Where’s The Money?

Imagine if money just grew on trees, would you spend your whole day planting seeds?

 I’d like to think so

 But ask yourself this; how many people do you know right now who would be picking, banking and spending that money instead of planning for the future and sowing their seeds of success?

 To be successful in anything you do, you don’t just have to understand the value of the word PROFIT, you have be able to live it, breathe it and understand the value of those 6 glorious letters. 

‘P-R-O-F-I-T’

Now is the time to get things right.

We always have a choice in business. Our glass can appear to be half full or half empty. In difficult times you have to think BIG, and then think even BIGGER! I have encountered both strategies in the past and wanted to explain their outcomes.

1.   In 1991 the recession hit hard, I had been at my company for just 6 months and was bracing myself for a first in, first out phone call. So what did my company Midwich decide to do? Well it laid off half of its sales force, the high earners, in an attempt to cut costs and ride out the recession. Earning a basic salary of just £11,000 I luckily survived, yet the longer-term result was to hit the company hard for a number of years to come. With my stewardship however we would eventually evolve the company, setting us on a new path to success, but it could have been so different.
2.   In the recession of 2008, things were different and I was a decision maker. I had been a director and part owner for a few years and I was determined that we adopted a different approach. We not only invested in our people, but we took market share from our competitors, whose glasses were looking very empty. Whilst other companies were failing we took advantage, making acquisitions into both new channels and overseas markets. The net result was the emergence of a £700m global group just over a decade later.

 So which strategy do you think was better? 

Covid-19 has lifted the world upon many shoulders, but believe me everyone has some serious decisions to make. You can be a winner or you can be a loser.

 So how is your own glass looking right now?

~Business Game Changer Special Promotion~

 Do you invest in your people, to boost morale, increase productivity and sow even more seeds for future success?

 OR

 Do you cut costs, lose key staff, creating demotivation, whilst picking the money off your remaining trees and battling down your hatches?

 So lets dissect your most important word

 P-R-O-F-I-T

 P for Productivity

Every time you do anything, whether it’s buying, selling or marketing you need to be asking yourself:

 ‘What do I need to do to make more profit right now’?

 Spending money is easy but making and saving more money is easier than you think.

 R for Rapport

Being personable is the route to your success. Selling yourself is crucial in any relationship or negotiation. Always adopt the attitude that your business deserves a better price from your supply chain. My company Midwich used to buy products at more than 10% better than its competitors, for the simple reason that the manufacturers believed in our pro-active market making strategy. Any decent supplier will value and reward good channel partners because they are the lifeblood of their entire existence.

Non-Profit = Non-Existance

 O for Opportunities

Never forget to be creative and be prepared to go the extra mile. Look both inside and outside of your box and be prepared to tear it up if necessary. Look for anything that makes you extra profit, like bundles or exclusives. Even when an order drops in your hand, ask yourself:

 “Can I make more profit by simply making a phone call”?

 F for Focus

Always keep to your standards and remember the secret to a successful business is having the imagination to think ‘differently’. Your ability to make more profit when other people are sleep walking is the key to your success.

 I for TEAM

Yes there’s no I in TEAM, the good old adage. You need everyone in your team thinking like you and it’s up to you to make this happen.

 T for Time

There is no time like the present, you wouldn’t want to miss out on an opportunity today. Remember lost time is never found again.

So Imagine if money just grew on trees, would you spend your whole day planting seeds?

Business Game Changer TV

A unique station produced by Business Game Changer Magazine, The Property Investor and Money and Finance Magazine.

"A game changing business owner sees an opportunity - which others do not fully recognise - to meet an unsatisfied demand or to radically improve the performance of an existing business. We have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way.  We are not diverted or discouraged by scepticism from 'experts' or from those from whom they seek backing and support, but willing to weigh all advice and select that which will be helpful." - Kizzi Nkwocha, publisher of Business Game Changer Magazine.

The Business Game Changer TV station incorporates Business Game Changer Magazine, The Property Investor and Money and Finance Magazine.

Join the Game Changer tribe by subscribing to Business Game Changer TV

Load More... Subscribe