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The 7 Ways to Improve Profits in 2016
1.
2.
3. We believe that small business is the heartbeat of the Australian
economy and that each one has the right to succeed.
Since 2003 we have worked with personally over 2400 small
business owners and their teams – 90% trades and services.
NCB creates an environment where business owners have access
to the tools, information and resources necessary to help them
make better decisions that:
• Improve cash flow
• Get them more clients
• Reduce the # hours worked
• Get a better financial return
• Decrease stress levels
• More of what they desire
5. 1. Consistent and predictable revenue and
cash flow - sustainable
2. Systems (IP) documented – scalable
3. Profit maximisation – keeping more of
what you earn
4. Freedom – choice of selling or stepping out
or choosing a role
6.
7.
8. Rectangle - Intelligent, strong decision makers, proactive
Triangle - lateral thinkers, prepared to look at all sides
Squiggle - Creative, strong imagination, leaders of people
Circle - Totally pre-occupied with sex and booze
9.
10.
11.
12.
13.
14.
15.
16.
17. 1. Lack clear destination/outcome
2. No plan
3. No measurement of progress
4. No accountability/review
5. Easily distracted
6. Set too many goals
23. 1. Clarity of
Destination
2. Essential
Ingredients Required
3. Wildly Important
Goals (W.I.G.)
4. Elimination of Non-
Essentials/Excess
Baggage
5. Priorities, Projects
& Tasks
6. Scorecard -
Measuring What
Matters
7. Review & Respond
(G.P.S.)
24.
25.
26.
27.
28. Success at December 1st 2016 looks like…
• Gross income/sales of $820,000
• Net Profit of $100,000 after salaries
• $35,000 consistently in bank
• 4 x 1 week trips with family
• Home for dinner 5 nights/week
• Weight of 85kg
• Only working 5 days/week
29.
30. • Consistent quality leads
• Sales process refined – win more quotes
• Refined estimating process
• Effective job scheduling/management
• Cash flow management plan
• Quality team
• Systems for all areas
• Planning process
• Accountability
31.
32.
33. 1. 10 quality leads per week by 1st February 2016
2. Gross profit per job of 55% by 1st April 2016
3. Employ Team Leader by 1st March 2016
4. Engage a new accountant by 1st May 2016
5. 50 systems written and implemented by 1st July
2016
6. Exercise 4 days per week for 60 minutes by 1st June
2016
34.
35. Clean the office
Let go of 3 bad paying/whinging clients
Stop reading the newspaper/watching news
Let go the toxic team player
Replace Red Bull with water/fresh juice in morning
Keep coffee to 1 per day
Limit social media to 1 per week
Paperwork
Junk Email
Negative/complaining people
Get a cleaner for home
Throw out old clothes
36.
37.
38. WIG #1 - 10 quality leads per week by 1st February 2016
Projects
1. Refine target market
2. Review/refresh website and SEO
3. Review/refresh marketing collateral
4. Set up Local Area Marketing
5. Increase strategic partners
6. Network with my TOP 25
39. Project 1 - Refine target market
Actions
1. Review customer/project list from 2015
2. List the ‘A’ class customers
3. List the ‘D’ class customers
4. Create the dream customer – 5 x P’s
5. List needs, wants, desire, fears, concerns, doubts,
6. Create the dream customer avatar
40.
41. Scores to Measure (Actual vs. Target)
1. Gross Income
2. Gross Profit (%)
3. Net Profit (%)
4. # jobs per month
5. Average job value
6. On time/budget completion(%)
7. Call backs/defaults
8. Enquiries
9. # Quotes
10. Conversion
Results/Lagging
42. Scores to Measure (Actual vs. Target)
1. Work in advance
2. Job completion to invoice
3. Debtors ($ over 30 days)
4. Meetings with builders/potential partners
5. Team meetings/training sessions
Predictive/Leading
43.
44. 1. Review
2. Reflect
3. Respond
• How am I going?
• What’s working?
• What’s missing?
• What would I change if I
could start over?
• What different ACTION
will I take?
48. 5 Minutes: Plan
7 x 1 minute: Check in. BREATHE - Busy vs. Productive
5 Minutes: Reflect & Respond
49.
50.
51.
52.
53.
54. More income is NOT the magic
solution – sometimes just the same
challenges with more zeros!
55. Managing the flow of money into your business
A suggestion…
REAL INCOME
PROFIT FIRST
ATO & SUPER
SALARIES
ESSENTIAL OPERATING
EXPENSES
OTHER EXPENSES
NON ESSENTIALS
SURPLUS
57. Increase Gross Profit
Analyse your profit margins
Know your actual costs of delivering your
product/service
Increase your prices
Review your pricing strategy/manage your mark-up
No discounting/compete on price
Upsell extra services/products
Negotiate better pricing of materials
58. Increase Gross Profit
Reduce cost of materials/packaging/freight
Track labour costs to budget/overtime
Improve job efficiency/reduce wastage
(time/materials) – do the job right the first time!
Use a job management software – reduce
duplication
Use inventory systems
Check invoices
59. Increase Net Profit
Analyse your profit margins
Know your actual costs of running the business
Keep overheads to a minimum
Increase your sales/job numbers
Use a book keeping system/software – get an
external bookkeeper
Check invoices
Outsource
Negotiate bank fees, power, fuel prices
60.
61.
62.
63. What we have found is…
Most of business owners will…
• Hear what we say
• Understand it intellectually
• Agree with all the principles
• KNOW that it is the thing they should
do, and then will…