Many experts insist there are only 3 ways to bring more money into your business…
#1- Raise your prices
#2- Bring in more customers
#3- Sell more per customer
McDonald’s tried all three and based on their (2014) 4th Qtr. sales, none of the strategies kept customers from flocking to competitors like Shake Shack, Chipotle, and SmashBurger.
McDonald’s lost their way and woke up one day to find they had been dethroned because they forgot…
#4- Focus on what you do best!
To prevent “on demand disease” from drowning your profit and taking your company down with it, follow my Get P.A.I.D. formula:
- Participate. Spend your time on what you do best! Sounds simple but it’s not always easy when you wear multiple hats.
- Automate. There is a tool or plugin or widget or app for just about everything. Put tasks on autopilot but never ever trade quality for automation.
- Isolate. Eliminate tasks and services that overlap or are unnecessary. The process may be painful but it can quickly skyrocket your profits.
- Delegate. You cannot do everything! 3 keys to delegation success: train your employees, treat them well, and trust them!
Originally published by Linette Montae on LinkedIn February 17, 2015