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How Fine Tuning Your Focus Can Grow Your Business
“My success, part of it certainly, is that I have focused in on a few things.”—Bill Gates
Many business owners don’t realize that their success is driven by a small subset of their products, services, and customers.
Actual profit drivers may be hidden in a mass of data and unknown opportunity. For most people there just isnt enough time, and the cost to bring in additional employees is not available, making it difficult for owners to act strategically when planning future product and service mixes.
Many business owners get by on their instincts, making the right decisions more often than not. But why rely on instinct when the information needed to make informed decisions is available?
Here are three ways to evaluate your products, services and customers that will help you remove the shackles from your business: Refine Product Offerings to Increase Profitability
Whether you manufacture, distribute, or sell products, your profitability and growth potential relies heavily on managing your product mix. Invest in the wrong products, and you will tie up valuable resources in the form of sales expenses, manufacturing capacity, or inventory or retail space.
Most organizations have profitability targets for all products. But is a traditional profitability analysis enough? Companies can stagnate when they stick with a product well beyond its usefulness to the organization. Looking strictly at the marginal profitability of a specific product can miss something more important—the opportunity cost paid by continuing to produce it. Under-performing or declining products can stifle innovation and keep you from capitalizing on better opportunities.
Remember Kodak? Kodak was one of the world’s great companies.
Business & Employment Trends
THE AUTOMATED FUTURE OF WORK
Let’s say you’re a driver for UPS.
You have an hour and a half left before your shift ends and you still have 12 packages to deliver.
Your challenge is to find the shortest route that takes rush-hour traffic, the higher priority of premium packages, the construction zone up ahead, and a slew of other variables into account.
Should you try to shave a few miles off your regular route (better mile optimization) or deliver a high-priority package early (higher customer satisfaction)?
In the past we would have used our experience as drivers and our knowledge of local conditions to make a call based on our instincts. But what if we have a technical resource that can help make that call for us?
Far from our workforce fearing automation, we need to embrace it — especially if we focus on designing the technology as a coach.
Become More Positive
with 5 Steps:
For me, changing my negative mental attitude to a positive one resulted in a completely different lifestyle, both personally and professionally. When I changed my mindset and increased my positivity, I went from multiple failed startups and a depressed state to starting a successful app business and being featured in Entrepreneur Magazine.
Here are five tips that have helped me release my negative mentality and become more positive:
Express gratitude. One of the easiest ways to increase your positivity is to express gratitude. Being thankful for what you currently have immediately releases any negativity that you might be holding onto. Gratitude instantly puts you in touch with the feeling of love. Where love resides, fear and all other negative emotions cannot.
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