As a business owner you focus on many things ranging from staffing, to expenses, to production and quality of your product. However, do you actually focus on being profitable? If you are telling yourself “if I focus on the other things, the profits will take care of themselves”….how is that working for you?
Profits are not just a natural bi-product of providing great service, producing a good product or having a good team. All of these things can help you be profitable, but being profitable usually comes by design. Having a focus on your profit as you work on other areas of your business is a great place to start. A couple of examples of this could be:
- When you are considering different business opportunities/ products, do you have a standard profit margin that you use to filter out the best opportunities? This can help clarify the best path forward and makes your decision making process easier.
- When you are considering hiring someone, do you have a target revenue or profit per employee (FTE)? Will hiring this person help you maintain that standard or possibly increase it? If not, can you see how this new hire sets you up for future increases in these measurements?
These are two simple examples of how keeping a focus on your profits while working in other areas can begin to transform your company. Knowing how to integrate a profit focus throughout your business is a straight forward way to radically transform your company. If you would like to learn more about weaving a profit mindset throughout your company, read below to see how to book a profit clarity call.