32 Ways to Profit - Small Business Success

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What ways are you using to profit in your small business? View 32 you need to consider. Download the 32 WAYS CHECKLIST. Put these 32 ways to work for you now.

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32 Ways to Profit - Small Business Success

  1. 1. Small Business Success 32 Ways to Profit
  2. 2. Clarify Objectives Constantly Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  3. 3. <ul><li>Write down your personal reasons for </li></ul><ul><li>successful small business ownership. </li></ul>The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464 1 OBJECTIVES
  4. 4. <ul><li>Clearly state your business goals </li></ul><ul><li>regardless of your personal talents or skills. </li></ul>2 OBJECTIVES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  5. 5. <ul><li>Schedule activities for each lifestyle area: </li></ul><ul><li>individual, family, spiritual, career, financial. </li></ul>3 OBJECTIVES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  6. 6. <ul><li>Plan your use of time in 30 minute increments </li></ul><ul><li>with an emphasis on mandatory items. </li></ul>4 OBJECTIVES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  7. 7. Enhance Management Skills Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  8. 8. <ul><li>Develop a step-by-step action plan for each </li></ul><ul><li>of your individual and business goals. </li></ul>5 MANAGEMENT The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  9. 9. <ul><li>Report the results of your action plan </li></ul><ul><li>activities on a scheduled basis. </li></ul>6 MANAGEMENT The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  10. 10. <ul><li>Evaluate your results against the targets </li></ul><ul><li>you set in your action plans. </li></ul>7 MANAGEMENT The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  11. 11. <ul><li>Develop alternative steps for areas of your </li></ul><ul><li>action plans which are under performing. </li></ul>8 MANAGEMENT The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  12. 12. Improve Finance Opportunities Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  13. 13. <ul><li>Select a business entity which reflects </li></ul><ul><li>your personal goals and facilitates funding. </li></ul>9 FINANCE
  14. 14. <ul><li>Create a budget and compare your </li></ul><ul><li>actual numbers to your forecast numbers. </li></ul>10 FINANCE The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  15. 15. <ul><li>Setup, maintain and regularly review </li></ul><ul><li>an accurate set of statements . </li></ul>11 FINANCE The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  16. 16. <ul><li>Project cashflow using a time frame </li></ul><ul><li>which allows you to prepare for shortfalls. </li></ul>12 FINANCE The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  17. 17. Fulfill Personnel Needs Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  18. 18. <ul><li>Diagram your business structure by identifying </li></ul><ul><li>the jobs required to meet your objectives. </li></ul>13 PERSONNEL The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  19. 19. <ul><li>Only hire people who capabilities </li></ul><ul><li>and interests match your job description. </li></ul>14 PERSONNEL The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  20. 20. <ul><li>Compensate people based on the revenue </li></ul><ul><li>or savings they generate in their positions. </li></ul>15 PERSONNEL The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  21. 21. <ul><li>Motivate people by understanding why they </li></ul><ul><li>are working and what they want from their jobs. </li></ul>16 PERSONNEL The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  22. 22. Increase Marketing Effectiveness Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  23. 23. <ul><li>Identify why people or companies buy your products and services and how they use them. </li></ul>17 MARKETING The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  24. 24. <ul><li>Understand who your customers are </li></ul><ul><li>and how they make buying decisions. </li></ul>18 MARKETING The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  25. 25. <ul><li>Develop a strategy for differentiating </li></ul><ul><li>yourself for your competition . </li></ul>19 MARKETING The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  26. 26. <ul><li>Use sales and promotional methods you can consistently and persistently execute with results. </li></ul>20 MARKETING The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  27. 27. Streamline Operations Regularly Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  28. 28. <ul><li>Adopt an efficient administration system </li></ul><ul><li>for keeping your business records. </li></ul>21 OPERATIONS The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  29. 29. <ul><li>Make sure every square foot of your </li></ul><ul><li>business facilities is working for you. </li></ul>22 OPERATIONS The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  30. 30. <ul><li>Invest in equipment and technology only </li></ul><ul><li>after determining your Return On Investment. </li></ul>23 OPERATIONS The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  31. 31. <ul><li>Identify and meet the expense of all </li></ul><ul><li>business requirements in a timely manner. </li></ul>24 OPERATIONS The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  32. 32. Reduce Production Costs Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  33. 33. <ul><li>Breakdown each of your products / services </li></ul><ul><li>into their basic component s . </li></ul>25 PRODUCTION The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  34. 34. <ul><li>Outline the steps and costs of your production proces s for each of your products / services. </li></ul>26 PRODUCTION The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  35. 35. <ul><li>List the steps and costs for the distributio n </li></ul><ul><li>activities for each of your products / services. </li></ul>27 PRODUCTION The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  36. 36. <ul><li>Add up and add on margins to all of your steps </li></ul><ul><li>and costs to determine your profitable pricing . </li></ul>28 PRODUCTION The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  37. 37. Leverage Resources Always Small Business Success The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  38. 38. <ul><li>Make use of the internal people and </li></ul><ul><li>information resources you're already paying for. </li></ul>29 RESOURCES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  39. 39. <ul><li>Don't be afraid to pay for the appropriate external experience required to grow your business. </li></ul>30 RESOURCES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  40. 40. <ul><li>Take full advantage of all the industry information offered by organizations you've joined. </li></ul>31 RESOURCES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  41. 41. <ul><li>Universa l business knowledge is all around </li></ul><ul><li>you - ask questions and listen. </li></ul>32 RESOURCES The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464
  42. 42. Checklist 32 Ways The Profit Puzzle Solutions for Small Home Based Business Start Up Success By Don Osborne – profitpuzzle.com – (909) 560-1464

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