Double Your Profits This Year

Double Your Profits This Year – The Key Strategies for Service Businesses

Using the best strategies mean more money for your business. Here’s how to upgrade your existing strategies and watch your business grow.

Why do you want to double your profits?

It’s an important question to answer. The motivation behind growth will ultimately determine whether you achieve that growth.

Do you want to make more to support a growing family?

Have a more amazing life?

An amazing business?

You can have all that and more. But you need to get started the right way.

This article goes over all the strategies you need to jumpstart the growth process and double your profits this year.

The Strategies

This is a strategic roadmap to create and elevate yourself to the highest level. If you’re looking for a magic answer, you won’t find it here. But if you want a system of service business strategies for growth, you’ve come to the right place.

Find out how to use clarity, accountability, and alignment to maximize your profits and watch your business grow.

Strategy #1 – Surround Yourself with the Right People

You have to surround yourself with a peer group of people that are strong, powerful, and driven.

Are the people around you just “okay” with what they’re doing? Or are they constantly striving for more?

It’s hard to get moving when you surround yourself with people who won’t move with you. But when you get into a community whose commitment matches your own, you’ll see things changing.

Strategy #2 – Create Your Starting Point (and Be Honest About It)

Where are you today?

Are you making a 45% profit? Or were you losing money for the past five years? Or maybe somewhere in between? Are you improving your profit or declining over the years?

You need to be honest about where you’re at right now because it’s the starting point for you. If you can’t answer honestly about where you’re at, you are unable to go in the right direction.

For example, if you lie about your books or say you’re in profit when you’re not, you’ll follow strategies meant for people in profit. But those strategies are not for you.

On the other hand, when you’re honest about your starting point, you’ll follow the right plan and the right strategies. The framework you adhere to fits your starting point. But only if you’re honest about it.

When you’re honest about your starting point you can start profiting by design. That means that it doesn’t just happen to you. You focus and plan for it.

Strategy #3 – Stop Complaining About Not Having Enough

Are you the type of person to complain about little things like the price of gas?

If you are, you may have a poverty mindset. You don’t plan for profit. You let it happen or don’t happen to you. And then you complain about the little things like gas money.

In reality, you should go out and make more money.

When you’re complaining about little things, you’re living in a default state. You’re just letting things happen. You end up with losses in a quarter and you shrug your shoulders and say, “I had a feeling.” Yet you don’t do anything about it.

You can’t win from a poverty mindset and living in a default state because you’re just thinking about survival. Not profits.

Instead, turn your mindset around to a design mindset. Start doing things on purpose and plan to make more money. And stop complaining about not having enough. 

Strategy #4 – Set a Standard for How Much Profit You’ll Demand

Next, you need to set a standard of how much profit you’ll demand in the year. If you set that standard, you’re going to go out and get it.

It’s a mindset thing.

If you just let things roll how they will, you won’t hit a profit goal. 

Why?

You’re still in that default state where you’re not really focused on making a profit. And if you don’t set a standard, you sure aren’t reaching a goal.

But if you give yourself a standard, you also give yourself a goal. You have a set number to focus on for the year. That focus is going to help get you out of that default state and into that profit by design mindset.

Strategy #5 – Create Accountability for Yourself and Your Business

How much accountability do you have ingrained in your service business culture?

Maybe you have distorted accountability where you have people who don’t know what to do and avoid things. This means that they pretty much do nothing.

Or maybe you have somebody that avoids things even though they know what to do. That’s being irresponsible. 

On the other hand, you may have people that don’t know what to do but they’re engaged. Engaged may be helpful, but that’s not enough. 

You need people that know what to do, how to do it, when to do it, and they’re all in on it. 

Do you know what that’s called?

That’s invested.

When people invest in the culture, they become accountable over time.

Strategy #6 - Have a Profit Dashboard

Lastly, you need to have a profit dashboard that everyone in the company sees. They must measure against growth and profitability all the time.

Don’t send out an email about it.

You have to write it down. Have meetings with people and grab your marker. Show them the revenue and profit you hit. 

The top-line number drives most of you. That number sounds impressive but it’s not really a signal for growth, is it?

So, you need to let people know how much revenue growth you’re hitting on a regular basis. When you’re honest about your revenue growth, you’ll find that your employees start to understand profit and growth.

And that can strengthen their investment in the business.

The Takeaway

You can double your profits for the year. But you may need to change your mindset. One of the best service business strategies for growth that no one talks about is profit by design.

Get into that design mindset and set your standard for the year. 

And don’t forget to be honest about your starting point. 

You can’t enact change if you’re lying about where you are right now. Take a good hard look at your books and decide to make a change.

Before you go, ask yourself one question:

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