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Posted on Mon, 12/26/2011 - 02:10 PM by
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This time of year many business owners revisit goals and objectives for the coming year. I know that I do and it’s a practice that helps me focus on what’s really important all the way to the task level.  Mr.Thomas via Flickr CC I know every business hopes in the end to make a profit, but few make it a measure of success. I also know that may times small business owners look at what they pay themselves as profit, but here’s the problem with that. What you pay yourself is what you get paid for doing a job. Profit is what you gain from the investment of your time, talent and in some cases blood and guts. Without profit what you’ve created is a really, really hard job. In fact, one of the saddest things I encounter is a small business owner working their tail off with no profit to show and compensation far below what someone else would ever suggest they do the work for. So many businesses get fixated on growth, but revenue growth without profit is simply more work. Set goals for profit levels and make decisions based on growing profit. Profit is the measure of the return on your investment. Profit is how you build something you can sell. Few others are crazy enough to buy your job, but profit is the demonstration that yours is more than a job. You must start to make profit, over above your fair market wage, a primary goal for the immediate and long term future health of your business. My recommendation is that your pick up Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential It’s a great way to start understanding this important topic in plain English. MORE NEWS FROM DUCT TAPE MARKETINGWhat If Your Customers Could Talk to Your CRMI spend a lot of time talking to and about the stuff that we do to make it work now. So sometimes it’s a real treat to get to talk to someone that’s so far out ahead of most of us in their thinking that you pretty much just listen with your mouth open when they talk. (I would put my conversati... Who Doesn’t Need Great Free Stuff?Next week is National Small Business Week in the United States and to help celebrate all things small business I’m holding a live webcast where, among other things, I’m going to give a number of lucky participants some awesome business tools like: A copy of Premise Landing Page Softwa... 5 Reasons Why Landing Pages Are a MustOnline marketers have used the term “landing page” for many years to describe a sales tactic focused on getting people to take one, specific action. Today, landing pages have simply become a required element in the marketing toolbox for every imaginable business, including local brick and mort... 13 Questions That Will Lead You To Your Perfect Marketing StrategyPlenty of startups try to determine the perfect business model to take to market only to find that the market doesn’t need, want or understand what they are presenting. The fact is most books or courses on business models take this into consideration by suggesting trial and error scenarios and m... 5 Non Spammy Ways To Get a Blogger’s AttentionEveryone, from PR firms to individuals with a product to sell, pitches bloggers these days. Getting coverage or exposure for your business by way of a number of highly read blogs should be a foundational element of your PR approach. So, I thought I would share of few of my thoughts on the most eff... RELATED SMALL BUSINESS NEWSWhy I’m Not Sure Google Will “Nail” the Places-Plus IntegrationDavid Mihm wrote an epic post earlier this week about the eventual merge/integration of Google Places and Google Plus. (It would help if you read that post before continuing on here.) SBSM Flashback: May 2011For those of you who are new SBSM readers & subscribers, here’s a list of noteworthy posts you probably missed from one year ago. I try to put together a post like this each month to introduce new readers to old content that might be worth reading. Your ValueElectricity is free, but we pay energy companies to harness it. Water is free, but we pay for the privilege of filtering. Air is free, but we pay for the solution of conditioning it for summers in our homes. Natural gas is free, but we pay for the importance of safety in its use. Oil is free, but we... The Indescribable AngerToday I want to talk about something I haven’t mentioned on this blog. In fact, I rarely mention this in real life, either. But I have a feeling I’m not the only one with this problem–and I think it will do some good to finally speak about it openly. Join @GaryVee and @AmberMac in Toronto July 26 for Social Mix 2012If you’re in the Toronto, Ontario area on July 26, make sure you keep the day free for what promises to be one of the city’s leading social media and business events this year. Top business and marketing folks Gary Vaynerchuk and Amber Mac will be keynoting at the inaugural Social Mix, ... |
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