THE POWER OF PROFITS

Yes, I know what you are going to say... Of course profits are powerful, why would you want to write about the obvious? Because the obvious isn’t the ordinary!

Great people with great business ideas, passion and commitment does not equal profits. It is shocking yet true that most entrepreneurs are having difficulty making money with their business ventures.

Within the past two years I must have met at least 400 businesses of small to medium size with only 48% making any money.  Out of the 48% only a handful are generating profits. A gloomy reality and not in the least linked to lack of skill or capability.

So if this is the reality of entrepreneurs, how can you be one of the lucky handful of businesses actually seeing profitable returns on their efforts? Or better yet, how can the ratio be changed as a whole?

First, let me share the top 10 reasons why businesses are not making any profits:

    1.) Not knowing their own value
    2.) Not understanding their unique selling points
    3.) Not being clear on their target markets
    4.) Not managing staff effectively
    5.) Not managing their finances closely
    6.) Not having a plan
    7.) Not measuring anything
    8.) Not collaborating
    9.) Not outsourcing
    10.) Not making profits their #1 priority

Sometimes it only takes a little bit of tweaking here and there which can make all the difference in a business model. However, how do entrepreneurs know what they don’t know, until they know what they didn’t know? Because once they know, they can implement the vital changes to make their business profitable.

The only way to find out the essential tweaks for positive cash flow, is professional, knowledgeable, objective advice from a credible source. There you have it!

So if you are in business simply to kill time with no need of financial success, perfect! Continue with your hobby. But if you are really keen on making some good cash, don’t waste time on trying to work it out on your own, get professional advice!

What would YOU do with YOUR profits?