Thrive, Survive or Dive - Kevin

Kevin Nott , M.A. Business Strategy Coach [email_address] (801) 850-1716 www.GetProfitPointed.com

Thrive, Survive or Dive Keys to Building a Profitable Business

What is a Business Worth? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Build a Business of Value ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Would you expect someone without the proper tools and adequate training to build a house?

Is it reasonable to expect someone to build and manage a successful business without the right tools and knowledge?

Key Questions to Ask ,[object Object],[object Object],[object Object]

Thrive, Survive or Dive? ,[object Object],[object Object],[object Object]

What Makes the Difference? ,[object Object],[object Object]

What is Profit Point? ,[object Object],[object Object],[object Object],[object Object]

Key Profit Point Factors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Profit Point Question ,[object Object]

Profit Point Revenue Formula Fixed Cost $ ---------------------- Gross Margin %

Profit Point Example $10,000 (Fixed Costs) ----------------------------- 50% (Gross Margin) = $20,000

Profit Point Unit Formula Profit Point Revenue ---------------------- Price per Unit

Profit Point Example $20,000 (Profit Point $) ----------------------------- $1000 (Unit Price) = 20 Units

Test Yourself ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Furnaces, Inc. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Profit Point Example $20,000 (Fixed Costs) ----------------------------------- 40% (Gross Margin) = $50,000 $50,000 (Sales) -------------------------- $2,500 (Unit Price) = 20 Furnaces

But I don't want to just break even! ,[object Object]

Profit Dollar Revenue Target Fixed Cost $ + Profit $ --------------------------- Gross Margin %

Furnaces, Inc. $20,000 + $5,000 (Profit) ----------------------------------- 40% = $62,500 $62,500 -------------------------- $2,500 = 25 Furnaces

Profit Percent Revenue Target Fixed Cost $ ---------------------------- Gross Margin % - Profit %

Furnaces, Inc. $20,000 ----------------------------------- 40% - 10% (Profit) = $66,667 $66,667 -------------------------- $2,500 = 27 Furnaces

Managing the Profit Point ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Comparing Competing Products Fixed Costs = $20,000 Desired Profit = $5,000

Items that must be considered ,[object Object],[object Object],[object Object],[object Object]

It's About Profit ,[object Object],[object Object],[object Object]

Key Driving Principles of Profit Point ,[object Object],[object Object],[object Object],[object Object],[object Object]

Step 1: Know Your Numbers ,[object Object],[object Object],[object Object],[object Object]

Numbers You Need to Know ,[object Object],[object Object],[object Object],[object Object]

What you need to know about Accounting ,[object Object],[object Object],[object Object]

Marketing Numbers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sales Numbers ,[object Object],[object Object],[object Object],[object Object]

Production Numbers ,[object Object],[object Object],[object Object],[object Object],[object Object]

Profit Point Exercise Estimating Revenue

Step 2: Set Your Course ,[object Object],[object Object],[object Object]

Strategic Planning ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategic Direction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategy Selection Matrix Price Speed Quality Service Customer / Market Product Capacity

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Define the Business

Identify Strategy Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object]

Strategy Fit Matrix Meets Customer Wants / Needs High Low Internal Capabilities High Winner Temptation (Solution seeking a problem) Low Challenge Foolish

Aligning around the Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Step 3: Create Opportunities ,[object Object],[object Object],[object Object]

We Call it Marketing ,[object Object],[object Object],[object Object],[object Object],[object Object]

What You Need to Know ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Marketing Process ,[object Object],[object Object],[object Object],[object Object]

Create the Product ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Marketing Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tools for Communicating with Customers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Profit Point Exercise ,[object Object]

Step 4: Sell for Profit ,[object Object],[object Object],[object Object]

Getting a customer to buy ,[object Object],[object Object],[object Object],[object Object],[object Object]

What You Need to Know ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Sales Process ,[object Object],[object Object],[object Object],[object Object],[object Object]

Formal Sales Presentation ,[object Object],[object Object],[object Object],[object Object],[object Object]

Profit Point Exercise Sales Process

Step 5: Manage the Work ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Key is Labor Management ,[object Object],[object Object],[object Object],[object Object],[object Object]

Labor Management and Profit Point ,[object Object],[object Object],[object Object],[object Object]

What You Need to Know about Labor Management ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Employment Tools ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Get to the Point! ,[object Object],[object Object],[object Object],[object Object]

Thrive, Survive or Dive - Kevin

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