Well it's all in the bottom line, as they say! If you’re a regular small business owner you are probably stuck in the daily grind-- you know dealing with clients, trying to develop the business, doing the networking and marketing, managing the cash flow, etc, etc. Unfortunately this happens to the best of us, and it means you are focused on the short-term needs and likely not paying attention to everything that’s affecting your bottom line. Typically I find that business owners have money locked up in expenses and operational costs that can be retrieved with a little guidance. So how do you unlock the hidden cash in your business?
Here’s a few things that you should consider:
Look at your focus and take notice of where your time is going
Sometimes it can be hard to see the wood for the trees, and if you are spending time on unnecessary stuff or “busy work” instead of billable hours then you’re loosing opportunities to make more money. Remember time IS money.
Expenses happen, but are they necessary?
When you’re in the grind you stop questioning things, you get complacent, you figure “that’s the way it’s always been”, you welcome the status quo. Like they say with personal auto insurance-- challenge your premium every couple of years, shop around and it may save you $$$s. Well the same idea holds true for business expenses.
Hire a Business Coach
The most successful small businesses will use a business coach at some point in their evolution. Sometimes it can be refreshing to admit you don’t know everything, get a little guidance and fresh perspective on where you are at. It’s where true profound knowledge comes from-- the outside view. A coach will:
- Show you how to look at your business from different angles rather than just from the grinder.
- Get you to ask the right questions about the business so that focus can be adjusted and help you create the right Vision & Mission that brings alignment to your organization so there is an effective path to change.
- Use data to understand your processes, costs, capabilities & capacity, and drive improvements in behavior.
- Lend their experience to guide you through the necessary changes to make your company perform better.
- Be a life-coach-- for your business life.
All these things and more can be improved using a coach/consultant.
I made my client this money using all the above methods-- to focus efforts, improve expenses, create efficiencies in process & workforce, make corrections in pricing, drive elimination of bad products, and rectify margins. All these things added up to real and significant savings to the bottom line.
So what are you waiting for? Start thinking differently about your business and you’ll be surprised at what treasures you find.
INFIX “Life Coaches for Companies” - We believe in the power to realize your business dreams, transform to perform, and evolve to new levels.