5 Steps to MAXIMIZING Your Profit
Andrew Frazier Jr., MBA, CFA
I help business owners Sell More, Maximize Profit, and Finance Growth by empowering them to Master Business Growth and Scale using my proven, proprietary Masterpreneur Playbook Framework.
Is your business growing and are you making enough money?
Most businesses are less profitable than they should be.?Many business owners don’t know how to maximize their profitability.?Economics aside, there are proven strategies to maximize your profitability.?Let’s take a brief look at how you can do this.
There is a specific process for achieving and maximizing your profitability.?You must Work ON Your Business, rather than Work IN Your Business.?It also requires you to take a quantitative approach to running your business.?It’s all about the numbers.?We can break the process down into 5 critical Steps…
??????Learning The Language of Business
??????Understanding How Your Business Really Works
??????How Much Money Are You Really Making?
??????Key Performance Indicators
??????Optimizing Your Business Model
If you’re in France and don’t know French, how well will you be able to communicate??Are you fluent in the language of business??You must start by learning the key concepts, terms, and vocabulary to understand how your business really works.
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Everybody loves a good story.?What is the story of your business??Is it a mystery, a comedy, or a tragedy??Are you the hero, the victim, or the villain??You must uncover the “real” story of your business so that you can write an even better story with greater profitability.
How much money is your business making??How much should it be making??Learn what is contributing to your profit and identify the profit bandits that are detracting from it.??
What gets measured gets done!?Do you know what your key performance indicators (KPIs) are???How can you drive continuous improvement and greater efficiency??It requires measuring performance regularly to see important trends, identify potential challenges and capitalize on opportunities.?This will drive greater profitability with less risk.
How do you optimize your business model to maximize profitability? You must continually evaluate and adjust strategies to grow revenue, decrease your product cost factor, and minimize overhead.?This is an iterative process with a feedback loop that will help you to thrive in a rapidly changing environment.
Learn more about this topic by participating in an upcoming session next Friday, July 29th in person or via Livestream.?Click the link below for more details and to register…
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