Small Business Profit Maximizer!

How Eliminating the "What If" dramatically increases sales

In this video I discuss how a strong guarantee will dramatically increase sales from both your current customers and prospects.

 

 

PPP Loan Changes You Need to Know About Before You Ask for Forgiveness

Though the pandemic continues on, the immediate urgency has died down, and many small business owners like you are now filing the required paperwork to have their PPP loans forgiven.

Unfortunately, the rules for and details of loans like these are always changing and updating, and more likely than not, there have been some changes since you first filed the PPP loan paperwork.

As a business owner, you aren’t in the trenches of tax law or staying up-to-date on all the little nuances of loans like these—which can make the process of applying for forgiveness a very overwhelming one.

I can help clear some of this up for you.

Join me for this important Facebook LIVE right here in the Facebook group as I walk you through some of the recent changes to these PPP loans as well as a few other items like the confusion around retirement benefits, how loan forgiveness will affect your tax return, and much more.

Ultimately, if there is anything you are unclear about, you need to sit down and have a discussion with your CPA. However, this live should help clear some items up for you so you can work on obtaining PPP loan forgiveness with confidence!

 

 

The 90 Day Profit Reset

Why you must concentrate in the next 90 days on gaining your independence from reduced cash flow, shrinking margins and evaporating customer base.

 

 

Profits are What You Should Focus On!

In this video I discuss why focusing on sales is a huge mistake and why the business owner must focus instead on profits.

 

The myth most business owners believe:  The most important thing is to get the sale!

Why this myth causes a problem:  It focuses on the wrong thing!  The only thing that counts in a business is to make a profit.  You didn’t start a business to make a sale and turn around and send all the cash out to vendors and employees.  Most business owners started their business in order to be reasonably prosperous (some may even have wanted to be unreasonably prosperous).

Most business owners who have rapid increases in sales for the first time almost always run into cash flow problems.  They have spent so much time focusing on increasing sales that they failed to get the financing and systems in place to support the increased costs in inventory and employees to deliver the product to the customer.  The result is usually serious financial trouble and sometimes even bankruptcy.

The truth successful business owners learn the hard way!  Successful business owners have learned that in business, the only thing that matters is profits!  A profitable business provides the means to support the business owner and their employees while also paying all vendors, bank loans, tax liabilities, and investors.

Profits allow the company to have the strength to survive the tough times and to take advantage of good business opportunities when they appear.

The successful business owner starts every year by creating a profit plan.  A sales and marketing plan that focuses on profitable sales is obviously a large part of that profit plan.

Lesson learned:  Start each year by making a profit plan that maps out exactly how the business will hit the profit goal that the business owner has set.  By focusing on what is really important in running a business, you will greatly increase your odds of truly becoming successful.

Book Done at Printers!

My book is done and will on sale in 2 to 3 Week. In this video I discuss why I wrote it and how it will help you reset your profits in 90 days.

 

Critical Business Mistake #3- Not Knowing Your Costs

Not knowing your true costs & opportunity costs can seriously lower your business profits. Learn why you must know your costs & how to calculate them

 

Make Sure All Your Products Are Cash Cows

 

All business owners know that not all products are created equally.  There are some products they make a ton of money on and others where they barely break even.  But it is amazing how many business owners don’t really know what products they make the most money on.  They focus on those products that they make very little profit on and ignore those that are real cash cows.  Even worse, I have seen business owners who have unintentionally put a product on sale below their costs, and then spend advertising dollars to sell even more items at a loss!

Why?  The business owner is either just trusting their gut and their back-of-the-cocktail-napkin calculation from years ago, or they are not calculating their product costs.

The Starting Point:  Calculating Gross Profit by Product

 

First, calculate the gross profit for each product using a spreadsheet as follows:

• Sales price for each product.
• Less: Purchase price of product.
• Less: Cost of direct labor for each product.  This is best calculated using a standard rate times the standard number of hours to produce the product or service.
• Less: Cost of outsourced work.
• Less: Cost of other direct costs related to preparing the product for delivery or sale (freight, packaging, supplies, etc.)
• Equals: Gross profit for each product

 

 

Advanced Product Cost Management:  Activity-Based Costing

 

If you have already calculated your gross profit per product, congratulations!  This puts you in the top 10 percent of business owners who manage their profits to this detail.  Now the bad news:  You have just started.  I have seen business owners make costly mistakes because they did not know the total cost incurred throughout the sale, from taking the order to delivering the product and collecting the invoice.

I had the owner of a commercial glass installation company who called me in because his sales had increased by 50 percent but his profits had dropped by 25 percent.  When I did activity-based costing on his major products, I found that he had put a new type of glass on sale that was taking his staff almost three times as long to install.  When we added this installation time to the product cost, we found out he was losing about 10 percent on each sale with his current pricing.  But it got worse!  He was having a 10 percent off sale on that item for the month.  This meant that he was now losing 20 percent on an item that, because of the sale, was selling out quickly.

To calculate your total activity-based cost you take:

• Gross profit for each product
• Less: Sales costs.  This is the amount of time you and your sales staff spend to sell the product.
• Less: Advertising costs.  This is the cost of any advertising you run on this particular product.
• Less: Delivery and freight costs.
• Less: Collection costs.  This is particularly important if you are in the medical field and bill Medicare, Medicaid, or private insurance.
• Equals: True Product Profit

 

Knowing your true product profit is the key to making good profit management decisions.  You will now be able to focus on your most profitable products while eliminating or reducing those that add little or nothing to your bottom line.  Let your competitors focus on the losers.  You will now be focusing on your cash cow products!

Part 2 Not Mastering Your Cash Conversion Cycle

In every business, cash is king. You’re going to go out of business without it, even if you’re profitable. With it, you can hide a lot of sins. But the truth is that very few business owners actively manage their cash.

 

Mastering Your Cash Conversion Cycle

The Key to Getting More Cash in Your Bank Account

In every business, cash is king.  You’re going to go out of business without it, even if you’re profitable.  With it, you can hide a lot of sins.  But the truth is that very few business owners actively manage their cash.

Business owners usually enjoy producing and selling their products, but they often feel that managing cash is the bookkeeper’s job.  The big problem with this is that if you run out of cash, you’re pretty much out of business.  Your employees expect to get paid every Friday.  Your landlord expects to collect his rent at the beginning of the month.  Payroll taxes are due every month.  The list goes on and on.

So when business owners start to run low on cash, they quickly have to figure out how to get more.  This usually means collecting receivables, investing some personal money, running up credit cards, and asking for loans.

Once the cash balance is back to normal, everything is business as usual—at least until the next cash shortage.  The best way to solve cash flow problems once and for all is to speed up the complete sales-to-cash process.

 

Understanding the Sales-to-Cash Cycle

This is how the sales-to-cash cycle goes:

• You advertise your product or service.
• The customer places an order.
• Your staff turns out your product.
• The product is delivered.
• The invoice is sent.
• You collect the invoice.
• The staff is paid.
• Your vendors are paid.

Any cash that remains is called cash flow.  That’s the small amount of your collections that actually finds its way into your bank account.

This is how it works in a perfect world.  You collect the invoice before you have to pay your staff and vendors.  But as most business owners know, we don’t live in a perfect world, and the truth is that we often have to pay our staff, our vendors, and our overhead before we have a chance to collect anything.

And it gets worse!

Every business owner has certain fixed expenses (rent, loan interest, taxes, insurance, utilities) that have to be paid monthly, no matter when the cash is collected.  Accountants and bankers refer to these expenses as overhead expenses.  I joke that they are called overhead expenses because they are constantly hanging over your head demanding that you participate in a never-ending hunt for cash.

Why Improving the Sales-to-Cash Cycle Is Critical to Success

The reason so few businesses improve their business cycle is because it is really hard work.  You have to look at each step individually and find ways to improve them.  But the payoff can be big.

Amazon is a great example of a company that has almost perfected this.  Think about their business model.  Everybody pays with a credit card upfront, which Amazon will even keep on file for you.  This allows customers to place an order in one step.  They have several regional warehouses, making it easy to ship the product as soon as the next day.  This fine-tuning of their system has allowed Amazon to dominate the online retail world and easily compete with many brick-and-mortar stores.

So how will speeding up the sales process improve your cash flow?  Compare the following two companies.

• If I buy from Company A, I place my order today and it’s delivered in a week. I get an invoice at the end of the month and I pay 45-60 days later.
• If I buy from Company B, I place the order today, pay for it today (or at least leave some down payment), and it ships tomorrow. The invoice accompanies the order, and I pay the remaining balance (if any) in the same 45-60-days.

Company A receives the cash from my sale 90-100 days after the sale is made.  They have to maintain a large cash reserve to finance this amount of work-in-process and receivables.

Company B has purposely designed their sales-to-cash cycle so they receive at least half of their sales price before the product is delivered.  This one change dramatically increases their cash balance and allows them to make more sales without worrying about running out of cash.

But That Won’t Work in My Industry!

Until recently, I was one of those business owners who believed this.  I assumed I had to follow the traditional business design of most CPA firms, which are run like Company A above.  They bill when the work is completed and then wait to collect their receivables.  This leads to a constant struggle to collect enough cash to cover payroll and overhead.

A couple of years back, I decided to see if I could change this and made these sales-to-cash cycle improvements:

• We started requiring that our clients consent to monthly billing via credit card or bank draft. I only want to hold receivables when absolutely necessary.

• I used to have a huge problem with collecting on tax return work. If I let my client take the tax return without payment, I often did not get paid later—there’s simply no pain later.  I’ll get paid whenever they feel like paying me.  Now we simply tell the client, “You can’t have the tax return until you pay me.”  The IRS deadline helps make the payment of my return a priority.  We explain our new policy to every client at the beginning of the process so there are no misunderstandings.

• Then I wanted to take it a step further. Why can’t I get paid in advance?  Yes, this is almost unheard of in the tax business, which in many ways is just a commodity business.  I first told myself I couldn’t because no one else was.  Then I found a CPA in Oregon who was getting prepaid for a lot of his work.

So I put together a system that gives my clients an upfront discount for paying me monthly.  I then offset this discount by upselling an audit protection program.  The result:  My net income is basically the same, but I get the cash in advance.

• All new clients are now required to leave at least a 50 percent down payment. They don’t have a relationship with us, and we don’t know how promptly they will pay.  This helps weed out the deadbeats.  If they don’t want to pay us now, they probably won’t want to pay us later.

• For our business clients, we created a variety of packages combining tax preparation, year-end financial statements, tax planning, QuickBooks support, and sales and profit consulting. We designed them to provide what the clients really wanted—more sales, more profits, more cash in the bank, and less taxes paid—while getting what we really wanted, which was greater monthly income.  This allowed us to increase our average sales per client above the industry average.

Key Cash-Building Tip:  Don’t assume that just because all your competitors do it one way, you have to do it the same way.  Don’t be afraid to look at how you’re treating your customers and how you’re getting paid, and then look for ways to get paid at the time of the sale or even before the sale.  One of the key components of speeding up the sales-to-cash cycle is to just eliminate receivables as much as you can.

Reducing Labor Costs

Reducing Labor Costs

(to the lowest possible without reducing customer satisfaction!)

The most important thing for every business owner to remember is that there are only three reasons for a business owner to hire employees:

• The job is required to sell and deliver your product to the customer. Examples are sales staff, production, delivery, etc.
• The job results in decreased cost, thereby increasing the bottom line. Examples are safety officers (reducing insurance costs/claims) and internal auditors (reducing theft).
• Finally, the employee frees up time for the owner and key sales employees to generate additional and more profitable sales.

The first step for every business owner is to calculate your business salary cap.  This calculation will quickly show you if your business has more labor costs than your current business can justify.

Even if the calculation indicates that you are under your salary cap, that doesn’t mean you are running as lean as possible.  In fact, almost every business I have reviewed has been able to reduce their labor costs without affecting the customer experience.

Why are most businesses over-staffed?

So why do most business owners allow payroll to creep above what the business requires?  There are a number of reasons, but here are the most common I see:

• The owner has bought into the idea that they should be “managing” the business rather than “working” in the business. This is the goal, but it should happen slowly as profit grows.  One of my clients jumped back into managing their retail store.  Eliminating the store manager position saved about $50,000 per year.  But more importantly, being directly involved in store operations and customer service allowed him to to adjust his operations in a way that increased sales and profits.

• Employees are hired quickly without putting the effort into listing all the job duties and not making sure that the employee adds to the bottom line. I see this when a company has no systems and doesn't ensure each job meets the three goals listed above.

          I worked with one business owner who spent time documenting their systems and writing out profit-related roles for each job.  This resulted in a savings of over $500,000 per year               while allowing the remaining employees to produce roughly twice the amount of work as the previous staff.

• The owner has not reviewed the roles or actual work being performed by employees. If you don’t actually set expectations as to what work is to be done and how long a task should take, employees will protect themselves by expanding the work to fill their time.

          You as the business owner must remember that doing something unimportant well that doesn’t add to profits does not make it important.  Just because a task takes a lot of time does           not make it important to increasing the profits of the business.

• Selling items with low profit margins. I was guilty of this mistake.  When I stopped offering bookkeeping services I was able to cut two employees.  My sales went down by $40,000 but my profits increased by almost $90,000.  Not having the bookkeeping services allowed me to focus on highly profitable work.

• The business operations are run inefficiently. This usually happens because the business grew but procedures never changed to reflect the increase in sales.  I personally reviewed every step when I was working at Coca-Cola and was able to downsize staff while adding the accounting for three other locations.

• Untrained and unqualified staff messing things up.  Most business owners are quick to hire but slow to fire.  I have been guilty of this, too!  Don’t hire until absolutely necessary.  Hire only superstars.  Train your staff to do the job you hired them to do, and fire those employees who, once properly trained, can’t do the work efficiently.

• Hourly wage creep. I have seen bookkeepers at businesses making $50,000 per year.  The going rate for a bookkeeper in El Paso is between $27,000 and $31,000 per year.  So why was the business owner paying $50,000 per year?  The bookkeeper was hired 20 years ago and has received consistent annual raises.  If a job is only worth a certain amount, you must cap that job at that pay rate.

• Doing work that should be outsourced. I have a rule—if a task isn’t part of the sales process and doesn’t directly affect the customer, it should not be done by you or your staff.  Things that business owners do that they shouldn’t include: Almost all business owners can outsource this for less than the cost of hiring a bookkeeper.

• • Computer work.
  • Be careful here!  Don’t outsource your responsibility to set the marketing and sales strategy.  I had a marketing person on staff, but once she left, I hired someone to do what she was doing at about 1/3 of the cost!  And since this was all they did, they were an expert at their job and did the work better than we ever could. 
  • Drop ship instead of delivering the product yourself.
  • Anything else that doesn’t directly improve bottom line.

How to fix and lower labor costs. Fixing all of the items listed above would take a ton of time. But this is what I recommend you do in the order I have found to be most effective:

1. Get the owner back into the operations in the area that will have the quickest and largest increase in profits.
2. Evaluate every employee and determine if the work they do is vital to the company’s profits. Eliminate any employees that don’t lead directly to higher profits.
3. Determine if there are any jobs that could be outsourced at a lower cost than what the employee costs without affecting the customer experience.
4. Eliminate (or at least reduce the emphasis on) the 80% of products and customers that only produce 20% of profits. The goal is to focus your labor hours on the 20% of products and customers that represent 80% of your profits.
5. Improve efficiencies by easily creating and documenting your systems.
6. Create a pay scale for each job and never make an exception. If an employee hits the cap, the only way for them to get a raise is to add a job duty that directly leads to increasing the bottom line.
7. Make sure you have competent well trained employees. Review every employee and fire bad employees now.  Next push your mediocre employees to become superstars.  The worst employee for an organization is a mediocre employee.  The bad ones you fire.  But the mediocre employees do just enough to stick around.  Don’t accept anything but superstar work.

Yes it is a ton of work but since labor is either your largest or second largest cost item it is one of the most important jobs of a business owner. 

So until next time—let’s make this your most profitable year ever!

Just Get Their Email Address!

The fastest way to increase sales and customers is to increase sales to current customers. And email marketing is one of the fastest, easiest, most economical and effective methods of marketing available to the small business owner.

Watch this video to learn the benefits of using email marketing, how to get started, what program to use and how you can design a complete marketing plan just from getting their email.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Educating the Accidental Manager!

If you plan to grow a massively profitable business you will need to hire employees. Unfortunately most business owners have no formal employee management training. Learning to hire, manage, motivate, delegate to, compensate and everything else that comes with your first hire is vital to growing the highly profitable business of your dreams. Watch this video to learn the quickest and easiest way to educate the accidental manager.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Cutting Expenses—The Fastest Way to Increase Profits!

Increasing profitable sales can be accomplished by all business owners, but doing so takes time.  The fastest way to increase profits is to decrease overhead costs.  If you have a 50% cost of goods sold rate, then every $1 reduction in expenses is equal to a $2 increase in sales.

The good news is that in every business I have reviewed I have been able to help them identify 10% to 20% in overhead cost reductions.  In fact, when I am helping business owners who are close to shutting down, we can easily find ways to cut expenses by 50% or more.  So the question is, why wait until you are forced to dramatically cut costs?

The first step in cutting costs is to get the following information:

• List all your expenses, other than payroll, over the last 12 months.
• Highlight any recurring expenses such as rent, subscriptions, internet access, training classes, magazines, etc.

Now multiply your overhead costs by 10%.  This is the goal you are going to set for yourself as an amount you are aiming to cut.

Review each expense item and ask yourself:

1. Can you cancel the expense item without reducing your profits and affecting your customer experience? If not, try to negotiate every other expense down.
2. Ask yourself, “Does this expense item contribute to profits by increasing efficiency or by helping me improve the customer experience in order to increase profits?” If your answer is no, then plan to eliminate it as soon as you can.

If you still haven’t reduced your expenses by 10%, start asking yourself tougher questions.  One of my favorites is, “How can I get two times the result with half the effort and cost?”  This is a fantastic question for making massive changes and increasing your profits.

Once you have reduced your expenses by 10%, continue to review your expenses every quarter to catch any expense creep that every business experiences if you are not careful.

Your goal is to become a very frugal business owner—not simply a cheap one.  Remember, if an expense doesn’t lead to increased profits, eliminate it as soon as possible.

Cutting Overhead Costs Without Cutting Customer Service

Watch this video to learn the best ways of controlling costs and why this is so vital to increasing profits.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Make Sure All Your Products are Cash Cows

Learn how knowing your gross profit per product is one of my main keys to increasing your bottom line. I use real life examples of how my clients and I have successfully used this tactic.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Increase sales with a customer call back plan.

Learn why you should be calling your customers after the sale. And learn how I helped implement this for one of my clients with a resulting 50% increase in sales.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  

Increase sales with a customer call back plan.

Learn why you should be calling your customers after the sale. And learn how I helped implement this for one of my clients with a resulting 50% increase in sales.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  

I hate budgets!

But they are essential to growing a highly profitable business! Learn how the top 1% most profitable businesses use budgets to create proactive profit plans.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  

Secrets to Massively Increasing Profits

Secrets to Massively Increasing Profits

Every business owner’s goal is to increase profits.  So why isn’t every business massively profitable? 

My opinion is that most business owners don’t experience massive profits because of three things. First, they concentrate on increasing sales and not on increasing profits.  Second, they are comfortable with slow steady growth that is in their comfort zone. And finally they don’t have a plan to increase profits.

Massively successful business owners do things very differently.  These are the steps I have watched highly profitable business owners take:

1. Decide to not accept the status quo! They always look for ways to improve their profits by thinking out of the box.  They don’t just run their business the way all their competitors run their business. 

        The standard CPA firm has a bookkeeping section.  After reviewing and                     calculating costs I determined that this wasn’t a good use of our resources.  I now send the client to bookkeeping firms rather than us doing it for                 them. This allowed us to cut our payroll in half and increase profits dramatically even with a reduction in sales.

2. If you really want to shake up your business and increasing your profits ask yourself the following question—How can you two times the sales and profits with half the effort? This question forces you to think outside of the box.

        One of my clients owns a medical supply company.  In this industry almost all of them sell to individuals who are paying with private insurance,                 Medicare or Medicaid.  Currently the industry is being squeezed by increased costs and lower reimbursement rates.  My client opened one of the first         medical supply retail store.  This sales model is mainly cash and eliminates all of the insurance problems and thus reduced payroll.  While many of             their competitors are currently struggling they are doing well.

        Want another example?  Consider what Netflix did that eliminated Blockbusters.  How about what Amazon has done to Sears and Toys-R-Us?

3. Set small goals and you will achieve small results. Highly successful business owners set extreme goals that force them to step out of their comfort zone.  If my goal is to add 5 clients this month I can easily reach that by doing a few extra calls.  If I set a goal to add 50 new clients this month doing a little more of what I am already doing just won’t work.  I will have to think seriously outside of the box to get the new clients and perform the services promised to the customer in a profitable manner.

4. They hire coaches, consultants and mentors who have been there before them to assist them in implementing their profit plan.

        The biggest mistake I have made in my business career was to try to grow my business alone.  I now pay about $2,500 per month to coaches and                 mastermind groups that help me reach my goals.  (Be sure to see my article on why coaches help business owners achieve massive growth.) 

        Yes I know a ton about running successful businesses and I have helped many business owners to become highly profitable.  But it is very hard to do so         for your own company.  I am too close to it and having a couple of other successful business owner’s help me become highly profitable. 

5. The number one thing that highly successful business owners do is they implement their plan. They don’t just plan—they have a system for implementing their profit plan.  They have a system for monthly progress toward their goals and a system that creates accountability that forces them to reach their goals.

As you can see—achieving massive profits requires work and is not for the faint of heart.  But if you are serious about growing a highly profitable business there is no easy button and there are no shortcuts.  But you’re working hard now—so why not work hard and be massively profitable.

Improve Sales and Profits with Simple Systems

In this video learn why it is vital that you create systems for your critical delivery of your product or service in order to deliver a quality product every time.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Increase Profits by Eliminating Customer Service Problems.

Failing to correctly handle customer service problems is one of the main reasons that businesses lose customers.  Working to eliminate the root causes of the customer service problems is guaranteed to increase your profits and reputation.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!

Use these five critical reports to increase profits!

Watch this video to learn how reviewing these five accounting reports weekly is all but guaranteed to increase your business profits.

 

C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business.  Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..

Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever!  Click https://wjb-cpa.typepad.com/ to go to the blog page. .

As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:

• Double Your Business Profits in 30 Days!
• Turn to Your Customers When You need Cash Now!

.

Finally, if you have a question or wish to talk to me you can email me at [email protected] or call my office at 915-857-8158.  .

Thanks so much and let’s make this our most profitable ever!