When entrepreneurs think of profitability, they often think of increased financial gain. However, while we all want to make more of it, money is not the sole motivator for people who run a truly profitable business.
My definition of profitability is liking what you do and how you do it while contributing to society as a measure of a deeply meaningful life.
Here are my two top tips on building your empire, leaving a legacy, and becoming highly profitable in the process.
Tip #2 – Embrace the 80/20 Rule
Monetizing the 80/20 rule is a simple and effective way to dig your nails into improvements, deficiencies, and truly profitable change.
If you are not familiar with this business development principle, it can spark a revolution of innovative thinking; this is the principle that can be applied across your entire life. Here are a few examples:
- We wear about 80% of our clothes 20% of the time.
- 20% of your products or clients, generate 80% of your revenue
- 20% of your tasks, take up 80% of your time
What is taking up 80% of your time? If you do not know, start writing down a time log as you go about your day. It doesn’t have to be complex, just jot down what you’re doing throughout the day. Either in a physical notepad or on a note’s app on your phone. I live in Evernote and can’t recommend it enough.
Knowing where your time goes allows you to create efficient workflows and infrastructures so that you can spend more time ON your business.
Tip #1 – Refocus Your Energy
Where are you focusing your energy? This truly is the money question. Identify if there is a gap between what you are doing each day and what you know you need to be doing. If the answer is yes, then bridge this gap with a an action plan to increase your profitability.
If you are spending your days surfing social media and drifting into the full-size refrigerator that is in your home office kitchen, chances are you need some new behaviours, tools, systems and tasks to create the growth you seek in your business and life.
I want you to become even more profitable and this requires you to run a business that doesn’t run you. For more information, tips, and tricks on how to increase your profitability, read more blogs, download my resources, check out my workshops and watch more of my videos sharing expertise from my business coaching vault here.
If you’re considering group or private business coaching, schedule a Discovery Conversation here to see if we are a good fit for your empire building. I have another round of my 8 week group business coaching program starting in January, learn more here about Clarity, Consistency & Killer Cashflow.
Make more money, have more fun. Now is your time.
Keep going; keep growing. ?