As a CEO, president or business owner, your business day goes by rather quickly, doesn’t it? You start your day early in the morning and before you know it, five, six, seven, eight o’clock at night rolls around. It’s Monday then it’s Friday. It’s January then it’s suddenly December with another New Year about to start. Business never stops. Nor should business profits. Always be thinking about how to improve business profits at your company.
Here are 12 questions to improve business profits at your company.
Ask yourself:
- What’s Keeping The Business From Reaching MORE Success? – It’s important to understand how the business started, how you led the company in those early startup days and to acknowledge the success you’ve experienced. As the phrase goes: Always remember where you came from to understand where you are. Then ask: What’s changed?
- What’s Preventing Me From Getting MORE From My Business? – You need to understand what’s holding you back as a business leader. What’s no long working as it once did? Once you recognize the challenges of what’s changed or different in your business you can begin to do something about it. But until it is defined nothing can really happen. Successful CEOs, presidents and business owners don’t just do “stuff”. They are always in action to make business happen.
- Am I Open? – Are you open to listening to what you need to hear? Seeing what you need to see? A CEO I advise traveled to Germany on a business trip. While at a conference talking to another businessperson he asked a question. The answer nearly rocked him back on the heels of his shoes! Why? Because it gave him information that could help him improve business profits at his company. He wasn’t expecting what he heard but he was open to the words presented. If he hadn’t been listening the information would have gone right by him. Nothing would have happened. Remember: Business answers can show up when you least expect them to. Answers can come from anywhere and anyone. Be open. Listen. Observe. Always.
- How Do I Have A Better Business Year Next Year? – To have a better business year. To improve your business to be more successful and profitable comes directly from changing the way you think about your business. That’s something I help CEOs, presidents and business owners with every day. It’s a key to MORE success, MORE profit and less stress. Make each business day better than the previous. Make each business week successful. The days and weeks turn into months. Build on the momentum of each day. If you have a bad day know you need to get up the next morning and move forward.
- How Much Business Revenue Do I Want To Bring Into The Company? – You can’t just say: I want to make a million dollars this year! Or… I want to make ten million dollars this year! Or… I want to make one hundred million dollars this year! Break it down. What’s realistic? Work backwards. Start with the goal. Start with a number. Then determine a plan to get there. Revise the numbers to what is reasonable and achievable. Sometimes it’s better to make the company more profitable and productive than to increase sales volume to unrealistic numbers the company isn’t prepared to handle.
- What Is My Business About? – Your business isn’t about you even though you may be its founder, CEO, president or owner. It’s about your customers. Your clients. It’s about the relationships you have with them. Business is about people and the relationships you have with those people. It’s about the relationships you build with other people that makes your business successful and profitable. Business is about helping other people become more successful.
- What About My Employees? – If you want to improve your business then surround yourself with the very best possible team of employees and business professionals. Hire for attitude then talent, skills and education. Hiring the right people to work with will make your life less stressful. Reducing your stress levels will benefit the business. Create a company culture where people will want to work with you as employees, vendors and associates.
- Who Am I? – This is a very important question! To improve your business and its profits you need to know who you are as a person AND as a CEO, president or owner. Who are you to others you work with? What do you represent to others? It’s about your leadership skills. How you lead your company to MORE success and MORE profit. Do you dodge the important issues or do you put yourself in a position where you are right there to take care of whatever it may be? Remember: Leaders lead. No excuses.
- What About My Business Competition? – Business opportunities are vast. You need to keep your mind open to business possibilities. Never give up. That’s why it’s critical to know who you are as a business person and what your company represents to customers. Business success is about will – drive – determination. Being two steps ahead of the business competition. Being aware of trends in your industry and marketplace. Business is often won by much more than just price. What value does your product or service provide to the customer? There is phenomenal change happening in the world and in business today. Don’t let your company get left behind. Be proactive. Because if you’re not, your business competition will be.
- What Am I Missing In My Business? – The answers are not always found at the surface so you will often need to dig deeper to improve business profits. Always be asking questions. If you’re not doing enough business, why? If your company isn’t as productive as you would like, why? If you have an especially great business relationship, why? Ask yourself “Why?” often and you will find the answers to the questions. Keep your mind open to the answers to succeed. If you don’t find the answers you are seeking then find an expert who can help you. It could be someone inside your company or outside of your company depending on what the business issue or question is. It’s okay to ask for help as a CEO, president or business owner. It’s only way you’ll get what you need from your business. It can be something be big. It can be something small. Remember: Small details that are ignored or not addressed in a timely manner can turn into big business problems, reduce your business profits and create more stress in your life.
- What Did My Company Sell Today? – Sales are everything! Wait. Let me rephrase that… Prospecting is everything! Having the targeted prospect to sell something to is everything! If you don’t have the right prospect, if you’re not creating new prospects consistently then you won’t sell enough just waiting for customers to come to you. In today’s marketplace, no matter how much business you have, you cannot assume, nor wait, for the customer to come to you. How are you going to stay in business long term? It’s about delivering the message to the right prospect, at the right time. When someone is ready to buy. When someone needs your product or service. When you’ve educated them enough to know you can help them solve whatever problem they have. Remember: It doesn’t matter what your company sold yesterday or the day before. Or last week. Or last month. Or what you may sell in the coming days and weeks. It only matters what you sell TODAY. Business is about people. What you sell are business relationships. Your product or service is whatever it happens to be.
- What Is My Strategy To Improve Business Profits? – The bottom line is: You are in business to make a profit. It requires strategy to be successful in business. Sales strategy. Marketing strategy. Social media strategy. Project strategy. Operations strategy. Accounting or bookkeeping strategy. Hiring strategy. Daily strategy. Monthly strategy. Quarterly strategy. All these strategies combine to give you an overall business plan or business strategy. Remember: Think through your business strategies. Be open minded to not miss opportunities. Know that strategies often need revisions to produce the business results you want. Always think realistically about what the potential outcome may be. Your strategy is to make a business profit, make the company better, the customers happier and to reduce, not increase, your stress levels.
No matter how successful you are, you can be MORE successful.
No matter how difficult the business year has been for you, know you can do better.
Keep these 12 questions to improve your business profits where you can easily reference them to keep your business on track. To inspire the next steps you take with your business.
Most of all, believe in yourself as a CEO, president or business owner.
Let’s MAKE IT HAPPEN!
To your success!
Ready to improve and grow your business? Talk with Howard! – 888-739-1855 – Howard Lewinter guides – focuses – advises CEOs, presidents and business owners to MORE success – MORE profit – less stress.