APRIL 2019 NEWSLETTER – PROFIT

...Stay in Your Lane!

Hi Troy,

For the 2nd Quarter we will focus on the topic of PROFIT.  We all like that word, right?  One thing that many of us are guilty of is spreading ourselves too thin.  Often times we think that if we have our hands in everything, stick our noses in everywhere and wear every hat, that we will be in better control of every detail of our business, and we’ll watch the money flow in.  Wellllll…what you are actually doing is wearing yourself out, not letting others take ownership and doing jobs and tasks that aren’t your forte.

STAY IN YOUR LANE.

Focus on keeping your actual skill set honed.  Your business is “X”, not “X, Y & Z”.  Do what you are best at and let others do the rest.

You may be saying, “I take every job I can get to make more money” or “I need to keep an eye on my employees”.  But in reality, taking jobs you aren’t actually best suited for means the output will likely not be your best.  Doing the work will be more of a struggle and take more time than it’s worth and because it’s not in your wheelhouse, the likelihood of return business is slim.  If you feel you absolutely have to keep an eye (or both eyes) on your employees all the time, you may not have hired well.  Trust between you and your staff is important, and autonomy for good employees almost always equals better output on their end.

Another saying: “Time is Money” comes into play here.  Think about it.  If you spend every spare minute building a website or doing your taxes when a web designer or CPA could do it quicker and better, you are wasting time and money, not saving it.

COACH'S CHALLENGE

Have you heard the saying, “Pick a niche to get rich.” or “You gotta be specific to be terrific.”?

 

Well, have you done it yet?  I’m going to challenge you to do a little work to refine your niche.  It’s a crucial step, especially if you’ve been in business for more than a couple of years.

 

Try working through the following 10 questions to see if you can uncover a more "niched" client, market, product, or service that you can provide.  Then focus in on that niche and become known as the expert in that area…this strategy works amazingly well.  Especially if you’ve been riding the up and down profit roller coaster with your business.

• Who is/was your best client/customer of all time?  Why?
• Describe their three biggest problems, challenges, or hot button issues.
• How did you solve their biggest problem, challenge, or hot button issue?
• Were they your favorite client/customer?  If not, who was?  Why?
• Describe your worst client/customer?
• Why were they not a great fit?
• What is your and/or your team's primary strength?  (i.e.- what are you the best at?)
• Which product/service brings you the most revenue?
• Which product/service brings you the most profit?
• What type of client are you the absolute best vendor for?  Why?

After working through these questions, the next step is to look at where you are investing the majority of your resources.  Are you focusing your time, energy, money, people on the clients/services that you are most excited to work with, are the most profitable, and are utilizing you and your teams primary strengths?  If not, it would likely be worth investing some energy into making an adjustment and getting back in your lane...the Fast Lane!!!

 

Want a few more tips?  Here's a quick read article you may find insightful...

3 Lies About Finding a Niche

Hi - It's Jill here!   Spring is here! Have you heard the story of young Ruby?  She grants wishes for nursing home residents.  ANYTHING they want.  What they want is always something small, but meaningful.  For this month's "Give Back Corner" I'd like to focus on what Ruby  is doing.  Here is a segment from CBS Sunday Morning. Visit Ruby's Facebook page for more heartwarming stories! And of course, please donate. As always, please feel free to reach out to me at any time with questions or needs. jill@evocexcellence.com 310 902 4163

Troy Henson President of EVŌC     has been helping small business owners, entrepreneurs, and professionals create game changing breakthroughs for over 17 years.    EVŌC | www.evocexcellence.com | (602) 300-9301 Scottsdale - Arizona "Masters of Success Initiate Change" - Troy Henson