Are Profit Killers Lurking at Your Business?

  • So what is denying goals being achieved?
  • Are you maximizing your time and efficiency as well as all resources?
  • Could profit killers be in the form of an unproductive employee that we hang on to too long?
  • When looking at the great entrepreneurs such as Jeff Bezos and Warren Buffett, what traits do they posses that delivers astronomical success?
  • Why is it that uber-successful entrepreneurs maximize their time so well?

TOP PROFIT KILLERS AT SMALL BUSINESSES

  1. Spending valuable time trying to collect receivables
  2. Writing off too much bad debt from customers
  3. Overstaffed
  4. Too much inventory causing waste and spoilage
  5. Inventory theft: Internal or external
  6. Mismanaged time
  7. Inefficient system and antiquated processes
  8. Prices too low
  9. Hanging on to a bad hire — Unwilling to cut that toxic employee that hurts the business.
  10. Hanging onto unprofitable customers
  11. Ignoring technology
  12. This is how we have always done it”
  13. Unnecessary meetings (that go on WAY too long)
  14. Outdated machinery
  15. Low morale: Unhappy & unmotivated employees
  16. Top Heavy: Too many Chiefs burning the bottom line
  17. Outdated facility or poor layout
  18. Bad location
  19. Poor marketing execution
  20. Overlooking price increases from vendors
  21. Production mistakes causing repairs and rework as well as unhappy customers
  22. Poor communication — internally and also externally
  23. Overinsured
  24. Employee turnover
  25. Poor employee attendance
  26. Under bidding quotes
  27. Over paying suppliers and vendors
  28. Poor negotiating skills
  29. Trying to service too much bank debt as well as choking on interest
  30. Taking on projects and customers that fall outside of your wheelhouse

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Curt Anderson

Curt Anderson

Passionately Manufacturing eCommerce Success. Stop by B2Btail https://b2btail.com/ — — Let’s connect on LinkedIn: https://www.linkedin.com/in/curtanderson-b2b/