• Home
  • Meet Our Team
    • Michael Beach, MCPBC
    • Linda Drake, CPBC
    • Ron Friedman, CPBC
    • Melissa Worrel-Johnson, CPBC
    • Sharon Brown, Health and Wellness Coach
    • Amy Renee
    • Sheryl Suzon-Kempis
    • What is a PBCA Coach?
    • Why Work With Us?
  • Our Services
    • Executive Coaching Services
      • Emerging Leaders
      • Business Owners & C-Suite Executives
    • Business Consulting Programs
      • Extended DISC Behavior Profile Analysis and Training
    • Health and Wellness Coaching Program
    • Testimonials
    • FAQs
  • Our Podcast
  • Public Speaking
  • Blogs & Videos
    • Blogs
    • Videos
      • The Manager’s Minute
      • Develop Your People
      • Accountability Series
      • Leadership Best Practices
      • Moments with Michael
      • A Word with Michael
      • Business Advice
      • Business Chats
  • Contact Us

Call us today... 651 335 4505

Find Us on Map
info@michaelbeachcoach.com
Enter your text here...
Michael Beach Coaching & ConsultingMichael Beach Coaching & Consulting

Let Us Help You!
Prior Lake, MN: 651-335-4505
Tucson, AZ: 520-732-2266

  • Home
  • Meet Our Team
    • Michael Beach, MCPBC
    • Linda Drake, CPBC
    • Ron Friedman, CPBC
    • Melissa Worrel-Johnson, CPBC
    • Sharon Brown, Health and Wellness Coach
    • Amy Renee
    • Sheryl Suzon-Kempis
    • What is a PBCA Coach?
    • Why Work With Us?
  • Our Services
    • Executive Coaching Services
      • Emerging Leaders
      • Business Owners & C-Suite Executives
    • Business Consulting Programs
      • Extended DISC Behavior Profile Analysis and Training
    • Health and Wellness Coaching Program
    • Testimonials
    • FAQs
  • Our Podcast
  • Public Speaking
  • Blogs & Videos
    • Blogs
    • Videos
      • The Manager’s Minute
      • Develop Your People
      • Accountability Series
      • Leadership Best Practices
      • Moments with Michael
      • A Word with Michael
      • Business Advice
      • Business Chats
  • Contact Us

Heavenly Profits: The Devil Is In The Details!

Home ask the coachHeavenly Profits: The Devil Is In The Details!
March 27, 2015 ask the coach

Devil in DetailsIf you want to enjoy heavenly profits you are going to have to work like the devil on the details to ensure that you have enough discipline in your business to maximize profits. Too frequently, small and medium sized companies avoid paying enough attention to interpreting and communicating information about the company’s past, current, and future operations. This results in a business that cannot operate at its highest level of performance because great measurement and reporting systems are not in place to allow the leaders and managers to make great decisions quickly with data. Following some of these Financial Management and Gross Profit best practices will make an enormous difference in your ability to identify numbers that will point to performance improvements. Remember, the devil is in the details, and if you work like the devil, it can lead your organization to heavenly profits!

 Prices: Price your products, services and solutions in consideration of market and competitive forces, keeping all factors in balance. Considerations should include:  what the market will bear, continued customer loyalty, growth in the business, and maximizing profits.

 Terms: Negotiate more favorable credit terms from your suppliers if you haven’t in a while. Ensure that your customers are following your credit terms appropriately, and address issues and reset expectation appropriately to increase your cash flow to help you finance growth in the business.

 Expenses: All variable expenses (Costs of Goods Sold) should be at the lowest possible practical level, to ensure that you’re not wasting your financial resources. This also ensures that your company is balancing continued growth and cash production, leading your team to the highest gross margin.

 Sales Compensation: Review your sales compensation plans and ensure that there is an appropriate balance between base salaries and commission based incentives. Remember that many people are motivated by extrinsic incentives like commissions, but some of us are just as motivated by intrinsic motivations like helping the customer to win, and commissions will not materially improve our performance in all circumstances. This is an important area to get right for your business, and many companies are stuck under-compensating or over-compensating out of habit. Seek the help of an outside advisor to help you redesign your compensation plans if you haven’t done so in a few years. It will make a huge difference if your comp plans make sense and drive the RIGHT behaviors that will help you grow and be more profitable at the same time.

 Refinance: Interest rates are still historically low right now, and every financial pro I’ve talked to in the last 60 days expects 2-3 increases in interest rates in the next year or two. Don’t miss the opportunity to lower your financing costs when interest rates are low. Do this while you can, as the opportunity may not be this attractive again for quite some time!

 Leverage: Increase your leverage. By using productivity tools with your associates, including ERP, CRM, Expense Management, Tax, Financial Reporting, Lead Generation/Nurturing, Marketing Automation and other automated systems to run your business, you will gain leverage and get more done with less human intervention. Invest in training and career development for your associates, motivating them to deliver on your vision, and to perform at a high level as they deliver results. Remember, your people are ALWAYS your greatest asset and they drive profits by being well prepared to keep your customers delighted!

0
Share

You also might be interested in

It’s All About The People, People!
Multiethnic group of young businesspeople working together on business meeting in conference room

It’s All About The People, People!

Nov 28, 2022

You may have noticed that every business on planet earth[...]

This image shows CEO and founder of General Electric, Jack Welch who passed away.

A Fond Farewell To Jack, The Legendary Leader of GE!

Apr 7, 2020

A few weeks ago, I was saddened by the news[...]

How To Have The Conversations That Matter Most!

Mar 8, 2016

Every one of us has an immeasurable number of challenging[...]

Recent Posts

  • It’s About What You Are, Not What You Appear To Be
  • You Don’t Want To Need a Second Chance As A People Manager
  • People Management Is About Leadership
  • Invest In Your People: Develop Their Skills And Watch Them Grow
  • Give Your People A Reason To Follow You

Contact Us

Send us an email and we'll get back to you as soon as possible.

Send Message
Check out our Podcast... Podcasts

Fresh From Our Blog

  • It’s About What You Are, Not What You Appear To Be
  • You Don’t Want To Need a Second Chance As A People Manager
  • People Management Is About Leadership
  • Invest In Your People: Develop Their Skills And Watch Them Grow

Proud Member of

Arizona technology council logo smaller
Professional Business Coaches Alliance logo
extended disc logo

Find us here

  • Michael Beach Coaching & Consulting
  • Executive Development Coach
  • 4719 Park Nicollet Avenue SE - Suite 210
    Prior Lake, MN 55372
  • MN: 651-335-4505
  • AZ: 520-732-2266
  • info@michaelbeachcoach.com
  • Find Us on Map

© 2023 · www.michaelbeachcoach.com
Website built by CG Marketing Group

Prev Next