I’m a big fan of The Profit, the reality television show where Marcus Lemonis rescues struggling businesses by making a capital investment in exchange for an ownership stake in the company and his expertise to turn the business around fast.
I highly recommend it if you want to be more knowledgeable about what it takes to build a profitable business—whether you sell a product or a service; whether you own a brick-and-mortar business or an online business; or whether your product is you, your book, your speaking, and your expertise.
By the way: if you are in sales, even if you report to a boss, think of yourself as an entrepreneur.
One recurring lesson is worth paying close attention: the connection between an owner’s mindset, the business model, and the profitability potential of the business. I decided to illustrate that lesson with the infographic below because I know that explosive growth in your business is only one investment decision away.
Now let me ask: If you had a real magic wand in your hand that could transform your business by the end of this year, what would your business look like? How many hours would you be working? How much profit would you be bringing in? How would you spend the surplus? What causes would you be able to help?
These are important questions that most business owners and entrepreneurs rarely ask themselves because they are too busy keeping the hamster wheel turning. The result is a business model they never intended to have in the first place, one that can’t support their core values and goals.
Here’s the bottom line: Business owners who grow profitable businesses, regardless of economic conditions, start with the end in mind. Then they reverse engineer the business model that can get them there.
Investments That Lead to Growth and Profits
Now let’s say that you are ready to move from survival mode to explosive growth. Where should you invest first? Let’s take a page from Lemonis’ playbook: he obsessively evaluates and invests in the improvement of three key business success drivers: Product, Process, and People.
Here are a few questions that can trigger ideas of where to make smart investments that will yield to profitable growth:
Product: a superb product or service that solves a real problem and meets a tangible need will always be in demand.
- How can you improve your product and packaging so it stands out from the competition?
- If the product is you and your message, where can you improve to reach and connect with a greater audience?
- How do you evaluate the quality of your product?
- Who can help you in this area?
Process: A scalable business that grows without over taxing the owner is the result of a well designed and thought out process and systems that support the growth and sustainability of that business.
- If your process remains the same this year, where will your profits and time be at the end of the year?
- What’s your plan to scale your business?
- How can you automate your marketing, lead generation, sales, and other processes to buy your time back from your business?
- What’s your plan to improve your process to scale your business to the next level without working longer hours?
- Who can help evaluate your current process and tweak it so it yields the results you want?
People: If your business is going to take off this year, you need to have the right people in the bus, sitting in the right seat. They need to be confident and competent to execute at the highest level.
- Do you have a team that supports the growth of your business?
- Do you have the culture and infrastructure in place to support their success?
- What training and development programs and systems do you have in place to make sure they perform at the highest level possible?
In my experience, both as a business strategist and as an entrepreneur myself, building a profitable business is not that complicated. The hardest part is the mental shift from “survival mode” to “growth mode.”
Once the investment mindset is in place, everything else begins to fall into place.
I’m passionate about this subject because there was a time when I didn’t feel confident or capable to build a successful business. The truth is that success is more predictable than you think, once you are able to apply the above principles and surround yourself with the people who can help you move further faster.
And that’s what I want to do for you.
My Invitation to Invest in Growth
February 29 is a free day we all get this year. Business owners and entrepreneurs who are ready to move from survival mode to growth mode will make the most of that day by investing in designing their biggest breakthrough by putting in place the strategy that will address all the items I listed above.
Are you ready to take a leap this year? I hope so… because I want to help! Click here to learn more now.
But whether you accept my invitation or not, decide to grow this year! Invest in growing your business. Invest in making a greater impact.
I have a feeling that more people need to have the product or service you are selling to make their lives better.