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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 2 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.


The Entrepreneur is obsessed with building a business that works without them. The Entrepreneur prepares their company for growth by building a foundation and structure that can carry the weight imposed by growth.


So, what could you accomplish if you were mostly Entrepreneur and asked yourself how can I do better?


If you want greater profits and growth from your business, it’s important to perform regular and specific reviews of all aspects of your business.


You’ll want to know what’s working, what’s working the best, and how you can do more of that.


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.


30 Day Reviews

It would be good business practice to sit down every 30 days and review the answers to these questions:


  1. What action did I take this month to support my business?

  2. What action did I take this month to grow my business?

  3. What action did I take this month to improve my effectiveness?

  4. What action did I take this month to improve my efficiency?

  5. What specific results have I created this month through my efforts?

  6. How can I do better next month?


Onward and Upward

The truth is, the more decisions you make and the more action you take, the more efficient you become. And the more efficient you become, the better results you’ll create. Plus, it will take you progressively less time to achieve those results!


This is why seeking the advice of seasoned professionals is a key strategy in creating a fantastic business! Talk to fellow entrepreneurs and ask their advice.


The really smart ones will suggest you hire a Coach. All the most seasoned entrepreneurs have at least one Coach. Ask for a referral if you can.

A Coach can help you make profitable decisions, take effective actions, and streamline your thinking. It’s like having a business partner that you don’t have to split the profits with. Or having a high value employee without having to pay for taxes and medical benefits. It will save you more money than it costs!


So, making greater profits in your business comes down to these important questions: What’s working? What’s not? How can I do better? Answer these on a regular basis and reap the benefits!