What Drives the Profitability of Your Business? Raising the Barr Weekly Memo: Issue 463

Let me ask you a question: do you know how profitable your business is? But perhaps the more important question is: do you know what drives the profitability of your business? Let me suggest the following 21 items that are sure drive more profits to your business as well as increase your awareness as to what drives them:

1. Top line growth
2. Increasing your fees
3. Controlling and reducing expenses
4. Paying attention to your financials
5. Automating recurring activities
6. Leveraging technology for increased awareness, client attraction and engagement and trust
7. Eliminating wasteful activities
8. Eradicating interruptions and distractions
9. Focusing on your clients’ success
10. Attracting the right clients
11. Not leaving money on the table
12. Investing in your team
13. Client referrals, testimonials and case studies demonstrating proven track record of success
14. Creating strategic alliances
15. Reinventing yourself often
16. Educating your clients of the various ways you can help them
17. Evading the shiny objects
18. Designing and executing your marketing plan
19. Identifying your bold goals and your action plan to achieve them
20. Creating, following, and measuring your strategy
21. Taking massive action

I am interested to hear what other items you know drive profitability to your business. Let me conclude by asking you: which are the ones you are currently engaged in, and which are the ones you should further embrace?

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