Profitability Checklist 2020
Profit is defined as the money that is left once you subtract expenses from revenue. So straightforward, right?
As with everything business owners and executives face, profit is not so simple in real life. There are many factors and decisions you make along with way that impact the firm’s profit.
There are ten critically important actions that enable a company to not only increase revenue but to increase profit as well. Here’s the Profitability Checklist 2020 if you want to start immediately.
I’ve never seen owners more frustrated than when they realize that while they’ve knocked themselves out to boost revenue, their profit—the bottom line—has barely budged. We don’t want that to happen to you. We also don’t want you to reduce expenses in order to inflate profit. A company that cuts is a company in decline.
We ask and answer ten questions before finalizing and implementing the coming year’s strategic plan. These questions ensure that the operations and financial functions support the company’s strategy.
Before I go on, I want to emphasize that profitable revenue must be non-negotiable. There can be no sale without a profit. No matter how much you want the customer, no matter how much you want to beat the competition or how tempting it is to make the sale now and worry later, you must make it clear that every sale must generate a profit. The formula is this:
Revenue = Expenses + Profit
Hot off the press, so to speak, is the TCG Profitability Checklist. You can read about the ten questions in this newsletter, and then download and print the Profitability Checklist 2020 for visibility on an office wall, sharing with your team, and otherwise keeping it front and center while planning for the next twelve months. It also serves as a reminder each quarter of what you decided and helps you check in to see how things are going.
Complete and serious answers to the ten critical questions will produce more profit and increase the strengths in your business all around.
If you think you could increase the likelihood for profit in 2020 by answering these questions and need some help, just give us a call. 703-801-0345. We offer three different options for working with companies on the Profitability Checklist 2020; surely one will be right for your company.