I’ve just read a blog on the 3 secrets to get you on the path to profit and thought I’d share these secrets with you.
As we are reminded regularly, approximately 80% of small businesses fail in the first 12 months of going into business. And a fair proportion of those fail in the next 5 years. When the business owner dreams of going into business it is a dream of making more money, freeing up time and being more in control of their life. However, too many simply end up with a j-o-b (and trading just above break-even).
These 3 secrets are designed to help you get on a better path – and create a business that is profitable.
The first secret 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.
A tip. You may recall my lost blog ‘Eat that Frog’ and I stated that I was in the process of purchasing the book. Just received it and started reading it, one hint that sticks in my mind from the book is ‘when you have two frogs, eat the ugliest one’.
And finally, a famous quote from a past VFL/AFL Hawthorn coach John Kennedy “don’t say, DO!”.