For newly minted entrepreneurs, the biggest priority is to generate revenue, any revenue in an effort to transition from struggling to profitable enterprise. To those of us who have made the crossing, we have more often than not sacrificed our own financial needs in order to create a proper fiscal foundation for our business. Because so few of us ever get investor capital, we are left to our own devices to fund our enterprises.
Money, it’s one of those personal topics that many people are uncomfortable discussing. Why that is, varies from person to person.
Even inside a business that uncomfortableness exist, but that needs to change. Generally speaking, the only time the subject of money seems to ever comes up is in the heat of the moment in comments such as “Do you know how much that costs?”.
A few months ago, I finally did something that I had longed to do but just never got around to it. Not quite a bucket list item, but pretty close. That something was to drive a race prepared car on a closed road course. Calabogie Motorsports offers just such a program. The road course is just a hair over 5 kms that has 20 turns and enough of a straightaway to get you to question your sanity.
Shrink to greatness is a phrase I’ve often had to use when working with clients. To be honest, it’s rarely received well by those I’ve had to tell because everything we read about how to be successful in business says you must grow. So, this contrarian approach can be a little challenging for the recipient to accept as it goes against everything they’ve been led to believe.
I have worked with hundreds of entrepreneurs helping them to shape their businesses into their vision. One problem that I frequently come across is the quality or I should say, the lack thereof of some 3rd party service providers e.g. bookkeeping, IT specialists, etc.
For the record, I’m all about outsourcing non-core or mission-critical activities to individuals who specialize in a given area.… Read More
Profit, that elusive goal that frustrates many a business owners. To be sure, many businesses are just bad ideas that never should have been started in the first place. However, there are plenty of others that are well run with decent revenues but for some reason they aren’t as profitable as they should be.
When helping business owners, one of the first places I look is their pricing model.… Read More
I’m frequently asked how one goes about pricing their goods and services for profit. It sounds like a simple enough question, but in reality, it can very complex. Get it right and all should be well. Get it wrong and you’ll be constantly chasing revenue, if only to pay the bills.
Now if your product is a “me too”, you don’t have a lot of flexibility, as the existing products have already established the pricing parameters and therefore you must compete accordingly.… Read More
Successful entrepreneurs have long learned that identifying internal deficiencies can increase profitability far more quickly than the chasing new ideas.
These owners do not like waste. Wasted time, wasted effort equals wasted profits. Doing something over again because of carelessness, doesn’t sit well with them.
We’re all human
I’m not talking about the occasional mistake, heck, we’re all human. What I’m talking about is those recurring situations where individuals are just not paying attention, like sending a technician out after a job has be completed to adjust a setting or flip a switch that should have been done at the time of the initial install.… Read More