Five Little Changes That Can Create Big Profits
By: Ruth King
Implementing these five actions can increase profits and can be done in slower or busier times.
- Get one more billable hour per day per field employee or one more revenue generating opportunity per day.
This is easy to do
- Tickler files to generate work in the slower times
- No lingering in the office after a meeting – 5 minutes after the end of the meeting they should be working on revenue generating activities
- Marketing and referral programs in place
- No overtime for office personnel.
In the busier times they got used to those extra dollars in their paycheck. Now that it is slower, they should be able to do their jobs in a normal 40 hours work week.
- Get out of debt…perhaps with the exception of vehicle loans which produce many more thousands of dollars in revenue than the loan payment.
- Eliminate your interest expense by becoming your own line of credit
- Save your recurring revenue dollars
- Save 1% of all revenues that come in the door.
- As an owner, get out of the way.
Are you a bottleneck? If your office is in the middle of everything you HEAR everything and get distracted – decreasing your productivity and the productivity of your team. If you trust your team, and you should, then move your office to a corner or out of the way so that you can’t hear everything. They will come get you if they need help.
- Do something to “recharge your batteries.”
Get out of the office. Go play golf, tennis, hunt, fish, hike, or whatever you like to do. You will get great ideas when you aren’t thinking about business. Write them down and implement them.
These five little changes can add thousands to your bottom line.
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Ruth King is known globally as the “Profitability Master,” and is a a thought leader in entrepreneurship and business. Her books have been recognized as among the greatest in numerous industries. Learn more about all her business activities here.
