Let’s face it, if you are in business, it’s for the money plain and simple. While I’m sure that there are some people out there who feel like business is a good hobby they like to engage in, those people are few and far between. So, lets talk about you and your desire to increase your profits, or to have any profit at all. What I’m going to ask that you do is think of profit as something that already exists out there in the market. Guess what? Even at times like these, someone somewhere is making a profit, someone has always made a profit. Why? Because consumers have always consumed something that they wanted or needed. Let’s start with the assumption that you have something people want or need. All you have to do is create a business where the profit is going and collect it.

• Take Inventory of Your Resources

Pop Quiz! If one hundred of your customers were polled what would most of them say they like best about your business? Who are your strongest employees and why? Constantly reflect on the condition of your business as well as the level and condition of your resources. Reading  [1] SWOT ‘Em and using the method is a good way to reveal many of your resources and their condition.

• What’s the Plan?

Where are you going? How are you growing your customer base, your employees, and your operations? If you only plan just to make it through the day then your business will reflect that. Planing your business’s future is one of those things that if you can’t do, or don’t have the time to do can affect the chance of your business being successful long term.

• Business is Your Business

Don’t be surprised by the statement that many business owners have very little training or experience in owning a business. With that, its difficult for them to know what it is that they need to know unless they have a very inquisitive nature. Want to know why your cost of business is going up? One of those reasons could be that the cost of business went up for one of the business’s you interact with. Well what made that happen? It could be the cost of a raw material, taxes, or other factors. Knowing more about how businesses relate to each other helps to anticipate some changes that can impact your business.

• Ride the wave

Choosing not to evolve is a gamble that many good businesses lose everything on. If you look around i’m sure you can see where the profit is going. We are in the Age of Communication where the ability to spread information quickly around the globe can transform a society. The next time you travel along a major highway take a look at the billboards and have a moment of critical thought. Yes, some can change the advertisement digitally! There is a big old tsunami of technology coming and you can get on the boat or drown.

• Make the waves

Sometimes the situation requires a “hail-mary” play. What can you do when riding the wave wont get you noticed? When the competition has had more time to refine their rendition? The only answer at that point is pure innovation. Tap into the pulse of your customer base and give them what they didn’t know they wanted yet. In business when you mix great innovation with outstanding marketing I call that “Profit Bait”.

• Talk to weirdo’s

You know when you go to purchase a game or movie, that one person you regret asking for help because now after the ten minute explanation you are even more confused. That person is a walking Wikipedia, or knows someone who is so talk to them. If you want to know what the new trend, fad, technology, or to brush up on your terminology trust me they know. Use that information to help you anticipate where the profits are going. When you get there just make sure you brought your product or service that is wanted or needed and “voila” like shooting fish in a barrel.