Saturday, March 21, 2009

37. PROFITABILITY SKILL SET:

Other ways to increase sales and profitability will require revisiting the action plan and entrepreneurial skill set.You will discover your strengths and weaknesses regarding your skills – what you need to focus on – that may not have been evident at the beginning. As time goes on you may have to modify your business idea to accommodate new realizations or developments. You may even need to spin off other ideas to create additional revenue streams. You may also need to look around for new business models if the older one you used becomes insufficient.

Your revenue model may also need reworking if you wish to add a new product or service or otherwise adjust your lineup. Your Cash Machine plan in itself may need reworking as well if and when new opportunities are discovered. You will most probably need to expand your team; you might need to add strategic partners or hire more professionals for instance. And it goes without saying that your marketing and sales plans will most probably need reworking as well.

You can create a Cash Machine and keep your 9 to 5 job! This is called straddling and it will enable you to amass secure benefits before taking the leap to focusing on your Cash Machine entirely.The Cash Machine action plan, therefore, is as follows:Discover the skills you already have. Generate a business idea based on those skills. Model the idea after a similar business. Test the sales potential through revenue modeling. Design a Cash Machine plan. Build a team. Develop the marketing and sales strategies.


On the first day of the meeting, Bud tried to explain to Tom the presence of Self-Deception and its tenacious hold on every human being. He asked Tom to think of a person in his previous company whom he believed to be an impediment to teamwork. This person was so full of himself that he’s a classic case for self-deception. Its grip was so strong yet so subtle as to be non-existent to this person with the problem.

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