Financial

Entrepreneurs: 3 Crucial Questions That Can Catapult Your Profits

A high percentage of people who opt to run their own business find themselves working longer hours for less money than ...


A high percentage of people who opt to run their own business find themselves working longer hours for less money than the job they escaped from. That’s not all bad news, though, because they at least have the freedom that they craved without having to answer to anyone.

But It Could All Be So Different

If you started a business of your own, and within a year it was making twice the salary of your current job, you would be pretty happy, right? But what if, in addition to that, you were only working half the hours of your current job?

So, now you’re working half the hours for twice the pay. Nobody is telling you what to do. Plus, there’s no commute. How would that feel to you? Pretty good, right? Your friends would probably be a little envious.

You would have time to take your kids to school, learn new skills, get in shape, make new plans, and the money to fund them. THAT is what most people would call a fantastic business!

Most people would find this a very attractive proposition. But is it actually possible? Of course, it is! Thousands of people are already doing exactly that and more, and so can you.

How Can I Do Better?

If you want greater profits from your business, it’s important to perform regular and specific reviews of all aspects of your business.

You’ll want to know what’s working and how you can improve upon that.

It would also be a good idea to figure out what’s not working, too, so you can determine why it isn't working and how you could improve or replace that process. If improvement isn’t possible, you may need to scratch that process and start fresh.

Finally, ask yourself the question, “How can I do better?”

Albert Einstein once said, “It’s impossible to solve a problem with the same kind of thinking that created it.” So, you might need some help on this one. Your best resource is to talk with someone who has faced these issues before and found effective solutions for them.

True entrepreneurs never waste time or energy re-inventing the wheel. They just go and talk with the guy who created the wheel in the first place.

Here’s a tip that seasoned business owners use:

When reviewing business strategies, most people come from the “What’s wrong and how can I fix it” perspective.

Here’s a better idea:

Start from “What’s right about this issue?” When you come from a positive perspective, your creativity for problem-solving is switched on and in alignment before you start.

This creativity could very well transform your business from a mediocre business into a fantastic one!

Let’s look at how.

The Five Right Questions:

Asking yourself these questions will lead you to the answers you seek.

  1. What's right about this issue/situation/strategy? Get clarity on the task at hand.
  2. Why is it right? Get specific. What is it about those things that make it an effective process for this situation?
  3. What would be your ideal outcome? Get creative. What would be the absolute ideal strategy/solution for this issue?
  4. What's missing that could bring about your ideal situation? Get resourceful. What do we need to find, create, add, or invent to reach this ideal?
  5. What will it take to put in what's missing, so we can bring about the ideal? Get busy. What is it going to take to make this issue/strategy/situation ideal?

Using the “What’s right?” perspective will, over time, change your complete mindset for everything - not just your business, but your personal and family life, too. Just think of how many conflicts occur each day in the home where the words “What’s wrong” describe their mindset.

Try it yourself the very next time a conflict shows up in your life and see how different your whole attitude becomes immediately.

30 Day Reviews

It would be good business practice to sit down every 30 days and review the answers to these questions:

  1. What action did I take this month to support my business?
  2. What action did I take this month to grow my business?
  3. What action did I take this month to improve my effectiveness?
  4. What action did I take this month to improve my efficiency?
  5. What specific results have I created this month through my efforts?
  6. How can I do better next month?

Onward and Upward

The truth is, the more decisions you make, and the more action you take, the more efficient you become. And the more efficient you become, the better results you’ll create. Plus, it will take you progressively less time to achieve those results!

Seeking the advice of seasoned professionals is a key strategy in creating a fantastic business! Talk to fellow entrepreneurs and ask for their advice.

Seasoned professionals will suggest you hire a Coach. All the most seasoned entrepreneurs have at least one Coach. Asking for a referral, if you can, could be a huge step up for you and your business.

A Coach can guide you through making profitable decisions, taking effective actions, and streamlining your thought processes. It’s like having a business partner that you don’t have to split the profits with. Or having a high-value employee without having to pay for taxes and medical benefits. It will save you more money than it costs!

Making greater profits in your business comes down to these important questions:

  • What’s working?
  • What’s not?
  • How can I do better?

Answer these on a regular basis and be prepared to reap the benefits!

 

Want to join a community of like-minded people?  We welcome you to The SMB Hub.  Community and Tools for the Business Owner and Entrepreneur.

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