Because of the April 15th U.S. tax deadline, this is the time of year business owners tend to focus more intensely on their finances.
So all this week, to help make sure you have more income to focus on come next April 15th, we’re going to talk about ways to boost your profits and improve your financial outlook.
Here are four strategies you can employ immediately:
Look for opportunity. A good businessman sees opportunities where others don’t. Train yourself to sniff out and be open to opportunities everywhere. The founder of Virgin Group, Richard Branson, says, “One of the great myths of business is that opportunity knocks. Opportunity does not knock at your door, you have to bang on the door yourself and keep knocking until you get in.”
He suggests, as does Dan Kennedy, that you look for opportunity in obstacles. Surrounding yourself with successful people will help you to learn how to see, hear and sniff out opportunity. (Two great places to surround yourself with people like this are at events such as SuperConference and at Chapter meetings. If you aren’t currently a member and would like to learn more about Chapter meetings, claim your $633.91 worth of pure moneymaking information and get access to try attending a chapter meeting here.)
Keep score. Motivational speaker and author, Earl Nightingale once said, “There are really three amounts of money every person should decide upon: the yearly income he wants, now or in the near future, the amount of money he wants to have in savings and investments, and the amount of money he wants as retirement income, whether he ever retires from active work or not.”
Dan Kennedy says, “Money is THE most effective means of keeping score.” Money goals are very important…they reflect both the value you have developed and the value that you have delivered. To truly create wealth, you need a system for developing wealth and keeping score.
Make a plan for not only earning money, but also a plan for saving and investing. Even when you are starting out and feel you have no money to save or invest, you must have a plan for this. Having money in savings affects you physiologically. Similarly not having money affects you. Which is why money in savings can be especially crucial in the beginning.
Transcend ordinary thinking about money. Dan Kennedy often says that the key to naming your price is being able to look someone in the eye and keep a straight face while quoting the fee.
There is truth to that, but what he really means is that you have to think about time and money differently. Instead of thinking about making a certain dollar amount per hour or marking up your price by a certain percentage, you must think about your price in terms of the value you deliver. When you think about value, you’ll find it easier to not only raise your fees, but get people to willingly pay them.
Build a strategic round table business team. You need a team of entrepreneurs—a mastermind group—that you can regularly meet with and brainstorm on ways to grow your business.
One of the benefits of a mastermind is the pooling of resources. It is often difficult for an individual to obtain what he needs for his business himself. For example, brilliant ideas don’t make it past the drawing board because the individual who came up with it can’t raise enough capital or access a resource needed on their own. Or a business owner has strengths in creativity, but not in marketing.
Not only will you gain ideas when you have a strategic team, but when you are talking about a concept or idea and you lack a key resource to fulfill your idea, many times you’ll find a member of your group that will be able to connect you to what you need and expand your network. (If you are looking for the right strategic business team, i.e. mastermind group, check out these options available to you here.)
Make this year more profitable than last. Develop a system and write down your goals for how much you’ll earn, save, and invest. The most successful and ambitious people attend events. So surround yourself with successful people by attending events regularly and be on the lookout for opportunity everywhere. And start building your business team that will help you expand your network and connect you to the resources you need to grow your business…and your income.
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