customers will stop coming,
the competition will grab your market
share, and your business will go
down the tubes.
If that’s your thinking, quickly work
on shifting your mindset because
the expense that goes in to getting your
product to market doesn’t shrink because you
underprice it. What does happen is that the revenue
you’ve got coming in becomes “bad revenue”
because there’s little to no profit generated from it once you add up all the money it took to generate
that revenue. If the value is there,
the right customers will be there
also. If it’s not, then pricing isn’t
your problem. Be careful not
underprice yourself right out
of business!
The expense that goes in to getting your product to market doesn’t shrink because you underprice it.
BARGAIN BASEMENT PRICING
www.thecoryellgroup.com3 Mistakes business owners make that torpedo profitability
Sandi Coryell, Speaker Author Consultant T: 818-288-3483
www.thecoryellgroup.com
Before three ghosts visit me while I sleep,
let me clarify. Being nice is a great
leadership quality. Being too nice will
eventually derail your success.
As a business leader, you will have
to make tough decisions. You will
have to terminate employees who
are not contributing, you will have
to say no to tons of requests, you will
have to ask people to do things that
they really don’t want to do.
If you’re too nice, you’ll never
be able to do it. And that will
cost you growth and profits.Focus on being kind rather than
just being nice and it will make
those tough decisions a lot easier
to make in the long haul.
BEING TOO NICE
Being nice is a great leadership quality.
Being too nice will eventually derail your success.
3 Mistakes business owners make that torpedo profitability Sandi Coryell, Speaker Author Consultant T: 818-288-3483