Congratulations! You’ve actually done it! Your business is up and running money is starting to flow in. Things are going so well that expansion is already on your mind. But stop! You have to get some things in order first. Today on BLL we’re talking about why you have to maximize your business first.
What is maximizing?
This is something that people often get wrong. The old industrial way of thinking is about maximizing productivity. In a factory setting that may still be applicable. But in the modern economy it can mean a lot of different things. There is no one measure that will tell you that you’ve maximized. But there are some things that you can look at.
- The level of your revenue
- The size of your team
- What goals you want to reach
If you don’t have a clear sense of whether or not you’ve maximized your business you may be setting yourself up for trouble. You need to understand what your purpose is. Once you have a clear idea of what you want to accomplish you will have a much better understanding of how to maximize.
There is no “right way” to operate a business. Maximizing is going to change as you change and grow.
Ways to Maximize
- Maximizing your revenue
You can do this by maximizing the amount of revenue you generate from each member of your team.
- Maximizing your team size
Adding or removing members of your team can also help you to maximize your business
- Culling your clients
For almost all businesses 80% of revenue comes from 20% of your clients. That means that you likely have some superfluous clients that are taking focus away from your big earners
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.