In business, profit is KING, so while you're busy working to generate more leads and sales, be sure to always be considering - what can be done to trim up my costs?
Did you know that the slightest decrease in your expenses will often yield the same results in profits as huge jumps in sales. For example a business with gross sales of $500,000 and gross profit of $100,000 could jump to an extra $8000 in profit by closing another $45,000 in sales; or by making no extra sales and just cutting expenses by only 2%. Imagine they did both!
To see what a 2% cut in expenses would mean to your profits, use the calculator in this link.
http://www.actioncoach.com/free-business-calculator-twopercent.php
Monday, October 20, 2008
Sunday, October 19, 2008
Hi Jarrod
Uncertain times can bring the best out in business owners, whether it be through initiative, innovation, or new direction. Many people who have lost their jobs have elected to start or buy their own business and could benefit from working with you. I see great opportunity for 'correction' as opposed to 'crisis' ahead. Business ownership/ entrepreneurs are a fast growing trend and Alberta has more per capita than anywhere else in the country. I salute you and your professional decision to coach, to draw out potential, and to help others make a difference in their businesses, and in their lives even in the most trying of times.
All the best.
All the best.
Monday, October 6, 2008
Recession in Alberta???
Hello Calgary.
This blog has been created in the middle of some serious economic turmoil and doom and gloom south of the border, and many of the questions I'm asked these days have to do with such. Is it coming here? What's going to happen to my business? How bad will it be? When will it be over? Although I don't think Alberta will feel the strain like we are seeing in the United States right now, the next 6-12 months will definitely start to prove which businesses have been going well because the economy was good, and which businesses were doing well because they were good. If you are convinced that dark times are ahead, here's three things that should be focussed on during any downturn in economy or market:
1. Retaining existing clients
2. Cutting fatty expenses (the smartest place to invest in is your own growth in knowledge and skill)
3. Ensuring steady cashflow
Jarrod
This blog has been created in the middle of some serious economic turmoil and doom and gloom south of the border, and many of the questions I'm asked these days have to do with such. Is it coming here? What's going to happen to my business? How bad will it be? When will it be over? Although I don't think Alberta will feel the strain like we are seeing in the United States right now, the next 6-12 months will definitely start to prove which businesses have been going well because the economy was good, and which businesses were doing well because they were good. If you are convinced that dark times are ahead, here's three things that should be focussed on during any downturn in economy or market:
1. Retaining existing clients
2. Cutting fatty expenses (the smartest place to invest in is your own growth in knowledge and skill)
3. Ensuring steady cashflow
Jarrod
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