Posted by Sam Polimeni
The best place to start is to know your numbers. Find out the 80/20 of your business. What 80% of customers, products & services produce 20% of your profits and results? This is the first step in taking your business to the next level. When you identify the 20% you can then use this insight to develop a strategy to move your business up a level.
A business gets ‘stuck’ because the business owner doesn’t know how to take their business to the next level. Trends show that most business owners come from a technical background; they started their business based on their acquired skill, whether that be a profession, trade or selling skills. Therefore, most small business owners were never taught how to develop a business to maximize profits and value, they learned by trial or error until they stopped learning.
What’s your 80/20? If you want your business to steadily grow into a sellable, profitable asset then you have to identify your 80/20. A business that doesn’t continually grow is a business that will eventually slide backwards.
