The Profit vs. Growth Exercise – It Will Unlock Hidden Gems

The Profit vs. Growth Exercise – It Will Unlock Hidden Gems

If you could only achieve profit or revenue growth next year, which would you choose to focus on?

That’s the question I want you to consider, as you lock down your plans and budget for next year.

How much do you plan to grow in 2024?

I find that growth comes easy for most entrepreneurs. They are hardwired for it.

However, not enough time is spent figuring out how to improve the bottom line, which is a missed opportunity.

For this reason I recommend the following exercise.

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You need a more professional marketing strategy in 2024

You need a more professional marketing strategy in 2024

What’s your 2024 marketing strategy? This was the question at two recent Leader’s Edge peer group meetings. I am going to lay out some answers here for you. We recently visited Gardens of Babylon in Nashville, a long-standing peer group member, with one of the strongest growth trends in our community. At the meeting they presented their most important systems, including marketing. Here are some of the nuggets from all these marketing discussions: Marketing Nuggets for 2024.

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Ensure a Better 2024 by Managing Internal & External Uncertainty

Ensure a Better 2024 by Managing Internal & External Uncertainty

I recently spoke with Ron Edmonds, President of the Principium Group, a leading mergers and acquisitions firm serving the Green Industry. Ron and I were prepping for his talk at my Financial Master Class, chatting about how a company’s “value” is driven in part by removing the uncertainties in the business. The lower the uncertainties, the higher the value. Business Uncertainties can be split into two groups: internal and external. Our conversation on uncertainties reminded me of the Serenity Prayer: Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference. My version: Know what you can control internally and externally, and focus intently on those elements in your business; don’t stress on the rest. With that in mind, here are a couple examples to get your mind turning:

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My Top 5 Favorite Benchmarks: Uncover Your Hidden Inefficiencies

My Top 5 Favorite Benchmarks: Uncover Your Hidden Inefficiencies

As we approach year-end it’s helpful to do a deep dive analysis on your numbers.

What worked? What didn’t? What should you change?

To do this correctly you need to look beyond the typical sales and profit benchmarks.

Hidden Inefficiencies and Opportunities

I recommend using a more sophisticated set of KPIs (i.e. benchmarks) to uncover the hidden efficiencies and opportunities in your operations.

Can You Compare Your Benchmarks?

As you do your analysis it helps to compare your numbers with other firms.

Let me emphatically state that accurate benchmarking between companies is possible, it just takes some effort.

You need an apples-to-apples format, and everyone needs direction on how to navigate the format.

I have spent 16+ years fine tuning and testing my benchmarking tools. This allows us to put on our Financial Master Class (details here) with accurate data.

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Three creative strategies to grow sales next year

Three creative strategies to grow sales next year

Next year will not be easier than this year, in terms of making sales. There are uncertainties in the air: with the wars, the high interest rates and the upcoming election. All this makes it harder to set your budget. The best you can do is make a forecast, and then revisit those forecasts on a regular basis. Your budget cannot be set in stone.With that in mind, here are 3 sales strategies to help you think differently and increase your chances of sales success. Three sales strategies to help you think differently in 2024.

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Are You an Entrepreneur or a Workaholic?

Are You an Entrepreneur or a Workaholic?

In discussing fast growth, I recognized there are two types of hard workers: Workaholics and Entrepreneurs.

Workaholics.

Here are some criteria that define this type:

Nonstop work 6+ days a week
Very few vacations, and possibly only in off season
Not many hobbies.
Family life does not come first.
Always on call.
What got you here, won’t get you there.

It used to be that all entrepreneurs were workaholics (just work harder!)

But things have evolved.

Workaholics may succeed early on, but then they plateau because of their approach.

They tend to breed inefficient mini-me’s who then burn out.

Entrepreneurs.

…are a different breed, they:

Understand the “work hard play hard” balance
Use delegation to take successive responsibilities off their plate.
Hire A and A+ players so that growth is not stopped by the Peter Principle (definition below)
Set up systems, measure on results.

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Every Great Entrepreneur Needs A Coach

Every Great Entrepreneur Needs A Coach

Early in my consulting career I hired my own coach. The gentleman was low cost, had skills, and helped me refine my new business direction. A few years later I hired the “real deal” coach—it was a much bigger investment, and helped me build my skills and scale my business to what it is today. Who’s my next coach? It’s been a while since I worked with such a great coach, until this weekend.At the racetrack here in New Orleans I hired my first “real deal” driver development coach.He and I are similar, and his coaching techniques really resonated. They may also resonate with you, as you coach up your own team. SIX USEFUL COACHING TECHNIQUES

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Strategic Growth: How to Build Dramatic Value In Your Business

Strategic Growth: How to Build Dramatic Value In Your Business

This past week I had some thrilling conversations with my coaching clients on their growth strategies. I told a few of them “either you are buying low, or someone else is buying low, and they could be buying you!” Let me explain what I mean. Scale Determines Value. As the hype of the merger-mania floods our industry, it makes it looks sexy to sell one’s business. But unless you have achieved significant scale, you are losing out and leaving massive opportunities on the table. The scale of your business determines its value.

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