04 Dec The 6 Secrets to Making Higher Profits
I’m often asked this question, “why do some people make millions, while others don’t”. And, my answer is always much simpler than people may think. I’ve studied what differentiates the most profitable businesses from those that barely make ends meet. In other words, to be a peak performer, you must find ways to always work smarter not harder. Here are the six things that highly profitable business owners do.
1) They are single focused. Rather than trying to accomplish 5 different things at the same time, they instead pick 1 or two key items and focus 100% on fulfilling those business goals. By not spreading themselves thin, they are able to invest all of their resources and energy into executing.
2) They have a team to support them. Remember, in business, it is not what you know, instead, it is how you execute. Business winners have a team to support them in getting things done. Not only are they expert delegators but they take time to craft a team that is hungry and able to execute, and execute every time!
3) They go for high-priced, high-profit products or services. They understand that their time and effort must translate into the most money as possible. For example, it is the difference between you spending 5 hours selling a product that nets you a $100 profit versus spending 5 hours that nets a profit of $5,000. Of course, we all would prefer the latter, but successful business owners do just that! If you’re spinning your wheels selling low-profit items, see how you can pivot to get your profit numbers up.
4) They make their health a priority. If you’re not firing on all cylinders then you will fall short on executing and meeting your goals. Leading business owners make living healthy a priority, including what they eat, scheduling in exercise time every day, and building in time away from the office to recharge.
5) “No” is their default. In fact, they say “yes” very sparingly. This prevents them from taking on more than they can handle and ensures that they can stay focused on the most important tasks. When you spread yourself too thin, you’ll never be able to truly execute to the level that you need to be to move the needle.
6) They model success. The quickest way you can often increase your profits is to implement the same strategies that others are using to do the same. Winning business owners always look for what is working and emulate it to fit their situation. This enables them to hit the ground running quickly without a lot of costly trial and error.
This week, I challenge you to start putting these six principles into practice. When you do, I promise you’ll see measurable results.