Finding your Profit Gap

It’s challenging and exciting being a business coach. I have the opportunity to work with a wide variety of businesses and business owners and I have never yet found any two to be remotely similar. This is where the fun part comes in though! Getting to find the profit gap in any business is literally like finding the gold at the end of the rainbow and often it is much easier to find than you would expect.
Helping my clients to find the profit gap in their businesses involves utilizing a series of questions aimed at pinpointing where a business could be making substantially more money but isn’t for one reason or another. It is not unheard of for a small business to find up to $10,000 more in just one month of trading if they know where to look.
To get you thinking about where the profit gaps may be in your business, here are some coaching questions to get started:
When is the last time you price checked your competitors to make sure you have not been left behind in your market?
When is the last time you had a full price increase for the services and products your business offers?
How are you measuring the productivity and return on investment of each member of your staff?
How do you know which services or products in your business are your “heroes” and how are you maximising their impact on your bottom line?
What incentives are you providing to your staff to ensure greater productivity is achieved?
How are you using your current database to market to your best customers – the ones who have already spent money in your business?
When is the last time you looked at the expenses in your business to see where you are paying too much for what you are getting?
And as a final thought, if you are spending more time working in your business rather than on your business, chances are you just have created a job and not built a business!