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5 Tips to Building a Profitable Business

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The goal of every business is to become more profitable. Profitability is vital to the surivial of your business as it will help fuel it’s growth; without it your business will fail. However, it takes more than just a good product for a business to become profitable. Here are 5 tips on how to make your business more profitable in 2015!

1. Build Your Team

Your team is the foundation of your business. Whether your are the visionary, owner, CEO or implementer, you can’t do it alone. Many of the businesses that I see having problems are having them because they do not have the correct team in place. With that said, your team does not necessarily need to be full-time employees; it can also be made up of outside vendors who work with your business regularly (i.e. your “IT guy” or “marketing person”). Whoever your team consists of, it is important you get the right people in place, who can help build and grow your business.

2. Be Decisive

Decisiveness is key when building a profitable business. Being a decisive leader can mean the difference between your business moving forward and becoming more profitable or becoming stagnant. As a leader, when you are faced with a tough decision, gather all of the necessary information, make a decision and stick to it. Don’t backtrack out of fear! When your team sees that you are decisive, it will reinforce their confidence in the decision. For many owners, this can be scary but that is why building a team around you to help you make informed decisions is so important.

3. Be Patient

You can probably already guess what adage is coming next… “Rome Wasn’t Built in a Day.” Sorry I had to say it. 😉 The truth is that there are a select few businesses that are “overnight successes;” but most successful businesses take time to become profitable. For example, Apple, one of the most profitable businesses in the history of the world was almost bankrupt in 1997. They had the wrong team in place, weren’t making good decisions and spent over 12 years losing money. Fast forward 18 years and they are unstoppable. Take your time, be methodical and success will come.

4. Talk About It

Shameless self-promotion never hurts. Talking about your business to anyone and everyone who will listen is a great way to drum up new business opportunities and get your business noticed. Be proud of what you are doing and tell people about it.

5. Empower Your Team

Now that you have the correct team in place, you need to empower them. The more a business grows and the more profitable it becomes, empowering your team members becomes even more important. You can’t make every decision or be at every meeting, so empowering your team by showing your confidence in them to “run the ship” when you are not around is key to making your business more profitable.

So what are you waiting for? Start implementing these 5 tips into your business and watch those profits soar!

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