Life is short. So get unchained and enjoy more of it! At Apex, we help business owners build and operate strong, growing, healthy and profitable businesses so the business works for you and gives you “freedom from the day-to-day.”
Here are seven tips to making more profit so you have more time to do the things you love:
1. Do one thing better than anybody else. Whatever you call it – your differential advantage, value proposition or niche – know it, nail it and push it out there.
2. Make the company breathe better. Get rid of the obstacles clogging the windpipe of your business: processes, systems, customers, a problem employee. By creating an environment that encourages creativity and teamwork, you eliminate obstructionists (hint: these can even be high-performing individuals).
3. Pay less taxes. Sounds like a no-brainer, but many smart businesses leave money on the table. When you pay less taxes, you have more money to fuel the business, invest in employees and – wait for it – enjoy.
4. Involve your team in carrying out the company vision and strategy. If you can see, you can do it! Team buy-in means the power of many rather than one person pushing goals forward. Make it worthwhile for all your stakeholders with a rewards scheme tied to achieving objectives.
5. Practice ideation across the company. Yes, empower your leadership team, but don’t be afraid to form an internal “tribe” consisting of cross-disciplines within your company to ignite ideation.
6. Don’t skimp on technology or employees. Invest in your managers and employees. Invest in technology to increase speed and efficiency.
7. Identify your key success drivers and monitor them like crazy. Know your KPIs and what drives profit. Then measure it regularly.