This week I hope you might enjoy a quick peek at three tips from my new book, “Profit Accelerator: 12 AI-Enabled Strategies to Double your Small Business Income.”

This book is for business owners looking for ways to grow their business in smart, doable ways.

Taking strategies from accounting and post-pandemic buying psychology, it’s surprising what people can accomplish when they apply these ideas in their own businesses.

But first…

READERSHIP CHECK!

ACTION: Please reply to this email with “Yes” if you find this weekly newsletter helpful or interesting.

That’s it. I want to see if you are receiving this and find value in it.

(Optional: Ask me a question you’d like me to answer in this newsletter. I’m happy to research and respond with things that could help people with their challenges or points of curiosity.)

Tips from “Profit Accelerator”

The purpose of this book is to walk business leaders through a process designed to increase their leads, add revenue through higher conversion rates, and become more profitable by cutting costs using easy-to-implement, cost-effective strategies. All these strategies can be done without an increase in your advertising or marketing budget.

I go through several simple strategies which are proven revenue and profit generators for any small business. Most business owners are not aware of these strategies and, therefore, are failing to capitalize on their power.

Contact me if you’d like an ebook copy of “Profit Accelerator.” I’m happy to share and spread the word. Here are three tips.

Tip #1: Make small, strategic changes to compound growth.

When you are running your business, you already have a lot of demands on your time. You are likely working IN your business, doing the work, rather than taking time to work ON your business. Dedicate some time—between 2 and 4 hours each week—to working on the health of your business.

While doing this, strive for clarity by applying principles that will improve your business results. (Check out the free 12-minute video training on my LearningSim small and medium business website to see the strategies in a simple business simulator.) Make small changes that you can accomplish, rather than going for a major overhaul of any one area. Small, doable changes of 5-10% compound with each other to accelerate your business growth.

Tip #2: Watch your financial statements!

A business partner of mine, a senior accountant in Australia, did some research and found that 50% of new businesses fail in the first 5 years for lack of cash. Of those that failed, 82% were not watching their financials.

If you operate a business (or a P&L or budget in a corporate setting) I encourage you to check your financial statements monthly. Establish a daily and weekly activity scorecard or tracker for yourself and your team. Don’t leave your business at risk. Learn to spot the opportunities and challenges in your financial statements!

Tip #3: Stand out from others with a market dominating position.

The majority of businesses are established in response to market demand for a product or service. Many build their businesses by serving that demand and enjoy growing profits without putting much effort into long-term planning or marketing.

However, what happens when demand slows or stops? What happens when the competition sets up shop with a “new and improved” version of your product down the road? How do you keep your offering fresh while growing and maintaining your client base? The answer—innovate your business and offer extraordinary value by creating a “market dominating position.”

Show what it is that you do better than anyone else. What makes your business unique? What special need do you fill that no one else does?

The key is to create added value in everything you do. Prospects and customers DON’T buy based on price; they buy based on the value they receive for the price they pay; especially post-pandemic. Find the special value to customers that comes with what you offer and market the heck out of that uniqueness.

You already know what this is, but it may be at a gut level. Pull that out and articulate it! Use it in all of your marketing messages. Make sure that your employees and team members know it and communicate it to customers. Work that market dominating position and its value into your website and marketing. Make it the first thing that people will see when they visit your site.

For More Detail…

There is lots more detail that goes into these tips and the others in the book. If you’d like to learn more, you can get the ebook by contacting me or you can get an invitation for a live workshop. (These are held in Minneapolis, Minnesota. If you are interested in the online workshop use this link for the virtual session, instead.)

As always, let me know what you think or schedule some time to chat if this article sparks ideas for you.

Helping business leaders be successful,
–Steve

​