Profitability is not a option for a business owner.  In hard times, we need to plug every hole, regardless of the circumstances. This plus a strong service will ensure a more sustainable future.

Here’s a list of 30 drains that will eat your profitability alive if you let them –

1. Paternalism
2. Nepotism
3. Poor Morale
4. No Track
5. No Cash
6. High Inventory
7. Discounts Lost
8. bad Advertising
9. Credit Losses
10. Wrong Service
11. Under Performing Market Niche
12. Accounting Error
13. Missing Information
14. Outmoded technology
15. Poor communication
16. Overpayments
17. Poor buying
18. Excessive benefits
19. Excessive décor
20. Company cars
21. Airline tickets
22. Overpaying for tickets
23. Overstaffed
24. Poorly staffed
25. Poor location
26. Plan is weak
27. Over leveraged
28. Owner borrowing from business
29. Poor compensation package
30. Fixing problems with a bandage

Carpe diem,

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One of the most powerful things in your life is your vision (or lack thereof) and your perceived mission. To help crystallize direction for your life and business develop a personal mission statement. Ask yourself what you alone you can do. Not what can you do, but what is it that won’t get done if you alone don’t or won’t do it.

Here’s a simple guide to developing your personal mission statement -

Definition of Mission - The special duty or function for which someone is sent as a messenger or representative; and the special task or purpose for which a person is apparently destined in life; a calling.

What is your personal mission statement? - Your personal mission statement focuses on the special purpose you want to achieve in your life and the special approach you will take to achieve it. It is the consequence of your mission being achieved. It is a description of how the world will be after you’ve traveled through it.

A clarifying question - “If we were meeting back here on ______________________, and you were looking back over the preceding ______________, what would have to have happened during those years for you to feel really good about yourself, your life, and the fulfillment of your personal vision?”

Answer this question to state your Personal Mission Statement- “My unique mission is…”

Once we have vision and mission clearly identified, it becomes very easy to make life changing decisions. Whenever I am faced with a fork in the road of life, The answers will simply fall into place when I simply weigh my options against my vision and mission and ask – “Is this in line with who I am?” and “Does this bring me closer to where I know I need to go?”

Carpe diem,