32 ways to profit - small business success

Small Business Success

32 Ways to Profit

Clarify Objectives Constantly


The Profit Puzzle Solutions for Small Home Based Business Start Up SuccessBy Don Osborne – profitpuzzle.com – (909) 560-1464

Write down your personal reasons for

successful small business ownership.


1

OBJECTIVES

Clearly state your business goalsregardless of your personal talents or skills.

2

OBJECTIVES


Schedule activities for each lifestyle area:individual, family, spiritual, career, financial.

3

OBJECTIVES


Plan your use of time in 30 minute incrementswith an emphasis on mandatory items.

4

OBJECTIVES


Enhance Management Skills



Develop a step-by-step action plan for eachof your individual and business goals.

5

MANAGEMENT


Report the results of your action plan

activities on a scheduled basis.

6

MANAGEMENT


Evaluate your results against the targetsyou set in your action plans.

7

MANAGEMENT


Develop alternative steps for areas of your

action plans which are under performing.

8

MANAGEMENT


Improve Finance Opportunities



Select a business entity which reflectsyour personal goals and facilitates funding.

9

FINANCE

Create a budget and compare your

actual numbers to your forecast numbers.

10

FINANCE


Setup, maintain and regularly review

an accurate set of statements.

11

FINANCE


Project cashflow using a time frame

which allows you to prepare for shortfalls.

12

FINANCE


Fulfill Personnel Needs



Diagram your business structure by identifying

the jobs required to meet your objectives.

13

PERSONNEL


Only hire people who capabilities

and interests match your job description.

14

PERSONNEL


Compensate people based on the revenue

or savings they generate in their positions.

15

PERSONNEL


Motivate people by understanding why they

are working and what they want from their jobs.

16

PERSONNEL


Increase Marketing Effectiveness



Identify why people or companies buy your products and services and how they use them.

17

MARKETING


Understand who your customers are

and how they make buying decisions.

18

MARKETING


Develop a strategy for differentiating

yourself for your competition.

19

MARKETING


Use sales and promotional methods you can consistently and persistently execute with results.

20

MARKETING


Streamline Operations Regularly



Adopt an efficient administration system

for keeping your business records.

21

OPERATIONS


Make sure every square foot of your

business facilities is working for you.

22

OPERATIONS


Invest in equipment and technology only

after determining your Return On Investment.

23

OPERATIONS


Identify and meet the expense of all

business requirements in a timely manner.

24

OPERATIONS


Reduce Production Costs



Breakdown each of your products / services

into their basic components.

25

PRODUCTION


Outline the steps and costs of your production process for each of your products / services.

26

PRODUCTION


List the steps and costs for the distribution

activities for each of your products / services.

27

PRODUCTION


Add up and add on margins to all of your steps

and costs to determine your profitable pricing.

28

PRODUCTION


Leverage Resources Always



Make use of the internal people and

information resources you're already paying for.

29

RESOURCES


Don't be afraid to pay for the appropriate external experience required to grow your business.

30

RESOURCES


Take full advantage of all the industry information offered by organizations you've joined.

31

RESOURCES


Universal business knowledge is all around

you - ask questions and listen.

32

RESOURCES


Checklist

32 Ways

The Profit Puzzle

Solutions for Small Home Based Business Start Up Success

By Don Osborne – profitpuzzle.com – (909) 560-1464

http://www.profitpuzzle.com/

32 ways to profit - small business success

Business

small home based business

profit puzzle solutions

don osborne

personal goals

action plans

onlyhire people

action plan activities

state yourbusiness goals