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5 Crucial Questions That Can Increase Your Profits

Ask any business owner and they will tell you how important delegation is in managing their business. However, you would be confused when you see the same business owner completing low-impact work each day. In his book the E-Myth Michael Gerber describes two distinctive roles a business owner represents, the Technician and the Entrepreneur.

The Technician represents the tactical view of the business not the strategic view. Completing work does little to create business value. If the business is dependent on the owner, then the owner doesn’t own a business, he or she owns a job. The business’ growth is limited by how much the owner can accomplish themselves.

The Entrepreneur creates the vision and direction for the business. This is the Highest Impact activity for the business owner and the business.

You’ll want to figure out what’s not working, too, so you can determine why that doesn’t work or how you could improve or replace your process. If neither is possible, just stop doing that.

Finally, ask yourself the question, “How can I do better?”

Albert Einstein once said, “It’s impossible to solve a problem with the same kind of thinking that created it.” So, you might need some help on this one. Your best resource is to talk with someone who has faced these issues before and found effective solutions for them.

True entrepreneurs never waste time or energy re-inventing the wheel. They just go and talk with the guy who created the wheel in the first place.

Here’s a tip that seasoned business owners use:

When reviewing business strategies, most people come from the “What’s wrong and how can I fix it” perspective.

Here’s a better idea:

Start from “What’s right about this issue?” When you come from a positive perspective, your creativity for problem solving is switched on and in alignment before your start. This creativity could very well transform your business from a good business into a fantastic business! Let’s look at how.

The Five Right Questions

Asking yourself these questions will lead you to the answers you seek:

  1. What's right about this issue/situation/strategy? Get clarity on the task at hand.

  2. What makes it right? Get specific. What is it about those things that makes it an effective process for this situation?

  3. What would be ideal? Get creative. What would be the absolute ideal strategy/solution for this issue?

  4. What's missing that could bring about the ideal situation? Get resourceful. What do we need to find, create, add, or invent to reach this ideal?

  5. What will it take to put in what's missing, so we can bring about the ideal? Get busy. What is it going to take to make this issue/strategy/situation ideal?

Using the “What’s right?” perspective will, over time, change your complete mindset for everything - not just your business, but your personal and family life, too. Just think of how many conflicts occur each day in the home where the words “What’s wrong” describe their mindset.

Try it yourself the very next time a conflict shows up in your life and see how different your whole attitude becomes immediately.

CEO COSULTING can collaborate with you to address the challenges in your business, which is limiting its financial value. The Pathway to Success starts with the COSULTING Business Valuation, which allows you an affordable and online business valuation option, so you know what your business is worth. It is the road map for you to develop and implement financial benchmarks and strategic initiative to increase your profits and cash flow, so you can maximize your business’ value. Lets get together so you begin your Pathway to Success and release the full potential of your business.

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