You have probably seen in my byline, I help entrepreneurs and small business owners find hidden profits.
As the economies take a nose dive and the business environment becomes more frightening than it has been for fifteen or more years (some say this could be the worst time since the Great Depression in the 1930s), now is the time to find your hidden profits.
What Are Hidden Profits?
Hidden profit is profit that your business could (and should) be earning if you hadn't missed a profit opportunity.
You see I believe (and research supports my beliefs) that businesses miss a fortune because they:
- Don't see profit opportunities.
- See but don't try to take advantage of profit opportunities.
- Try to seize the profit opportunity but do it in a half hearted way that lacks commitment, determination and intent.
- Give up on great ideas that used to work.
Each of these factors mean that potential profit is lost. It is hidden from the view of the entrepreneur but the opportunities are still there to find these hidden profits.
Why is Finding Hidden Profit Important?
If you believe you are operating at 90% of your optimum profits then the idea of hidden profits may not be important to you at all.
It's never possible to make 100% because of time restrictions so if you are making £90,000 profit per year and you think you are at 90% of the potential, the hidden profit is only £10,000.
It's a nice prize but not really one that's exciting enough to motivate you to take action.
But what if, after completing my Hidden Profit Audit you find that you are only working at 10% of your profit potential.
So if you are already making £90,000, you find that you have the potential to make £900,000 - a whopping £810,000 extra.
Sounds more interesting doesn't it?
OK, we may not be able to get you to 100% but what about to 50% of your profit potential - that's still an extra £360,000!
Perhaps the numbers are too big and you are thinking "that sounds good for some people but it's not me".
What if the keys to the hidden profit treasure chest could be unlocked and find you 100% more, or 50% more? Or even, given how tough I expect the economy to be over the next couple of years, just keep you at the same comfortable level you've got used to over the good years?
This idea of hidden profits does get interesting and I believe there are hidden profit opportunities in nearly every business.
Where Are The Hidden Profits?
You can discover your own treasure chest of hidden profit opportunities in any or all of the following areas:
- Increasing the customers' purchase values at the point of purchase.
- Educating customers to understand why they benefit from buying more frequently.
- Expanding your customers buying habits to include more of your products through the relationship.
- Introducing valuable products from strategic partners which complement what you provide.
- Delivering stellar customer service so your customers are so loyal, they see the chance of buying from your competitors as far too risky to be considered.
- Reactivating old customers who fell out of the habit of buying from you.
- Encouraging your customers to recommend you to other people they know who need the benefits you provide.
- Developing and communicating a clear competitive advantage so customers and prospects know what is unique about you.
- Cutting out the wasted time, effort and cost in your marketing.
- Being crystal clear on where you will take the business so you don't waste time chasing irrelevant opportunities.
- Making the best use of your time by cutting out low pay-off activities by eliminating, delegating or outsourcing the tasks.
- Systemising your processes to ensure consistency in what is done inside and outside your business.
- Incrementally improving your business processes by eliminating time, effort, resources and cost.
- Identifying problems and opportunities early. Solve the problems while they are still small and seize opportunities before your competitors.
- Recognising constraints and their impact on your business and optimising the use of these scarce resources.
Did any of those connect with you as possible opportunities for extra profit in your business?
Hidden Profit Audit
I will be putting together a hidden profit audit for you to download to give you a chance to assess how much extra profit potential there is in your business. (My email subscribers will receive this automatically).
Helping You To Find Hidden Profit
If you are in the UK, I'd obviously like you to think of using my business coaching services to help you find your hidden profits and then implement and improve how you seize these profit opportunities.
Other Resources For Hidden Profit
The master of finding profitable opportunities is Jay Abraham and I strongly recommend his book "Getting Everything You Can Out Of All You've Got" (Amazon.com or Amazon.co.uk).
For a step by step guide to how to take advantage of hidden profit opportunities, I recommend Scott Hallman's Small Business Growth Club. This is the business resource I would buy before any other.
If that's too pricey, I recommend you try this offer.
Disclosure - I am an affiliate for Amazon and the Small Business Growth Club. If you click through on my link and then buy, I am paid a commission.