Find Money in Your Business
Finding Money in Your Business: 2x Results with Half the Effort
Description:
Your business is full of opportunities to uncover hidden money—you just have to know where to look. In this episode, we’ll explore innovative ways to reduce costs, improve efficiency, and focus on what truly drives profitability. From evaluating unprofitable services to streamlining operations, we’ll discuss actionable strategies that help you get twice the results with half the effort.
This isn’t about slashing expenses recklessly—it’s about thinking creatively, making smart decisions, and focusing on the clients and services that truly add value to your bottom line.
What You’ll Learn:
- How to identify and eliminate unprofitable services and headache clients.
- Why focusing on your best clients and offerings creates more profit and less stress.
- Strategies to innovate and remove bottlenecks in your workflow.
- How small changes and better systems can lead to massive results.
- The importance of clarity, focus, and sticking to your business lane to avoid unnecessary costs.
Highlights:
- Think Outside the Box:
- Learn from examples like chicken wings and UPS, where businesses turned waste into profit or streamlined operations with innovative strategies like right-turn-only routes.
- Explore ways to use your business’s byproducts or inefficiencies to drive additional revenue.
- Evaluate Your Clients and Services:
- Identify unprofitable clients or services that consume excessive time and resources.
- Focus on serving your best clients and finding more like them.
- Raise prices for difficult clients or unprofitable services—they’ll either leave or become more worthwhile.
- 2x Results with Half the Effort:
- Ask yourself: How can I achieve twice the results with half the effort?
- Make incremental improvements, remove bottlenecks, and implement better systems to streamline operations.
- The 80/20 Rule:
- Recognize that 80% of your profits likely come from 20% of your clients and offerings. Focus your energy on maximizing this core group.
- Clarity and Focus:
- Remove low-value tasks from your day and focus on what truly moves your business forward.
- Implement strategies like the 12-week year to create urgency and drive results.
- Engage Your Team:
- Employees often spend your money without understanding the impact on profitability. Encourage them to think critically about costs and reward them for finding savings.
Action Steps:
- Pick one area of your business to focus on doubling results with half the effort.
- Identify and eliminate unprofitable clients or services—raise their prices or let them go.
- Review your operations for inefficiencies and create systems to streamline your workflow.
Quote of the Episode:
“Our number one objective is to make a profit so we can hit our number one priority—which is to help people be all they can be.”
― Zig Ziglar
Recommended Reading: The 12-Week Year by Brian P. Moran and Michael Lennington
Final Thought:
Your business has hidden money—it’s up to you to find it. By focusing on what matters, eliminating inefficiencies, and serving your best clients, you can achieve incredible results while reducing stress. Start small, think creatively, and watch the savings and profits add up over time.
Hi, I’m the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz
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Music provided by Junan from Junan Podcast
Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.
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