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How to Double Your Profit

Double Your Profit

Posted by: Blog

A business is successful only when ample amount of passion, dedication, discipline and hard-work get together to give one end-product “PROFIT for all”.

A profitable business is something that caters to good for the whole lot.

Now, the real deal here, is to double your profit. Profit is something that eventually, comes up if you are sweating it out on something, but Double-profit will need a vision and well-defined strategies.

Here, are my surveillance and propositions on how to, double your profit.

1. GETTING READY

GETTING READY
GETTING READY

In entrepreneurial world, “Change begins at home”, is not a very alien slogan. The people who are motivated by this idea are on the right track to already start doubling their profit.

Personal productivity is an integral part of the business growth. Hence the phrase, “change begins at home”.

Personal Productivity Improve Tips

  • The first job before setting the goal into motion is to stop and speculate on the nature of current tasks.

Recognizing the nature of 80% of the current to-do list is a great start. If you have one, you are good to go, if not then, you need to know it right away.

How will you do it?

Well, if you have a big business, it means more work. You don’t have to do it by yourself at all! Just hire someone to do it. Hire an Assistant. If budget is an issue hire an Office Coordinator.

Hire an Assistant
Hire an Assistant
  • The very next step immediately after the afore mentioned, step should be time management.

A business runner should be particular of time- his/her own time, his/her employees time, and of entire business.

You need to focus on your arrival and departure. Your reaching time sets the entire business work into motion. It is very important to set this trend.

  • Once, you are done with setting time goals, your next job is to identify what to do after you reach office.

Ideally, one should reach office before everyone reaches. You are the boss – people follow what you DO & not what you SAY.

This is important in strategizing and tactical execution of the stratagem.

Strategy Vs Tactic: One hour of strategy every day- 80-20 rule.

Why is this Important? What will this do for you?

You really have no time to think, create and be in control. You are using your time to create. There can be many who can do what they are told but nobody can think and envision your business better than you yourself.

  • What do you actually do all day in office? What would you like to do – IDEALLY that will contribute to your growth?

What do you do all day?

Understand how to execute your day & time at work. If the boss is late employees will take it easy and chill out with their everyday gossip, piling up the work to be delivered. Things go frenzy for a boss when deadlines approach for the day and then he starts working on what ideally was to be done by employees. This results in wastage of both you and your employee’s time. Ideally, reaching on time, strategizing and executing your tactics helps you play your role firmly as a leader. You start distributing work and to-do list to the designated employees.

Schedule assignment time for employees- 4 Hrs/Week (Recommended on Tuesday or Wednesday).

  • Do you want to create followers or leaders?

Personally, a huge herd of followers looks good in social media profiles and sage’s philosophical events. In this field I want classic leaders who can inspire others to follow themselves.As an entrepreneur, I like a team of leaders who, will push and help the entire firm along with me to rise on a higher pedestal.

  • Then why are we creating followers all the time?

Creating followers should not be priority, but who doesn’t like few followers to get work done. To encourage people to learn should be our duty, but if someone blindly follows one’s decisions then the person is likely to fall and cause firm a disadvantage.

  • As an entrepreneur, you must start checking and replying to relevant e-mails. Work on your E-Mailing Habits.
E-Mailing Habits
E-Mailing Habits

Ponder about, what are your current E-Mailing habits?

If not regular into e-mailing, hat is the result of this?

Neglecting mails could be the biggest disaster in corporate productivity.

At least, check your mail twice a day, once around noon and once again in evening around 5-6pm and put an Auto Responder. Remove your mail from your phone, as this could lead to distraction and you might pile it up for later. Later, on forgetting to respond at all.

  • Finally, document your entire to do list on the format provided by Assistant.

2. VISION MISION FOR THE ORGANIZATION & ORGANOGRAM

VISION MISION FOR THE ORGANIZATION & ORGANOGRAM
VISION MISION FOR THE ORGANIZATION & ORGANOGRAM

A Vision Statement describes the desired future position of the company. A Mission Statement defines the company’s business, its objectives and its approach to reach those objectives. Elements of Mission and Vision Statements are often combined to provide a statement of the company’s purposes, goals and values.

  • Comprehension is very important to set your vision mission for the organization. Understanding your own relation with your team can help you. It can help you to understand are your limiting beliefs about your team.

Your team is your core strength. Their viewpoint of you and your company are worth taking into considerations. This equation is important because your vision should be their mission. They should be clear about the company’s goals. Include them in the planning as, people don’t destroy what they created?Coaching works the best.

  • Are they clear about their goals?

Organize a Half Day Workshop for your team to have your team ASK for a systems driven organization. To explain them the relation they have to the company and the company’s goals?

Take a stock of your Company.

Take a stock of your Company
Take a stock of your Company

Reestablish faith, remind your team how they started, where are they now and the journey so far, all the milestones are to be included in the workshop to recreate the memories of the company. One needs to empower the team to produce their best and why should they perform, what’s in it for them? Ask your team to describe the culture they’d like to have in the business and then the one that exists now. List it down-EXISTING CULTURE -NEW CULTURE.

Write a statement that describes the new culture you want to generate together, for example, we keep our promises with one another – no matter what!

WORK IS FUN!!!

Your Job – CREATE LEADERS

The culture shifting has to start from recruitment stage. How do you recruit and induct? Create a new culture in the company. This will help your team mates to learn and grow.

This will set a New Culture Statement.

a. Creating a new Vision for your Team.

Envisioning something new is challenging yet, fun. Like, making motivational videos for team. Create a new future, analyze the scope of your business and set your goals. Goal Setting helps you widen your business vision. Also, include your team’s personal goals.

b. Creating a New Future

Do WE want to create a new future? What is required to create this future? Change the only Constant. Path breaking results requires transformation. Now ask them, what do we have to do to create our Vision 2020 or 2022. Be patient and coach. Eventually, you guide them to-SYSTEMS. A system of clearly defined Organizational Structure and respect for each person.

Team work is the key to double productivity, a new Organizational Culture. A new way of working-Systems approach, leading to clear accountabilities and performance criteria (MIS).

We will learn more about this in the next series

 

 


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