I'm sure it comes as no surprise, having a small business and making a profit are two different things. The difference is a matter of executing a basic set of business steps. To maximize your small home based business profits compare your current performance as a small business owner against the following checklist. Clarify Your Objectives: 1. Understand what you want your business to help you accomplish as an Individual. 2. Clearly state your Business goals regardless of your personal talents or skills. 3. Schedule activities for each Lifestyle area: individual, family, spiritual, career, financial. 4. Plan your use of Time in 30 minute increments with an emphasis on mandatory items. Enhance Your Management Skills: 5. Develop a step-by-step action Plan for each of your individual and business goals. 6. Report the results of your action plan activities on a scheduled basis. 7. Evaluate your results against the targets you set in your action plans. 8. Develop alternative steps for areas of your action plans which are under performing. Improve Your Finance Opportunities: 9. Select a business Entity which reflects your personal goals and facilitates funding. 10. Create a Budget and compare your actual numbers to your forecast numbers. 11. Setup, maintain and regularly review an accurate set of Statements. 12. Project Cashflow using a time frame which allows you to prepare for shortfalls. Review Your Personnel Needs: 13. Diagram your business Structure by identifying the jobs required to meet your objectives. 14. Only Hire people who capabilities and interests match your job description. 15. Compensate people based on the revenue or savings they generate in their positions. 16. Motivate people by understanding why they are working and what they want from their jobs. Increase Your Marketing Effectiveness: 17. Identify why people or companies buy your Products and services and how they use them. 18. Understand who your Customers are and how they make buying decisions. 19. Develop a strategy for differentiating yourself from your Competition. 20. Use Sales and promotional methods you can consistently and persistently execute with results. Streamline Your Operations: 21. Adopt an efficient Administration system for keeping your business records. 22. Make sure every square foot of your business Facilities is working for you. 23. Invest in Equipment and technology only after determining its ROI (Return On Investment). 24. Identify and meet the expense of all business Requirements in a timely manner. Reduce Your Production Costs: 25. Breakdown each of your products / services into their basic Components. 26. Outline the steps and costs of your production Process for each of your products / services. 27. List the steps and costs for the Distribution activities for each of your products / services. 28. Add up and add on margins to all of your steps and costs to determine your profitable Pricing. Leverage Your Resources: 29. Make use of the Internal people and information resources you're already paying for. 30. Don't be afraid to pay for the appropriate External experience required to grow your business. 31. Take full advantage of all the Industry information offered by organization you've paid to join. 32. Universal business knowledge is all around you - ask questions and listen. See your small home based business as jigsaw puzzle. What picture would be on the box top? How would you put all the pieces of your small business profit puzzle together? For each piece you put in place you can expect an increase in your level of profitability. When all the 32 pieces of your profit puzzle are put together you'll have maximized your small home based business profits! |
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