What new profits are you missing?
Sometimes we can miss finding new profits hidden in plain sight. We become accustomed to the way things are, and repeat actions by rote. Take a chance. Take a look at your business with open eyes. Think creatively. You may be surprised to see the new opportunities to increase revenue, decrease expense, or build new strategic relationships. Consider the following three approaches to finding new profits:
- Invest the time to review your processes. Track the steps, and what happens at each step. Create a flow chart. Then review it. What doesn’t make sense? Where is there action taken, which is not necessary? There are almost always opportunities to streamline work, with no negative impact. Someone might take hours to file things alphabetically, when just putting the whole stack into a file every day is equally effective.
- What do you throw away? Are there opportunities for repurposing discards? Aldi’s supermarkets offer empty boxes to customers, to haul out their groceries. Aldi’s doesn’t have to worry about breaking down or disposing of boxes; their customers do the work for them, and are happy to do so. The Crazy Horse Monument offers free souvenir rocks, which have been blasted from their construction project. Visitors get a free memento, and every rock adopted is one less to be hauled away. Think like a chef. Bread pudding, tortilla soup and a host of other favorite foods are the products of creative repurposing.
- How can you get creative? How can you achieve the same end product with a different approach? I worked at a hospital which made homemade chicken soup every day, from chicken carcasses. The used carcasses created volumes of waste, and an odor problem in the dumpster. In a budget crisis, the chef creatively cut costs by purchasing whole chickens rather than carcasses. Because he needed fewer chickens, he actually achieved significant dollar savings. Besides this, he used the chicken meat to make chicken salad, which was sold in the employee cafeteria, generating additional revenue. As an additional benefit, there was less waste in the dumpster, and significantly less odor. It was a win all around.
Finding new profits doesn’t have to be a painful, extended exercise. Often, new profit opportunities are available, immediately, in plain sight. Take the time to take a fresh look. If you’re at a loss for new ideas, consider a peer mastermind group. Often solutions which are hidden from us are immediately evident to others, looking in. If a group setting is uncomfortable for you, consider working with a trusted advisor. Find the opportunities and find new profits which are hidden in your business.