Happy Holidays and a very prosperous New Year. This is our first article of our January newsletter to start 2015, which will be posted in installments throughout the month. This newsletter is, as most of our letters will be, focused on growth, profitability and cashing-in.

10 Rules for Making Money – A subject that is always close to a business owner is how to make money. Here are 10 rules on how to make money (BE PROFITABLE)

  1. CHOOSE the right people to form your core team for both management and operations as as well as administration. This is key, because you can have the best plan but if you do not have the right people on the bus, you generally will not get the results you anticipate or should get.
  2. PLAN – There should always be a business plan that a management team should agree to an follow as a blueprint for successful business.
  3. IMPLEMENT the plan and follow through – implementation of the plan in a timely manner is another key step in achieving profitability. If the plan cannot successfully be implemented, then you need to determine why it did not work.
  4. ANALYZE the results, metrics, benchmarks, and processes to determine what went wrong.
  5. ADMIT when you are wrong. When the plan or component of the plan is wrong, change it. Do not be afraid to admit that something is wrong. Fix it and move on.
  6. REVISE PLAN. Management should make the adjustments needed, whether it is to the plan, process, or how realistic benchmarks are. Make the changes.
  7. IMPLEMENT NEW COMPONENTS & FOLLOW UP. Repeat the implementation process and follow through on the results, processes and various benchmarks set.
  8. RE-ANALYZE the results and various metrics and determine that everything is operating and achieving planned profitability.
  9. CAPITALIZE on the right formula.
  10. BE ENTREPRENEURIAL. Continue providing vision and direction; be inventive and do not be afraid of taking risks

So, to sum up how to make money, you must:
  • Plan
  • Analyze
  • Implement
  • Be entrepreneurial