How can I make more profit?

To business owners that want to make more profit. That are working hard to grow their business and make more money. This page will tell you how, by following 5 simple steps, you can finally answer the question “How can I make more profit?”

By following a simple, definite plan, your business will one day provide you with an income that you cannot outlive.

And before seeing this 5 step formula, Ryan was in a dark place.

His VAT bill hadn’t been paid.

He missed it not once, but twice.

And the payment plan he’d made with HMRC wasn’t getting paid either.

But that wasn’t the worst of it.

He was face to face, with every business owner’s biggest fear.

The one that keeps business owners awake at night.

You know, the “can’t switch off or think of anything else” feeling.

He had to choose which staff members he WASN’T going to pay at the end of the month. 

Then in the eleventh hour, he reached out to the team here at Action Coach and came across these 5 steps.

And everything changed.

In ways, he couldn’t have possibly imagined.

Within 6-months he:

• Had cleared the debts with HMRC and his suppliers.
• Was paying himself a gigantic salary.
• Created a passive income that would outlive him.
• Had more time to spend with his beautiful family doing all the things they hadn’t been able to afford before.
• And he finally understood how ANY business can make a strong profit.

All by doing something that he had always overlooked.

If you want to read more about how a business coach can help you specifically with finance just click here.

What are the 5 steps to making more profit?

Do you know what great entrepreneurs do?

They study other business owners…

… especially when those other entrepreneurs have been successful.

And in business, it’s easy to define “successful”: It’s more profit and a better bank balance.

Well, I’ve got some good news for you all here.

We are sharing a previously hidden cache of the 5 steps to making more profit. These came from some of the greatest businessmen and women of the last century. Warren Buffet and Elon Musk both contributed to these 5 steps.

… and they are complete with background stories about how they created them.

You can spend a lot of time tracking these little beasts down online, but you’ll never find all of them…

… and you’ll never find the stories behind them. So you won’t know which ones worked, how well they worked, or how they came to exist in the first place.

This little article includes lots of rare stuff.

If you’re hot to find out how these legendary 5 steps came into existence you’re gonna drool over this article.

How to make a profit – Step 1 – Remove Emotion

Warren Buffett, the Oracle of Omaha himself, says you gotta take your emotions out of the game if you wanna make money. Trust him,  he’s one of the most successful investors and entrepreneurs ever. And he gets it – it’s hard to take emotion out of the decision.

Making emotional decisions can cost you money because emotions can cloud your judgment. It might lead you to make decisions that are not in your best interest financially.

When you let your emotions take over, you become overly attached to a certain decision, even if it’s not the most profitable one.

It can lead to missed opportunities and decreased profits.

By taking emotions out of the equation, you can make more rational and objective decisions. The best decisions are based on facts and data. Not emotion.

Because ultimately, there’s nothing more important in a small business than making a profit.

After all, as Warren said, “Profit is a condition for survival“.

Step 2 – Learn the language

We drop you in France.

It’s a competition. And it’s all on the line.

£1 million in cash.

Tax-free.

You’re competing against one other person.

And all you have to do is make it to point B.

It’s 10 miles away.

But there’s a caveat.

No phones. No map. No technology.

You figure your probably just going to have to ask people how to get there. Hire a car, and put your foot down.

There’s just one problem.

And it’s a big one.

You don’t speak french.

And the other competitor, speaks fluent french.

Who’s likely to win?

The other person right?

Why?

Because they speak the language.

And you don’t.

The same is true in finance.

If you don’t speak the language. You are at serious risk.

Even just knowing the terminology could make a big difference.

A balance sheet can look like a maze you’ll never escape if you don’t understand the language.

Accounts receivable. Inventory. Creditors. Debtors. Liabilities.

What the hell does all that mean?

Well if they were called:

Outstanding invoices. Stock or materials. People to who you owe money. People that owe you money. And debts. You’d get it straight away, right?

You have to learn the language and understand how the decisions you make on a day to day, in operations, marketing, sales, or finance, impact the profitability and the bank balance of your business.

We wrote an article that let the cat out of the bag.

Step 3 – Sort your invoices out

Ryan had screwed up.

He hadn’t been doing it properly and he knew it.

He’d just been too busy.

Too busy to make a profit.

And it had cost him dearly.

He was on the verge of losing it all.

And he had no one else to blame.

It was all his fault.

But as soon as we’d uncovered this hidden gem.

His luck turned around. Immediately. (And he first came across this gem when he joined a business coaching programme after reading this article on why people use a business coach)

The number of outstanding invoices his company had, was climbing every month.

More people owed him money. And it was only getting worse.

But he didn’t know how to fix it.

Until he realised the 3 areas that, like lots of business owners, he’d neglected.

1. Getting invoices out straight away. His finance team was often taking more than a week to get invoices sent out.
2. Chasing outstanding invoices – Once they’d sent the invoices, they relied on the “automated reminder” on Xero. They never rang any of the outstanding invoices. They just left them. Sitting there collecting dust.
3. Track the number – He’d never even paid attention to how many invoices were outstanding. It was climbing month on month and he’d never even noticed.

When he took control of these 3 areas. The results were miraculous.

They had £67,892 in outstanding invoices for schools (that literally have money sat in the bank waiting to pay) they had done work for and that hadn’t been paid. (And a further £47,491 in invoices they hadn’t even sent!)

That same day, they rang all the schools that had outstanding invoices, and in just one afternoon £39,193 was paid.

The response usually went something like this “Oh sorry, of course, we’ll pay it straight away. We’re really sorry we missed this.”

It’s safe to say Ryan slept better that night.

And it’s also safe to say, our coaches kept on at him to make sure the rest of the money was collected. They never let him get in that position again.

 

Step 4 – Keep your stock low

This could be Elon Musks’ most important strategy. Did Tesla have thousands of cars sitting around gathering dust, and depreciating, whilst costing a fortune to store?

Hell no.

Elon seemed to invest early on in a very important (and profitable) strategy. Keep stock low.

For years, Tesla seemed to operate on a “made-to-order” basis. (Either that or they just had an insane amount of demand that they couldn’t supply).

What’s a “made-to-order” model?

You order the car, and they make it, and send it to you.

No excess stock. No storage fees.

You have to be just as mindful as Elon seems to be when it comes to keeping your stock low.

When you keep your stock levels low, you’re able to keep your storage costs low too. It’s a win-win situation. You’re not spending a fortune on storing lots of stock, and you’re able to keep more cash in your pocket.

Ryan had an obsession with having more stock than his competitors. The problem was, all of his cash was tied up in stock and the storage fees were insane. It was the right time for him to do something about it. (To read our article on “when you should hire a business coach“… and when you shouldn’t just click here).

Plus, reducing stock levels makes you more nimble and agile as a business. You can quickly adapt to changes in the market and customer demand.

And let’s be real, nobody wants to deal with the stress and headache of excess stock. So do yourself a favour and keep those stock levels lean and mean.

Step 5 – Control your spend

Think about it – every penny you spend is a penny that’s not going into your pocket.

If you’re throwing money around like it’s confetti, you’re not going to see the profit growth you’re looking for.

Ryan’s team was overspending on expenses. But the worst part of it all?

Ryan was too.

They were living the lash life.

Taking clients to expensive restaurants, just for fun.

Ordering unnecessary gadgets and gizmos for the office.

And spending on marketing strategies that were literally getting them NO RETURN ON INVESTMENT.

By controlling spending, you can cut unnecessary costs and keep more of your hard-earned cash.

It’s all about being smart and strategic with your spending. You can still make investments in your business, but make sure they’re worth it and will actually help you increase profits.

Ryan and his team instantly saved over £9,300 per month. Just by being a bit more careful and disciplined with what they were spending on.

How can you make more profit?

Now it’s your turn.

If like Ryan, you want to make more money, improve the bank balance and increase the profits of your business it’s time to do something about it.

Ryan didn’t know where to turn or what to do. Then he got in touch with Action Coach.

And you can do the same thing.

That way, you’ll:

👉 Learn how to make thousands of pounds, in cash, quickly. Just like Ryan.
👉 See how you can make 61% more profit in your business, clearly and quickly.
👉 Grow your business and personal bank balance without debt and expensive loans.
👉 Be first in line to get new, impactful strategies to improve your profitability.
👉 And best of all, go at your pace, not ours.