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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

Since it’s the beginning of a new calendar year, it’s a great time to make sure your business has a baseline for measuring growth in 2013. If you can measure your activities and results properly, you can quantify your growth. Each of the following should be available to you for each month of last year as well as the total for last year: Reven... 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 (free) tool for determining where your website leads are coming from. You can decide 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 advertising source created the lead.... Continue reading

Understanding the Language of Accountants

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 clients ... Continue reading

Happy Anniversary to Us!

The Business Therapist Inc. has reached another big milestone. April 21, 2012 is the one year anniversary of the launch of our website and blog! This is a great time to reflect and revisit our purpose in the digital world. We focus on two main objectives with our content – One is about 'business' and the second is about 'therapist'. 1)  ... Continue reading

Focusing on Customer Retention is Profitable

If you would like to increase the number of customers your business has, the default thinking is to add more new customers. This is your customer acquisition rate. If you start the year with 1,000 customers and your acquisition rate is 15%, you can’t assume your customer count will go up to 1,150. The reason is that you also will lose customers ... Continue reading

Should Your Business Offer a Guarantee?

When a potential customer considers purchasing from your business, are there a number of risks to completing the purchase? Will the product or service solve the problem they have? Will it meet the needs or wants of the customer? Will the benefits outweigh the costs? When you provide a guarantee, you remove the risks to the potential purchaser and... Continue reading

How to Increase Profits Easily in Your Business

Every business has some 'low hanging fruit' to pick. There are ripe profits stuck between the leads your business generates and the actual revenue dollars you convert from these leads. 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... Continue reading