Profit Think Tank

Profit Think Tank Join our group of profit thinkers at www.ProfitThinkTank.com. Programs, discussions, and more!

11/20/2014

Profitabilitya2z™: Profit Word of the Day = Promises

Profitability is the result of fulfilling promises.... promises to employees, vendors, and customers. Broken promises lead to broken relationships and declining revenues, margins, and profits. Do not be casual about making promises... make the right ones, the live up to them!

11/13/2014

Profitability a2z™: Profit Word of the Day = Problems

You won't get to profitability without your fair share of these. Good problem solving is a hallmark of successful managers and companies. Where others see overwhelm, you see opportunity! Things never go perfectly in business and having a knack for solving problems can propel your success forward!

11/12/2014

Profitability a2z™: Profit Word of the Day = Proactive

Profitability is usually found around people who make things happen. It's not a passive activity. It is about taking action with purposeful intent. It is not about waiting around for profits to find you, but rather seeking, striving, and searching. Proactive means "get to it!"

11/11/2014

Profitability a2z™: Profit Word of the Day = Pride

What impact does pride have on your profitability? People take care of things when they have pride. They invest more resources and energy into building pride. Pride can motivate you. (It can also blind you.) But in the end, a healthy sense of pride can be an important building block.

10/30/2014

Profitability a2z™: Profit Word of the Day = Persuasion

Being persuasive can be extremely important in business. And persuasion does not necessarily have to mean "manipulation," as persuasion is more often used for positive things than negative ones. For some this is natural, for others there is more of a learning curve, but the skills can be learned. There are several books which study persuasion, as well as many opportunities to improve your overall communication skills (a key element for persuasion.)

10/29/2014

Profitability a2z™: Profit Word of the Day = Personality

What is the personality of your business? Your business does have its own personality, which is reflective of the collective personalities in the business, including a heavier influence by its leaders.This personality impacts relationships with customer, vendors, and employees... which cycles back to impact the company, so it becomes a personality "circle" which feeds on itself. Be deliberate about creating and monitoring the type of personality you are interested in having.

10/24/2014

Profitability a2z™: Profit Word of the Day = Performance

Profitability is about performing. Businesses who know the "hows and whys" about the day to day performance elements of their organization are on a better pathway to success. Those who monitor and act around performance are even more so.

10/23/2014

Profitability a2z™: Profit Word of the Day = Perception

Communications are key to business success. And recognizing that perceptions often vary from reality and ultimately dictates the way others view you and your activities is important. How employees perceive you is often different than your intentions. In fact, people often run what you say through a filter of perception. Perception can be wrong; it is easy to misunderstand and to unintentionally mislead. Customers will act more on their perceptions than on what you may think is "reality" - and those things may be very different in actuality than you think they are. Pay a little closer attention to perceptions, how you influence them, how they may create a different reality than you thought, and how to move them towards a greater influence on your success and profitability. Things are definitely not always as they appear (or as you intended)!

10/20/2014

Profitability a2z™: Profit Word of the Day = Patent

Intellectual property is not likely the foundation of profitability for the majority of companies. However, if you are inventing a product or a proprietary service, you should be aware of the patent process and when it is appropriate to add this protection to your business model. In this case, it can be the mechanism for protecting your profitability. Also, what may be more common, however, is to understand the patent landscape around your business and industry, and to understand how the IP of others can impact your business. Navigating those waters can also be a key to protecting your profitability.

10/17/2014

Profitability a2z™: Profit Word of the Day = Passion

Profitability is no simple task. Oh sure, its just revenues minus costs/expenses. Its easy right? Of course not. Another element which impacts both the ability to grow revenues and control costs is passion. It's hard to quantify passion? (Are you a 76 or 83 today?) However, it is not hard to see the impact. Passion drives progress (so find yours!)

10/14/2014

Profitability a2z™: Profit Word of the Day = Packaging
Packaging is an interesting concept in marketing an profitability. In terms of a physical product, the physical packaging has a tremendous impact on the perception of product quality and price, even though it may have little, if anything, to do with the base level of product quality or cost. So it matters. Though a little less intuitive, the concept of "packaging" can also apply to services or bundles of service, and even to the "packaging" you put around yourself or your company.

10/10/2014

Profitability a2z™: Profit Word of the Day = Outputs

Profitability is really just the culmination of inputs and outputs. You put things into the business and things come out. In the end, we tally it all together and you have profits. What are the outputs of your business? Worded differently, what results from the various inputs in the business. Study this and watch your knowledge of how profitability works in your organization grow!

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