Well, you have to sell enough stuff, you have to sell it at the right price, and you have to do the work efficiently enough. And anything you see in business and any type of business you see, the formula will always come back to those things. The right enough work, the right price, doing it efficiently.
And if you are in a business that’s failing right now, or you feel it’s failing, or if you’re really struggling to make the finances work in that business, then the chances are you aren’t doing one of those things that right, or you’re not doing all of those things, right. But there’s no magical solution.
It just comes down to addressing those factors. Obviously I’m oversimplifying something that’s quite complex. Like, you know, when you talk about efficiency in business, actually there’s a lot that goes on in the operations of a business to achieve that efficiency. If you’re talking about pricing, there’s actually a lot of thought that needs to be put into the business plan and business model to get that pricing right.
And if you’re talking about the volume of work you’ve got, well, there’s a lot of effort that needs to be put into the sales and marketing plan to make sure that you can maintain that volume of work at the right price. So, once you identify which of those factors it is that’s letting you down in your own business, then you can start going down the path of fixing that factor and unravelling everything that’s involved in fixing that factor.
But that’s why it’s really important to be aware of that simple formula. So thanks for watching this video and I’ll see you in the next video.