How To Increase Your Net Profit by over 500% in just one year
Case Study: Rob's Path to Success
Rob has always been a dedicated entrepreneur, deeply committed to both his business and his family. However, he reached a point where he needed to make some strategic changes to achieve his personal and professional goals.
Challenges:
When Rob came to me, his top challenges were like most business owners: They were all around Time, Team and Money.
- Time Management: Rob found himself constantly torn between the demands of his growing business and his desire to spend quality time with his loved ones.
- Business Decision-Making: He often faced challenging business decisions and needed to gain more control over his operations to ensure the company's growth and sustainability.
- Future Freedom: Rob aspired to secure his and his family's financial future, so he needed to develop leveraged strategies for long-term financial independence.
Rob's Situation
When Rob came to me, he was overwhelmed and overworked.
- He was working 60 hours in the business each week, leaving him physically and mentally exhausted
- He needed to step back in the business so he could leverage his work and spend less time working
- He had no time to work ON his business as he was too busy working IN it
- He had no-one to delegate to, or that he could trust to do the job to the equivalent standard that he would
- He needed to increase his net profit to reflect the time, energy and money invested in his business
- When Rob first came to me in 2022, his annual turnover was around $600k and his Net Profit only $50k (8% Net Profit)
Desired Outcomes
- Creating More Time for Loved Ones: Rob recognized that in order to strike a balance between his work and personal life, he needed to delegate tasks and streamline his business operations.
- Business Decision-Making: Rob realised that having a solid business plan and decision-making process was essential for the growth of his business. He set up regular strategy meetings with his team and sought coaching accountability and advice from industry experts. This empowered him to make informed choices that positively impacted the company.
- Leveraging Success for Future Freedom: We tailored Rob's business plan to align his Outcomes, with his Goals, Strategies and Actions and these all tied in with his Financial Targets.
Key Strategies
Through a targeted approach to his business growth, Rob implemented 7 main strategies that directly impacted his bottom line. He invested 1 day per month to work on his business, employed a team member to delegate to, and invested $15k per year for business coaching services to assist with implementation of his business plan.
- Increased price and service
- Created a budget aligned with his business plan
- Moved his contractor to a full time employee
- Outsourced his bookkeeping
- Changed his payment terms
- Identified his ABC clients and honed in on the right target market
Results:
As a result of these strategic changes, Rob not only increased his Net Profit to over 500% but he has transformed his life.
- He now enjoys more quality time with his family, strengthening their relationships and creating cherished memories.
- His business has become more efficient and profitable, leading to substantial growth.
- Rob is continuing to create wealth and secure a bright future for himself and his loved ones.
- Rob's 2022/23 financial year numbers were significantly different to his 2021/2022 financials. In just one year, his annual revenue increased by 87% to $1.12M and his net profit increased by 556% to $332,587!
Summary:
Through Strategic Coaching, Accountability and Education, Rob achieved incredible results in just 12 short months. He now has the freedom of more time, better choices and being able to leverage the results in his business.
Rob's journey demonstrates that as a business owner or entrepreneur, it's crucial to align your strategies with your long-term goals.
By creating a tailored business plan and addressing the challenges you face, you can achieve success not only in your business but also in your personal life.
To create your own Business Plan, check out the details of what I offer in my 2-day Business Planning Workshop , with upcoming event dates here.
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