When I talk to business owners, they often ask what’s the most important thing they can do to improve your business. I tell these owners to look at the gap between the typical small business and the top earners.
Top earning businesses consistently earn over $365,000 net a year. And the business keeps right on making money even if the owner takes a two-month vacation.
Most small businesses, though, experience problems:
– Not enough profit
– Not enough sales or customers
– And the business depends to much on the owner
— What Do The Top Earning Small Businesses Do Differently?
Top earning businesses do three things differently.
First, they apply the model described in the E-myth series of books. The owner works on his business, not in his business.
Second, the owner applies the 80-20 rule. 80% of profits come from 20% of customers. The top earning owner focuses on this profitable 20%.
Third, the top earning owner makes sure he has access every day to accurate financial numbers. This owner knows that if you measure something you can manage it and if you can manage it you can improve it.
— How Do You Become One Of The Top Earning Small Businesses?
To become a top earner, the first step is to free up time so you can work on your business.
For most small businesses, paperwork chaos and bookkeeping hassles are the biggest time wasters.
With new technology, you can inexpensively go paperless in your office in 24 hours. And you can completely outsource your bookkeeping and accounting!
You free up huge chunks of time so you can start working on your business. And you get the accurate financial information you need to make profitable business decisions.
— Bottom Line
You’ve probably seen the UPS commercials about logistics.
UPS argues that small and mid-sized businesses don’t need a large warehouse, distribution center, or global network to access the new logistics. They just need UPS. UPS has already built the systems.
By tapping into those systems, you can operate your business with the heft of a big guy, no matter how big you actually are.
UPS is right!
Exactly the same logic applies to paperless office systems and to outsourced bookkeeping and accounting. The systems exist. And they are easily and inexpensively available to small and mid-sized businesses.
By outsourcing your bookkeeping and accounting, you get the accurate numbers you need to manage your business.
By going paperless and outsourcing your bookkeeping, you free up huge chunks of time.
You can spend that time growing your business!
You can start working on your business, not in your business.
You can analyze your business so you know, for example, which 20% of your customers are generating 80% of your profits. Then focus your efforts where they produce the greatest results.
Your small business achieves big leverage.
And you’ll have the accurate financial numbers you need to decide what’s working and what’s not.
You’ll be growing your business sales and income! And you’ll have less stress.