3 FREE Business Ideas To Start Increasing Profits Immediately!
How would you like to learn these FREE business ideas to start improving your business profits month over month?
Yes, something that does not cost you money, it makes you money.
This article will share some critical business ideas that very few business owners use.
This is because they are often too busy working in their company to apply them.
If you would like more business ideas you can click here to Learn “How To increase Your income in Just 72 Hours!”
Free Business Idea #1
Strategic Planning Beats Hard Work Every Time
If I asked you to tell me when was the last time you sat down for three or four hours and just thought about the success of your business.
What would your answer be?
Well if you are anything like 80% of my clients when I start working with them your answer would be. “Are You Kidding !”
I don’t have time to scratch my backside, let alone do strategic planning.
Streetsmart Business Consultants constantly hear from our clients that the biggest challenge for their clients is TIME.
The Tactician’s Approach
Let us imagine for a moment that you want more Turnover in your business.
What do you do? Pray to the gods of business that the phone will ring? (again, that is what 80% of my clients did before I started working with them)
Or do you tell your sales consultants to work harder and bring in more business?
Maybe, you tell your team, or you yourself, hop on the phone and start making more phone calls.
These actions are called tactics, and while they may make an impact it will be no where near as effective as what I am about to suggest next. Understand that the business idea of being a tactician does not stack up against a strategist.
So the strategist takes a different approach.
The first thing a strategist does is take a time out with no distractions so that they can think
The next thing they do is ask the question WHY do I not have a higher turnover?
And by just taking the time to ask the question WHY – answers start to come to the business owner.
They may start to think about their sales team. Remember, the tactician just said to the sales team “Get out there and make more sales!”
The strategist is thinking
- “What is the performance of my sales team?
- What are their individual conversion rates?
And by taking the TIME to do this they may discover that some of their sales team have a conversion rate of 50% and higher, and yet others are only converting at 15%.
Now, discovering this the Strategist can decide that the poor performing sales consultant either needs to be freed up for other opportunities or given more training.
The TACTICIAN’S result was to keep paying poor performers more money to keep doing a sub standard job.
The STRATEGIST RESULT was to discover poor-performing team members and either improve their results or let them go.
RECAP Business Idea #1
Take time out at least once a month and look at the performance of your business.
Ask the question WHY? for everything.
- Why is my profit only 10%
- Why are my conversions only 20%
- Why are my employees always taking sickies
And think strategically about what you can do to improve the results.
Free Business Idea #2
Focus on Business Systems
When you start a business quite often it is just you and maybe one or two other people with an idea and a lot of enthusiasm.
So getting the results you want is expected because you are doing everything yourself.
However, as you grow, you employ more people, they are carrying out more tasks and quite the outcome is not what the owner wanted.
Then the business owners find themselves saying.
“If you want it done right, you have to do it yourself!”
This is a very dangerous thought process to have a business owner. It will slow down your success faster than you can imagine.
The better statement i want you to start saying is.
“Where is my system for that?”
Where are my Standard Operating Procedures?
If you become determined to systemise everything in your business then, over time you will start to see less and less problems occur.
The Japanese call it KAIZEN – a commitment to constant improvement.
When you document a process, then have your team responsible get trained n “This is how we do it here.”
You then get them to sign that they have been trained and have the ability and skills to carry out said task, you will find issues reduce rapidly.
Better yet, when something is not done correctly and your team member tries to roll out the most common excuse, that “they did not know!”
You can politely pull out the signed document that shows they have been trained, and that they can fulfill said task in this manner.
Your disciplinary meetings go a lot easier when you have this process in place, and you will find they will very rarely not carry out the work the way you want it.
RECAP Business Idea #2
Try to develop a system for everything.
Touchstone Business Systems has a great way to systemise your business based on the E Myth.
I highly recommend it. Here is a video to show you how their system works.
Free Business Idea #3
Use the power of Leverage
If you want to build an 8 figure business there are three skills that you must develop:
- How to leverage other people’s knowledge
- How to leverage other people’s time
- and How to leverage other people’s money
- Leveraging other people’s KNOWLEDGE – Now, it could be said that I have an agenda here, but the smartest thing you can do is get a GOOD business consultant to help you grow your business. They have quite often had years to experience many challenges that you have not had to contend with. And if you choose the right business consultant you will find that they can compress decades of learning into days. For example, if you wanted to use facebook marketing in your business, you could spend months, even years developing these skills, taking you away from what actually makes you the money. Having a business consultant on your team, they could facilitate that strategy without you taking your eye off the prize. And more importantly, prevent you from going down the wrong path that could cost you tens of thousands of dollars because you chose the wrong person to help you.
- Other People’s Money – There is an old saying “You can never have too much unsecured credit”. In many ways this is very true.In business there are always unexpected situations that crop up. And often you need money to ensure that the wheels keep turning. For example, you may have completed a job for a client and they are holding up payment for 60-90 days. Well, you still have to pay your team, what happens if you run out of MOULA? Your team is very unhappy. So start looking at ways to have a reserve store of funds that you can call on in challenging times. Another way to utilise other people’s money is though sales and marketing. If you know that by generating another 50 leads you will generate another $100,000.00 in a month in sales. There is a challenge. You need $10,000.00 to run the campaign and you are light on funds. You could do what KOGAN did, and use other people’s money (credit cards) to fund the campaign and then pay back the credit card asap. There is real risk to this strategy, but it is one that many entrepreneurs have used. Check out how KOGAN built his business using this strategy
- Leveraging other people’s TIME. – If you want to build a decent-sized company, you will need a team around you. The faster you get the idea out of your head that you should do the task yourself, instead of delegating it, the faster you will achieve your goals. As the owner, your main focus should be on the sales and the marketing. Monitoring the key Performance indicators of each division of you business. Building the BEST team. Providing training to them. And ensuring that they have the resources and skills to carry out their role. If I was allowed to I would tattoo this statement to every business owners forehead.
IS THIS THE BEST USE OF MY TIME?
Click here to learn more on How To Leverage Time and money
For you to grow your business quickly you will need to learn to delegate as much as you can to others. Only focus on your high end tasks. In my role as a business consultant, I see so many business owners using up their precious time on tasks that they should not be doing.
So, before you carry out any tasks ask these three questions:
- Can I automate it?
- Can I delegate it?
- Can I delete it?
it is just as important what not to do, as the things that you actually do.
I hope you got some benefit from these ideas. They have helped me through the years.
If you would like some help improving your business results, I am happy to see if and how I may be able to help you achieve your goals.