What needs to happen for your business to increase profits this year?


Hi Everyone

I return to work tomorrow after 2 weeks off with my  family and friends. I hope like me you had time to wind down, refresh and laugh a lot. Whenever our offices are closed and we have no appointments I always take the opportunity to learn something new. During the summer break I learned how to use this blog site, over Christmas I was learning how to build a new website. Plus discovering what motivates me.

Both were achieved through valuable relationships created throughout my time in business. As I started to write this blog I realised that in fact what I had been doing was putting into play the tips I picked up from Multi Award Winning Mumpreneur Sam Willoughby. Sam had explained at a presentation I attended at Winning Women the 5 reasons why women (and I am sure this counts for men too) did not hit their first Million in business.

My business at this point had reached a critical point where I had borrowed as much as I felt comfortable. I knew for my business to survive I had to get a lot more business savvy. I can only remember 4 out of 5 points and I am sure Sam will add the missing point as a comment.

  • They make do, broken slow laptops or driving around delivering by hand rather than hiring a delivery service for example
  • They try to do it alone. Have you ever seen a financially successful one man band
  • They build a business based on product not profit
  • (cant remember) 
  • They dont put the 4 points above into action.

This advice forced me to look at the bottom line, return on investment and how I spent my money and what I focused my attention on in terms of earning it.

Point 1:

I no longer make do, instead of saying “I can’t afford”I ask myself these questions:

What needs to happen for me to be able to afford that?

And when I can afford that then what happens?

And when that happens what happens to bank account/income/return on investment?

By asking these questions I can determine whether the investment will result in an increased income and when that will be.

For just £2 per month I have brought my phone into the 21st Century plus solved the problem of a cracked laptop screen. An expenditure I had put off for 18 months with the mantra “I can’t afford it”

 This investment has already paid for itself in terms of the relationships that have been strengthened through friendly banter on twitter facebook and my email while I was off.

Point 2:

My company specialises in creating building and maintaining win-win business relationships. I have always been about collaboration rather than competition. Collaboration is also I great way of handling the cash flow when you can both really help each other move your business to a new level it becomes a win-win partnership.

A question you may want to ask yourself.

What kind of business partnerships would strengthen my business in the next 90 days?

What needs to happen for partnership like that to happen?

 

Point 3.

This was a light bulb moment. I had done all kinds of calculations that showed if the Power Groups were fully booked I would earn this much. If I had all my diary slots filled I would earn this much.

But you see that is product based in essence. I realised then that what I had to do. Is switch it to

How much do I need/want to earn next month?

What needs to happen for that to happen?

This resulted in a fully booked diary for December and a profit being made, yes I did give away 10 sessions half price. Does that de value my service? I am sharing some thoughts about the impact of discounted services in the blog on the 17th Jan.

Likewise you can look at expenditure by asking these questions:

What would I like to have happen?

What needs to happen for that to happen within budget?

I have discovered through the amazing collaboration of my clients that I can infact build this site myself for very little. Thanks to Steve Bimpson  and Amanda Finnemore for your tips on websites and support to produce the fab photos you all now see above. I am now building a new website me the techno phobe of 2010 and it will go live on the 31st January 2011.

Point 4

I cant remember

Point 5

Take action. I considered myself a very proactive make it happen kind of person

Having now taken the motivational maps test I took through Susannah Brade-Waring of Asprin Business Solutions. I am much more aware of what motivates me and as important what de motivates me. Ironically money is not a motivator, but having my freedom to make my own decisions and choices is. I realised that one of the things that did happen in the last 6 months is that I realised that more money would give me more freedom. I could stay in business and help more people if I charged more effectively and if I ran my business based on profit not product.

Next week’s blog I will be sharing more details about motivators.

Now you know all that what would you like to have happen now?

I would like you to have all the business support inspiration and encouragement you need for 2011. Please do let me know what you would like to know more about.

Kind Regards

Sheryl

Step by Step Listening

Powerful Communication Skills for Sustainable Business Growth

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About Step by Step Listening

I am the founder of Step by Step Listening and we started as a company that eradicated fear of failure and guilt for mums, we coached mums and daughters, we then worked with sole trader and small business owners and over the years we developed a unique ability to help people create the family or business they desire by being able to tap into the resource of being able to sell ideas/prodcuts/visions/services in a way that feels right and gets results. For some they are learning to sell and idea to themselves perhaps a dream or an ambition they have had for years, for others it could be selling responsibility and independence to a teenager or perhaps selling a vision or a change of structure to a team. What ever it is we use unique a unique facilitation and group process to help you discover when you are selling in a way that feels right that's like what?
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2 Responses to What needs to happen for your business to increase profits this year?

  1. Great to hear about your application of my advice! The elusive missing tip is all about understanding your company finance. So swot up on p&l and cash-flow! Not the most exciting thing in world but vital to understand and monitor your business! The PDF of all the advice is still available to download on http://www.mumandworking.co.uk

    Sounds like you’ve hit the new year running Sheryl!!

    • sbs3 says:

      Most definitely running, cheering and celebrating. It feels great to be clear where I am heading. re point 4 I guess I forgot that one because it is something I had in hand with a book keeper managing my cashflow and highlighting increase/decrease in sales/expenditure thanks for that will download and save properly this time

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