Have you started your business and find yourself working longer hours for less money than your previous job? Are you feeling stuck in that pattern?
It could all be so different… if you wanted
You may think that’s not all bad news because you finally have the freedom that you craved so much. And that’s understandable: most entrepreneurs I speak to have the same no. 1 need: freedom.
But consider this: what if you started a business and within a year it was making twice the salary of your former job, and, in addition to that, you were only working half the hours? How would that feel to you?
You would have time to visit your family, learn new skills, get in shape, make new plans, and have the money to fund them.
But is that possible? Of course, it is! Thousands of people are already doing that, and so can you..
Boost your profits through self-assessments
If you want greater profits from your business, it’s important to perform regular and specific reviews of all aspects of your business, including both the big picture and the small details.
Many entrepreneurs underestimate the importance of evaluating their business’ performance directly.
In order to run a business successfully, it’s really important that you continuously make a pit stop in your journey to examine what you’ve done so far, and take a good look back before moving ahead.
You’ll want to know what’s working, what’s working the best, and how you can do more of that.
You’ll want to figure out what’s not working too, so you can determine why that doesn’t work or how you could improve or replace your process. If neither is possible, you quickly need to make some changes.
Here’s a strategic approach that seasoned business owners follow.
💡 Yet, here’s a better solution: start from “What’s right about this issue?”.
💡 Then, ask yourself this powerful question “How can I do better?”
When you come from a positive perspective, your creativity for problem-solving is switched on and in alignment with the goals that you set from the start.
The power of this creativity could very well transform your business from a surviving business into a thriving one.
Ask these questions to review your business
Going through these questions will lead you to gain the insights you need to continue to shape your business success:
1> What’s right about this issue/ situation/ strategy?
Get clarity: carefully examine the task at hand, as a starting point.
2> What makes it right?
Get specific: what is it about those things that makes it an effective process for this situation?
3> What would be ideal?
Get creative: what would be the absolute ideal strategy/solution for this issue?
4> What’s missing that could bring about the ideal situation?
Get resourceful: what do you need to find, create, add, or invent to reach this ideal?
5> What will it take to put in what’s missing, so you can bring about the ideal scenario?
Get busy: what is it going to take to make this issue/strategy/situation ideal?
Using the “What’s right?” perspective will, over time, change your own mindset for everything – not just your business, but your personal and family life, too.
Try it yourself and see how different your whole attitude becomes immediately.
In line with the same business optimisation approach, it’s best practice to sit down every 30 days and review the short-term status of the progress you made. The more detailed you are, the better insights you will capture!
Here are 5 specific questions to go through in your 30 Days Review:
1> What action did I take this month to support my business?
2> What action did I take this month to improve my effectiveness?
3> What action did I take this month to improve my efficiency?
4> What results have I created this month through my efforts?
5> How can I do better next month?
You will notice that after four or five times that you’ve gone through these self-assessment checkpoints, you will grow naturally good at “reading situations” in your business and troubleshooting them.
You see, the more decisions you make and the more actions you take, the more efficient you will become. And the more efficient you become, the better results you’ll create for your business.
This is a virtuous circle that will contribute to your business’ profitability.
Boost your profits through mentoring support
The reality is, at some point you will reach a stage where you need to confront your self-evaluation with the perspective of somebody else. This is even more compelling when you come across challenges that you don’t know how to overcome.
Albert Einstein once said, “It’s impossible to solve a problem with the same kind of thinking that created it.”. This is why seeking the advice of seasoned professionals is a key strategy in creating a profitable business.
In this scenario, there’s one key question you should ask yourself:
💡 “Who is best placed in helping me in my present business situation?”.
In the first instance, you may prefer to reach out to other entrepreneurs you know and ask their advice at no cost to you. You may even have a more experienced ex-colleague you used to look up to who may take you on board as their mentee now.
The best entrepreneurial minds seek out others who have ‘been there, done that.’
They want to find the person who made the path and ask him/ her how that happened:
- How long did it take?
- How much did it cost?
- If he/she had to do it over again, what would they do differently?
Then, when they expect to gain deep, tailored, long-term and faster results, the very best entrepreneurs would instead hire a personal Business Coach and Mentor.
All successful business owners have had at least one Coach in their history of setting up one or multiple enterprises.
A Business Coach and Mentor can help you to make profitable decisions, take effective actions, streamline your thinking and, above all, advice you on the right solution to the specific barriers you encountered in your business.
It’s like having a business partner that you don’t have to split the profits with. Or having a high value employee without having to pay for taxes and medical benefits.
You may think that the investment level is high but when you do some forecasting, you’ll realise that it will save you more time and money than it costs.
💡 Key takeaway: questions find solutions and solutions can lead you to greater profits.
One of the best skills any entrepreneur can develop is the ability to ask great questions and then, listen to the answers.
In this article I highlighted how it’s very important to:
🎯 Ask the right questions to yourself.
🎯 Ask the right questions to the right (expert) person.
🎯 Ask the right questions from the early days of your business and then regularly.