Secrets to get you on the path to profit

David Hadley

Just read a great blog on the 3 tips to get you on the path to profit.  I must say that it is interesting that it referred to 3 tips. I remember attending a session and there was an ex US Marine presenting. He referred to the rule of three.  That is we cannot concentrate effectively on more than three things at once when under pressure.  However I am digressing.

As we are reminded regularly, approximately 80% of small businesses fail in the first 12 months of going into business. A fair proportion of these businesses fail in the next 5 years. Of those that don’t, the business owners dream of making more money, freeing up time and being in more control of their life may remain a dream. Too many end up with a job or just getting by.

The first tip mentioned was don’t dream, but do it. Turn your dream/idea into reality. This may be assisted by making a plan. Not necessarily a full blown business plan that will attract dust on the book shelf, but a simply action plan with maybe only three actions listed at a time. Put a time frame on each action and who is responsible for it.

The second is to put systems in place and learn to love them. Why is McDonalds so successful? One of the reasons is systems. This should lead to better efficiency, consistency and productivity.  And as the owner of the business it will assist with freeing up your time.

Thirdly, the one percenters. You know it is always the little things, the small improvements that get the big results. Not necessarily the one big thing. You need to make small improvements in all areas of your business and you will be surprised at what difference this will make to your bottom line.