- Understand what your true level of current profit is.
- Know what your true level of profit should be.
- Analyse which customers, markets and products generate profit, which don’t and what you should do about them all.
- Focus on those areas of your Family Business that maximise profit.
- Identify the costs in your business and ensure they are managed efficiently and for the betterment of the Family Business.
What you can measure, you can manage. When you better understand the elements that make up profit in your Family Business, you can better understand the processes and actions you must engage in to maximise your profit return.
By maximising profit you:
- Create and build the Goodwill inside of your Family Business.
- Make your Bank confident that your Family Business continues to remain a viable lending risk.
- Build wealth inside of the Family Business – which fuels Wealth Creation outside of the Family Business.
- Cultivate a positive mindset amongst that Family that you are on the right track in your Family Business journey.