There are two basic elements to running a profitable business: income and expense. You have much less control over the income; however, there is usually more emphasis towards increasing the income. You’ll find that controlling expenses is just as important as increasing income when trying to improve profitability. You could be making large amounts of sales, but if you aren’t controlling your costs, it will kill your profitability.  

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1. Poor Sales Performance - Nothing happens without a sale! If you don’t have a sales process or are using only one strategy, your sales performance and profits will struggle. What are you doing to increase sales? Are you tracking and measuring your daily performance?

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Olympic Gold Medalist Michael Phelps is an amazing swimmer. He holds the record for the most gold medals won at a single Olympics with a total of eight. He also holds seven world records and 14 career Olympic gold medals, the most won by any Olympian. Overall, Phelps has won 16 Olympic medals and 48 career medals: 40 gold, 6 silvers, and 2 bronze. How did he do it?

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