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Tag Archives: activities management

The Pareto Principle for Profit Improvement

The Pareto Principle (also known as the 80-20 rule) is named after an Italian economist named Vilfredo Pareto. While this principle can apply to many areas of business, let’s look at two possible applications in your small business: Possibility 1) 80% of your profits come from the top 20% of your customer base. Possibility 2) 80% of your custom... Continue reading

Establishing a Baseline for Business Growth

Measure your business activities and results properly and quantify your business growth Each of the following should be available to you for each month of the previous year as well as the total for last year: Revenue in dollars -          These numbers should be in your monthly income statement. If you don’t know them, ask you boo... Continue reading

There is No Magic Pill for Small Business Success

If we could just invent a magic pill that business owners could take to solve all their problems – our business problems would be solved too! And a lot of times, we come across business owners looking to us to provide the magic pill. While you might think they would be good clients, actually they are not. It never works unless the business owne... Continue reading

The Importance of Small Businesses

Saturday, October 20th 2012, Canada celebrates entrepreneurs and small business with the first Canada’s Small Business Saturday, an initiative by the CFIB (Canadian Federation of Independent Business) and Interac. Why is important to ‘fish in our own pond’? Doesn’t our livelihood come from our own community? Why would we take our local e... Continue reading

Non-Google Analytics

Google Analytics is a great (and free) tool for determining where your website leads are coming from. The analytics can help you determine to advertise in different ways: on LinkedIn, publish a blog or place an ad in your industry’s digital publication. When a potential customer show up at your website, Google Analytics will tell which advertisi... Continue reading

Financial Statements Versus Business Activities

I recently spent some time in California with a large accounting firm. We got on the topic of the financial statements. I asked them how their business clients embraced the financial statement discussions. The accounting firm of roughly 100 people and 8,000 clients shared a common frustration with me: “If we could just get our business client... Continue reading

How to Increase Profits Easily in Your Business

There are ripe profits stuck between the leads your business generates and the actual revenue dollars you convert from these leads. Pick the low hanging fruit A lead is created by your referrals, your marketing and advertising efforts, your location etc. It is a potential customer walking into your store, a phone call, a website hit or a cold-ca... Continue reading

A Quick Study on Increasing Your Business Revenues

As a business advisor, I often find myself contemplating the operations of a business and determining how I can use that information to help my clients. Although you may not agree with their approach, the concept used by the Dam Helicopter Company may assist you in increasing the average transaction value in your own business. This picture... Continue reading

Improve Profits by Monitoring Your Business Activities

Let's compare managing your business to coaching a hockey team. The income statement for the business is like the scoreboard for the hockey game. Both give you 'results'. If you run your business using the income statement it’s like coaching a hockey game by looking at the scoreboard. The results are a trailing indicator. Do this inste... Continue reading