Monday’s Money Message for August 3rd: 5 Steps to doubling the money in your business!

View video blog HERE

Welcome to August! all month long we are going to talk about the money in your business.Now that we’ve gone through the very base of your foundation, it’s time to move to the core of this weekly message- YOUR MONEY!

What better way to begin than with the  foundation I use in my business, as well as with ALL my clients. Watching the video for this post will enable you to get the most out of it.  I take you through the 5 ways to double your profits. In fact, every week this month, I will do a mini training – it’s easier to show on slides. each will be about 10-15 minutes.

In your business, I am sure that you want more customers and more money.  Ultimately you want to really KEEP more money.  It’s interesting; I continually interview small business owners so that I am always bringing relevant information, which means, I focus on the top challenges. When this topic came up, the common theme I heard was that they all want more sales, because that will bring them more money. My next natural question to this was “Are you profitable now?” Many said they weren’t sure, some said no, and s few said yes.  When I begin working with a new client, the first thing we do is dissect their current sales. It is not uncommon to find out that they are in fact losing money on every sale. Why in the world would we want to bring in more business when the business we have is not profitable?

The #1 thing that affects your bottom line is Pricing

Are you taking into consideration everything that goes into your product or service. Understanding your true cost of sales #1, then what’s goes into delivering it to yous customer #2.

The big omission I see is your time! It counts and it matters! Travel time is an area that many small business owners seem to “forget”. Or they discount their prices in such a way that it cuts out their profit (My blog on August 17th is on this very topic)

(By the way this month in my Free weekly double your money class, it’s all about time! Join us by registering HERE  )

So- your homework is to dissect your sales and figure out if if they profitable. Need help? I have a few slots available for a laser session where I will help you figure it out. Grab yours HERE

 

Authored by: Lee Munch

Lee is a business transformation specialist. 10 years ago, Lee Munch said bye-bye to the corporate world and left her global senior management position at Citigroup for the uncharted territory of business owner. Although she enjoyed what she did, and successfully grew the bottom line of the product she oversaw every year– something was missing. That something was purpose. Lee wanted to do something that really mattered. Leaving Citi, although quite scary, gave Lee the opportunity do something more- to be able to make a real difference in real people’s lives. Along came ActionCoach, a global business coaching franchise. Not a day since has Lee ever thought of doing anything else. Except for something bigger! May of 2013, Lee opted out of the franchise to go out on her own.  Monarch 13 was born, and so was Lee’s proprietary, results-based system: the 5 stages of business metamorphosis, and her tag line- “from chaos to control so you can have the freedom you deserve”.  As a results, Lee has had the privilege of Sharing the stage with T. Harv Eker CEO of Peak Potentials and author of “the secrets of the millionaire mind, a guest appearance on “Oprah and friends”, working with Gail Blanke, monthly contributor to Real Simple magazine, and bing noted as “One to Watch” by the Long Island Business News. Lee’s client’s results have been staggering. Focusing on helping small business owners get out of their own way, they stop running their businesses reactively, and start taking control. A couple success stories include: an architect firm  which with Lee’s guidance, strategic execution, and close monitoring of the company’s profit drivers, increased their profit margin more than 200% in less than a year - including the owner now taking a steady paycheck, and paying for Lee’s retainer. Plus – he was now able to get home in time for family dinner.  Another example is a struggling florist looking at losing everything. By combining two stores down to one, and implementing effective marketing strategies, and overall structure into the shop, it is now flourishing. It is Lee’s passion to help the small business owner grow their business in a consistent, strategic manner. Why that market?  Lee says “I choose that segment because generally, the owner is so busy doing the business of the business, they can’t even think of anything else – they’re tired, overwhelmed and may not know what to do to change it. They feel squeezed on all sides. They need the most help, and most often are the most overlooked.” Lee’s mission is to positively impact 13,800 or more area small businesses by December 31st, 2017, and everyday works toward its fulfillment.

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