I’ve learned over the past 15 years as a business and lifestyle coach that what people generally want is to run a profitable business they like AND live their values, spend time with people they care about, and enjoy their life outside of work.
I tend to “bottom line” how to get there much quicker than I did when I started out as a business coach. (We don’t know what we don’t know,
Here are 3 steps I’ve found help small business owners and entrepreneurs maximize profits quickly:
#1- Work in your Unique Abilities at least 80% of the time and make sure your team is doing the same.
Your Unique Abilities are the intersection of what you are great at doing and love to do. So, for example, let’s say you are a builder whose passion and talent is designing a house and overseeing the building process. And let’s say that you do some of this, but you are also doing the marketing, meeting at every phase with every client, checking on your team constantly, and so on. Because your time and focus are so scattered, you may spend about 50% in your Unique Abilities AND you are working way too many hours.
When you shift this pattern to work at least 80% in your Unique Abilities, and mindfully delegate the rest to people who are working 80% in their unique abilities, guess what happens? Happiness expands, energy improves, the workflow is better, and profits increase.
#2- Track what marketing works and what doesn’t.
It is so easy to just “do” and not keep track.
But the truth is, it is far better to measure what marketing works and what doesn’t so you can build on what is effective and stop wasting your precious time and money on what is not.
Are you reaching your ideal clients/customers effectively at a low cost? Most small businesses do not need to invest a lot of money to grow their business.
You are a wise entrepreneur to test your marketing methods, continue what works, and let go of what is less effective.
#3- Keep track of your expenses.
It’s not unusual for entrepreneurs to start working with me and be uncertain about where their money goes each month. As my client and I learned recently in our coaching day together, it’s often hard to look clearly at money. It causes anxiety in most people so the tendency is to avoid it.
However, it is only through seeing your cash flow clearly that you can make effective decisions. Because money causes so much anxiety in most people, financial decisions are often made much easier with outside support. Work with your business coach to learn how to look honestly at finances and make smart decisions that will pull your business forward.