Three Steps To A More Profitable Business
- Jan 8, 2024
- 4 min read
Written by: Danielle Levy, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
It’s no secret that most new business owners dream of becoming profitable. Sure, you may have other goals, like a flexible schedule or delivering an amazing service for your clients, but you can’t do any of that without the money. Even if you don’t know exactly how you’re going to become profitable, you know you want to get there.
Whether this is your first year in business or your tenth, no doubt you’ve seen fluctuations in profits throughout your time as a business owner. In fact, you’ve probably been in one or more of these situations at some point in your operations:
No matter what you do, you’re somehow barely scraping by.
You had an amazing year one year, but couldn’t figure out why numbers were down the following year.
You hit your goal this year (yay!), but you want to double that next year.
Regardless of your current situation, more profit is something that’s likely on your horizon for the new year… and I want to help you reach that goal!!
Throughout my time as a business coach, business owner, consultant, and strategist, there is one thing all of my clients do that is completely FREE and helps increase profits …
Strategic business planning.
Sounds simple, right?
Well.. it is, but stick with me…
Most business owners KNOW they should be planning but are not actually doing it.
Consistent strategic planning is so important because it helps you stay aligned with your mission and goals.
Regularly circling back to your plan makes it easier to adjust to new opportunities or setbacks. It also allows you to stay more efficient. And more efficiency equals more productivity. And more productivity means better profits.
So, here are my 3 steps to help you get the most out of strategic business planning and… in turn, create a more profitable business
1. Align your goals with your values
When an entire company works towards a common direction, it creates a more efficient strategy and inspires greater brand awareness, higher engagement and productivity in your team, and increased customer or client satisfaction.
… And those kinds of results all support an increase in revenue.
2. Prioritize your growth
As business owners, it's too easy for us to get caught up in the daily tasks that keep your business going. For example, the administrative work, the time you spend managing your team, hiring
someone new, or staying on top of your business emails. They can consume us, leaving nothing left for anything else.
I recommend deciding upon 3-5 long-term goals to grow your business. One might be securing a strategic partnership. It could involve product innovation, expanding your services, or possibly rebranding. Whatever goals you decide, prioritize them, figure out how they will come first, and then fit the rest of your work around them.
If you don't, everything else will always push them aside. And if you’re pushing aside the goals that will lead to your growth and success, you’ll see it reflected in your bottom line.
3. Focus on the data
Let's face it… You're fumbling in the dark if you don't let the data drive your decisions.
You should be looking at:
Financials: revenue, expenses, profit margins, and revenue growth rates.
Marketing: conversion rates, website traffic, email marketing, social media channels, and engagement, and your ROI on marketing
Team and Operations: productivity, time management, and turnover rates, to name a few.
Customers/Consumers: feedback, loyalty, and satisfaction
Assessing the data is a necessary tool when completing your planning and one I highly recommend. The best way to adapt to ongoing changes, grow your business, and see a boost in your profits is to examine past events.
When you prioritize your strategic business planning, it helps you make decisions that will, in turn, increase profit and help grow your business. Consider planning one of your big goals; don’t let the daily work of running a business keep you from it!
If you need help to get the planning done, consider a 1:1 Vision Planning Session with yours truly! Together we’ll review your goals and business and then actually CREATE your strategic business plan.
Cheers to a more profitable business and happy planning!
Danielle Levy, Executive Contributor Brainz Magazine
Danielle Levy is a sought-after business consultant who helps business owners expand with clarity and efficiency. Danielle is also the Founder and CEO of The Boardroom League™, a team of experts providing holistic business consulting and implementation services for entrepreneurs. She holds an MBA, is certified as a Project Management Professional, and is a FG Certified Master Marketer.
Danielle has 15 years of agency experience, helping her bring a unique perspective to all of her clients. A problem solver at heart, she believes in helping business owners go from Chief of Everything Officer to Chief Executive Officer, so they can focus on their vision, instead of being distracted by day-to-day business obligations. By establishing solid business foundations and implementing streamlined systems, Danielle's clients are not only able to regain their freedom but also rediscover the joy of running their businesses.
In 2021, Danielle founded The Boardroom League™ to guide executives turned business owners through current challenges and future advancements by providing bespoke business consulting and implementation. The Boardroom League takes a phased approach to business consulting, offering expertise in a variety of areas; including business leadership, financial guidance, legal advisory, marketing, and more.
In her personal life, Danielle is an energetic mother of two boys, who understands the balance of being both a hockey Mom AND a successful entrepreneur.
