Here’s
the scenario.You’ve
finally made it to the point where you no longer have the time
to
market for new business.You’re
way too busy.You’ve
got backlog written across your forehead.But somehow it seems the more you work, the less
money you make.How
can this be?
Well,
for many smaller business people and self-employed individuals,
working harder for less money isn’t fiction, it’s
reality. And the truth is, many smaller business people are
often too bogged
down with work or the humdrum details of running their businesses
that they often overlook the obvious: there's only so much time
in a day!
Instead
of wishing there was more time in a day, focus on wasting less
of it. After all, unless you've got some magical powers,
there's no way humanly possible to squeeze more than 24 hours out
of a day. You only get so many hours to work with. So the question
is, why waste your limited
amount of time with low yield work?If you’re looking to make more money, become more productive
and find more free time, the High Yield Factor
is definitely for you!
What
is the High Yield Factor?
The
High Yield Factor is simple: If you want maximum profits,
earn the greatest amount of money with the least amount of effort.
I know this sounds simple in theory and perhaps it's even easier
to say than do, but the fact is, the High Yield Factor is a very
powerful concept.
The
first thing to understand is that you'll reach a point in your business
where you simply cannot bring in additional revenue until you do
something different such as increase your capacity by hiring another
person or by increasing your work hours. Sadly, many smaller business owners will opt to increase
their work hours in order to keep up with the demands of running
their business. After all, increasing your work hours is relatively
cost free, or so it seems.
Hiring
an employee can be a smart alternative, but in order to do so, you
have to be absolutely certain that your business can shoulder the
burdens and financial costs of becoming an employer. For
many growing businesses, hiring employees is the natural progression
of their business cycle, but for others it can be a downright death
sentence.
The
good news is that there are two inexpensive things you can do immediately:
Focus
on Better Sales, Not More Sales
- The first thing you should do is to focus on high-yield work
or contracts.While
this may be hard to do when you're trying to get your business
off the ground, the results can simply be amazing.A
client of mine in the landscaping and lawn care business nearly
doubled his revenues within 12 months by actually letting go of
a lot of work. After reviewing his yearly financial statements,
I advised him to cut back on the number of small residential
customers
he was servicing and focus on bigger ticket items instead. Since
it took a lot of effort driving around cutting people’s
front lawns, he was working very hard for very little money.
There
was absolutely no way he could take on additional work. Instead
of doing the small time lawn work, I recommended he bid for hotel
and condominium contracts. He did so quite successfully. The
results
were amazing. He not only made more money per job, but he actually
spent less time performing the services too.
Improve
Your Business Systems and ProcessesThe
second way to utilize the High Yield Factor is to review your
internal processes and systems, i.e., accounting, production,
quality control, sales, etc.The reason for doing this is to pinpoint waste, duplication
of efforts and inefficiencies.While this method will not increase your revenues, it will
allow you to work less for the same amount of money.
For example, an employee brokerage (temp agency) firm I know had
an extremely inefficient accounting and billing system.It was so inefficient, that they were actually recording time
and billing information in two separate programs: one to generate
the billing and the other to generate the accounting data. By
combining the information on a completely new time and billing
program, the company was able to eliminate an entire day from
the billing procedure!This left plenty of time each week for one of the owners
to solicit new business: another case of the High Yield factor
coming into play.
Being
successful as a self-employed person or smaller business owners
takes constant vigilance and the ability to implement sound business
practices.The High
Yield Factor should be one of your most important priorities.See if there is any place in your business where you can
maximize reward and reduce effort. Start
by reviewing the amount of your average sale.Ask yourself if there is anything you can do to maximize
this amount.If there
isn’t, try taking a look at your processes and systems.I know from experience that a lot of businesses will always
find at least one area where they can improve on.
In my guide,
Gold Mine
Tactics: The Business Owner's Success Manual. I describe extremely
powerful strategies to make more money with less work and effort.
Even if you think you've done everything you can to be as profitable
and successful as possible, I'll show you a few often overlooked
tactics that will greatly improve your company's overall performance,
productivity and profits.
For
example, I explain step-by-step how to:
Identify
your most profitable products and services and sell more of them
at the prices you want.
Identify
your best customers and tailor your promotions to attract more
of them.
Improve
and synergize your internal business processes and systems.
Eliminate
bottlenecks and dramatically increase your productivity.
For more information
on this one-of-a-kind success manual see below.
This article may be freely reprinted on your website or in your newsletter provided
you follow these instructions.
If
you'd like more information or would like to discuss this
article personally with me, please write to
me at alex@goldminetactics.com
See
below for author information.
Start
Building Your Dream Business Today! Ever
Wonder
Why
Some
People
Fail
in
Business
While
Others
Seem
to
Have
That
Magic
Touch?
Find
out in:
Gold
Mine Tactics®
The
Business Owner's Success Manual
by Alex Goumakos
CPA
Insider's
Reference GuideReveals
the Winning Secrets
Used By Highly Successful
Business Owners to
Increase Profits,
Improve Cash Flow,
Pay Less Tax and
Accumulate Wealth
Alex
Goumakos CPA has over 20 years of experience helping business
owners generate more revenues, earn higher profits and pay less
tax. If you're ready to build a gold mine business, be
sure to take advantage of his complimentary ezine loaded
with
professional-strength
tips, strategies and tools to help turn your goals into RESULTS. http://www.goldminetactics.com/subscribe.htm
© 2004
Alex Goumakos All rights reserved. 
