5 P’s of Profit-ology
Success in business is defined in different ways by different people. What success formula works for your friend may not work for you. So it is very important to be very clear about your definition of success. Every business focuses on making more profit and we all know what profit is!
Sales — Expense = Profit
If you are following a traditional perception of Profit then your business may take a huge amount of time and energy to achieve the desired result. What I suggest is a method proven to accelerate your business towards more profit no matter in which stage it is presently in.
Now, What exactly are the 5 P’s of Profit-ology ?
The idea is very simple. It all revolves around Proper Planning.
Any business or entrepreneur can relate to a scenario of a chaos in the middle of their business journey. It might feel like being stuck in quicksand and that can become dirty financial clutter. This could be prevented by a Proper Proactive approach from the start.
We’ve heard quite a lot about planning. The planning process involves identifying the goals or objectives to be achieved, formulating strategies to achieve them, arranging or creating the means required, and implementing, directing, and monitoring all the steps in their proper sequence. It is not as hard as it sounds. Smart planning leads to the desired results!
Prevention is better than cure. It is always better to prevent a tough situation rather than get into one and then, struggle to get out! Proper planning, is doing just that! It prevents tough and tricky business situations.
This is one of the words which we don’t even like to spell (at least for me). Improper planning and lack of vision of business can bring you to a low standard and pathetic situation, that is devoid of profit and satisfaction. Admit it, nobody wants to be there!
Profit is the one major factors for which businesses sprout. Any small-scale or large-scale business seeks to make more money always. I highly recommend the book Profit First written by my close friend Mike Michalowicz in which he talks about the right approach to gain maximum profit.
Now, What I recommend to my clients is this -
Figure out how much money you need in a month to live a life that you enjoy. Include all the expenses, right from groceries to kids’ education. Get a count of the dollars you have to earn for a good night’s sleep! And when you have it all figured out, work backwards! Identify the methods by which this amount can be earned. Get all the resources required to implement the action plan. Hire professionals if you are unclear of what needs to be done.
If you are not planning to succeed, you are planning to fail.
About the Author
Kelly O’Neil is a multi-award winning entrepreneur, profit strategist and brand marketing expert for the next generation of innovative companies and thought leaders. For more details, Visit: kellyoneil.com. You will also get an insight on small business coaching programs and ways to get new clients and more.