BIGGEST MISTAKES

THAT TORPEDO PROFITABILITY

3 You work hard to move your company forward, putting your blood, sweat, and tears into doing everything right to grow your business and make some solid profits in the process.

Why, then, is it such a struggle to make it happen?

After 30 years of in- the- trenches business leadership, I have learned that the answer hides behind 3 Critical Mistakes that can sink your profits before you even know what happened.

I’ve made all of them at one time or another and know that, luckily, if you are aware of them and plot against them, you can quickly set actions in motion to squash their impact.

Sitting down and writing out a business

plan, tracking quarterly and annual results,

systemizing customer and employee reviews

all sound like good ideas until you actually

have to sit at a computer and start wading

through it all. So, you don’t. At least not

consistently. And when you don’t, it comes

back to bite you.

Successful businesses know exactly what

their specific goals are for the next one to three years and they consistently (read:

VERY frequently) review reports that tell

them specifically how they are performing against those goals. What products are

working and which are falling out of

favor, how loyal and effective your team

is at delivering results, what’s going on

with the competition and how does that

effect your business.

You can’t get out in front of the game if

you don’t know how the current game

is shaping up. Knowledge is power…

and profitability

You can’t get out in front of the game if you don’t know how the current game is shaping up.

WINGING IT

www.thecoryellgroup.com3 Mistakes business owners make that torpedo profitability Sandi Coryell, Speaker Author Consultant T: 818-288-3483

Having the confidence to price your products and services for what they are truly worth is an art

form that struggling business owners seldom

practice. You fear that if you raise your

prices the customers will stop coming,

the competition will grab your market

share, and your business will go

down the tubes.

If that’s your thinking, quickly work

on shifting your mindset because

the expense that goes in to getting your

product to market doesn’t shrink because you

underprice it. What does happen is that the revenue

you’ve got coming in becomes “bad revenue”

because there’s little to no profit generated from it once you add up all the money it took to generate

that revenue. If the value is there,

the right customers will be there

also. If it’s not, then pricing isn’t

your problem. Be careful not

underprice yourself right out

of business!

The expense that goes in to getting your product to market doesn’t shrink because you underprice it.

BARGAIN BASEMENT PRICING

www.thecoryellgroup.com3 Mistakes business owners make that torpedo profitability

Sandi Coryell, Speaker Author Consultant T: 818-288-3483

www.thecoryellgroup.com

Before three ghosts visit me while I sleep,

let me clarify. Being nice is a great

leadership quality. Being too nice will

eventually derail your success.

As a business leader, you will have

to make tough decisions. You will

have to terminate employees who

are not contributing, you will have

to say no to tons of requests, you will

have to ask people to do things that

they really don’t want to do.

If you’re too nice, you’ll never

be able to do it. And that will

cost you growth and profits.Focus on being kind rather than

just being nice and it will make

those tough decisions a lot easier

to make in the long haul.

BEING TOO NICE

Being nice is a great leadership quality.

Being too nice will eventually derail your success.

3 Mistakes business owners make that torpedo profitability Sandi Coryell, Speaker Author Consultant T: 818-288-3483