As the business owner, you should know what is going on in your business. However, too often, business owners maintain control over everything.
It has been said that the definition of a well run business is one that is profitable and runs without the owner having to be there all the time. How can a business, and business owner, achieve this success?
Business and Brewskies is a small business and entrepreneur focused monthly meeting where the Boone EDC presents information relevant to small business owners. The Boone EDC’s October meeting considered business “success and profitability” and what it take to get there.
Paul McCoy, certified ActionCOACH and a Boone EDC Small Business Member, educated our Business and Brewskies attendees about achieving success in their business. Here were some of our take-aways:
- 6 Steps to Achieving Success as a Business Owner – Paul reviewed six steps for measuring success in a business. At each step, there are numerous strategies that could be employed and capitalized on to build to the next step. As a business grows over each of these steps, the owner can get closer and closer to their ability to step away from the business and let it run itself. This leads to a huge amount of freedom for the business owner to pursue other ventures.
- 5 Proven Ways to Increase Your Profits – Paul outlined what seemed to be a fairly simple mathematical formula for increasing profits in your business. However, what he showed us was the affect of compounding multipliers which leads to enormous benefits! Again, multiple strategies could be employed at any one of these five proven ways. Figuring out which strategies are best for your business is what Paul does best!
- Testing and Measuring – If you are employing new strategies to improve your business, you must have a way to test and measure whether they are successful or not. This feedback loop will help you determine if a strategy is an “expense” or an “investment.”
Paul has a wealth of knowledge and experience to draw from and we were grateful for his ability to share just a few strategies with us. Each business is unique, so a one-size-fits-all approach won’t work; that is why working with a business coach, like Paul, can help a business find their unique strategy for achieving success.
For more information on Business and Brewskies events, small business resources, or other events happening in Boone County, please connect with the Boone EDC via Facebook, Twitter or Instagram or visit our website.