Tag Archives | Business profit

How to make 2018 your best year yet!

Whether you’re a manager, business owner, or employee, one thing we’re sure of: You want 2018 to be a great year!

Your wish-list might include work-life balance, a profitable business, a happy and productive team, and achievement of your personal goals.

So how do you ensure you get what you want in 2018, and what happens is by design and not default?

This week with clients we are creating 2018 business plans. If you’d like to ensure your year is everything you want it to be, in both your business and personal life, read on and follow our 4 simple steps below …

2018 business plan, business plans1. Review 2017’s Highlights

Before making a 2018 business plan, it’s essential to see where you are now and how far you’ve come.

Start by thinking back to January this year. How different was life and business then? What have you accomplished in the last 12 months? How has your business grown and changed? What’s happened in your career? What personal goals did you achieve?

Write down your achievements in all areas of your life and work – business growth and mastery, career, learning, family, fun, health and wellbeing.

Take a moment to appreciate how your life has changed and what you’ve done to create that. Congratulate yourself on your achievements so far.

2. Picture Your Future In Review

Now imagine yourself this time next year, December 2018, doing the same exercise. If you were looking back on 2018, what would your achievements be?

Take at least 10 minutes to really think this through. List all you’ve gained in terms of business turnover and profit, the types of clients you’ve attracted, career moves, office relocation or upgrades, success you’ve helped your clients to achieve, fitness or family wins, what you’ve learned… any result you’d like to see by the end of the year.

business planning, 2018 business plan, business success, business goals

3. Create Your 2018 Business Plan

Bring your mind back to the present day. The list you’ve just made is now your goal list for 2018. Make sure each goal passes the test of being measurable, realistic, and time-framed. Get specific. Instead of grow business you might write increase turnover by 30% and profit by 15% by 31 December 2018.

Put a date next to each goal. If you can’t be specific, narrow it down to be something you’ll accomplish by end of Q1, Q2, Q3 or Q4.

And make sure what you want to achieve is within your sphere of influence or control. There’s no point stating what you want someone else to do if you have no power over their actions! Instead of Get supervisors to perform to standard you could write Learn skills to more effectively manage supervisors and enforce their KPIs by 31 March. You can choose to be a better manager and hold them accountable, but their response and actions will ultimately be up to them.

4. Get A Coach To Help You And Your Team

As our clients know, setting goals and having a 2018 Business Plan is just the start. Finding someone to support you, guide you, and keep you accountable will ensure your success. A great business coach will work with the business owners, managers and team to ensure the business reaches its goals. A great business coach will also support you to achieve your personal and lifestyle goals.

Are you a business owner? Do you need a 2018 business plan?  Book your complimentary discussion with our business coaches today.

If you’re a business manager or employee, suggest Yellow Coaching’s services to the decision makers in your business. We’ll arrange a complimentary meeting with them to discuss the needs of the business and team.

Business improvement helps owners, employees, their families, and the community. When shown what’s possible and given the right tools, strategies and support, businesses and the people in them can achieve their full potential.

Yellow’s coaches work with the owners, managers and teams of established businesses of any size within the private sector; and with executives, managers and team members at all levels within Government and not-for-profit organisations.

Whomever they are working with, their goal is to assist business leaders to maximise the potential of themselves, their team, and their business. Yellow’s coaches achieve this through business coaching, executive mentoring, leadership and management training, strategic planning, conference and workshop facilitation, keynote speaking, and team member coaching. They also provide team training on numerous topics including effective sales techniques, business marketing, outstanding customer service, time and priority management, improving team culture and morale, efficient systems and processes, resilience, and change management.

If you’d like to reach peak performance in 2018, contact Yellow Coaching today.

5 Ways To Increase Your Business Profit

Would you like to increase your business profit?

Here’s five simple strategies to make more money in your business and boost your profit margins …

business profit, business finance, increase profit, business profitability

1) Increase your prices

This is the fastest and easiest way to boost your margins, and we’ve found that business owners tend to be more afraid of raising prices than their customers are.

We’ve also noticed most customers won’t notice the increase and the ones who complain about it probably already complain about something else.

Start with at least 10%, and chances are you’ll see the benefits of your increase faster than your customers notice the difference.

Now, you don’t want to draw attention to the increases, but if customers ask, explain the reasons and then focus on the benefits of your products or services.

2) Stop discounting

If you constantly discount, why have a regular price? Remember, you never want to be thought of as a discount business.

Discounting costs you money and gives the impression that your usual prices are a rip-off.

Customers may not buy from you today because they think an item might go on sale tomorrow.

Instead of discounting, focus on the value and benefits you provide and offer add-on value as much as possible.

3) Know your actual costs

In many businesses, expenses are never truly evaluated. If you know what your actual costs are, you can find ways to reduce them.

Sit down and spend a few days checking all the expenses in your business.

As you go forward, take what you’ve learned in your evaluation and seek numerous quotes when purchasing anything of an ongoing nature.

4) View costs as a percentage of sales

This gives you an idea of how many sales you need to make before you start showing profit.

How much does it cost to keep your doors open every week?

What time of the day or week or month does your business become profitable?

Once you view your costs as a percentage of sales, then you can figure out how many sales are needed to cover that cost.

To get the most out of this, you’ll need to communicate the information to your team, since they need to know what your business needs to stay open.

Put a big whiteboard up in your business with a countdown to break-even and profit. You will be surprised how much your team will respond to this.

Having a reward system that kicks in after you reach your break-even point is a great way to keep your team motivated and understand what you need to make your business profit grow.

5) Decrease your range

The greater the range of products, the more suppliers you have, the more shelf space you need, the more money you have invested in stock, and the more costs you have.

It’s a never-ending cycle for some businesses …

Eliminating slow-moving stock or bundling is a great way to make more money per item sold.

You should be able to negotiate better deals with suppliers if you are buying fast-moving items from them, which can lead to better deals for your customers.

Remember to monitor the movements of every item you sell and invest more in stock that moves quickly.

Which of these will you implement to increase your business profit?

To discuss the best strategies for you, contact the team at Yellow Coaching to see if you’re eligible for a free 90 minute consultation.  We look forward to hearing from you.