Today we're going to dig into two surprising ways to grow your small business for even more profit and greater peace.
Most business owners I work with are in one of three stages of business ownership and trying to achieve the next:
One, start up and survive.
Two, grow and survive.
Three, sell and survive.
This illustration may be over-simplistic but I suspect it's more on point than off. What we'll be covering in today's mini training is most applicable for business owners in stages two and three and should be a goal for those of you in stage one.
It's no secret that small businesses fail at an alarming rate. I'll spare the questionable statistics -- Is it 4 percent success rate or 10? -- I'll simply say that most fail within five years. The rest fail in the subsequent five years and Verne Harnish, author of Scaling Up, observes that of the ones that do succeed, only 4 percent of small businesses in the United States even exceed $1 million dollars in revenue.
Today we're going to talk about 2 simple tips to maximize your profitable small business for even more productivity, profitability, and peace.
It's my goal that you'll walk away with two easy actions that you can take within five minutes of reading to get yourself even closer to your maximum profit.
And in case we're meeting for the first time, my name is Katie Milton Jordan, your Texas Business Broker. Small business owners hire me to get top dollar for their profitable small business from the perfect buyer confidentially.
If you really knew me, you'd know that one of the ways I'm different from my competition is that I am a professional trained and certified life coach and prior to my partnership with Texas Business Buyers, I ran a private coaching practice working with entrepreneurs to maximize their potential. My coaching tools and coaching approach help my clients to make wise, confident business decisions that are in alignment with their best life.
I'm also a small business owner just like you! I purchased my first business in 2010 and currently own and operate an offshore sport fishing operation with my husband. If you're not opposed to a shameless plug, you're welcome to check out MegaBiteSportFishing.com and visit us on South Padre Island for a good time.
Without further delay, let's get into it.
(Alternatively, you're welcome to listen to the audio below 👇️👇️👇️)
Today I'm inspired by…
...the morning sunlight streaming in my living room windows
...the scent of essential oils in my diffuser
...the work ethic of my husband
...the caffeine coursing through my bloodstream
...and the visions of an even brighter future
A few months ago I was doing a leadership project with my colleagues and classmates in Leadership Kerr County and we were asked:
What would you do if you were 10x bolder?
Many of my classmates responded:
...quit my full time job and open a bakery
...become a licensed fishing captain and run a boat in the gulf
...tell my micromanaging boss to back off
...start a non profit
Gratefully, I responded:
...exactly what I am doing right now. Helping business owners and leaders maximize their potential. There’s no other metaphorical sandbox in the world I’d rather be playing in.
It was during that moment that I became even more connected to my purpose and my why. As with most things, it’s still evolving.
For example, I was recently thinking about money and the abundance vs poverty mentality and was struck by a quote that said something along the lines of:
Money simply buys back your time.
I began to think of all the things I’d do if I had all the money in the world and the quote was right! All the things I would do directly impacted my time.
For example I would:
...hire a housekeeper
...hire a personal chef
...hire a team so that my business could run in my absence and I could take a damn vacation!
This line of thinking led me to a few additional thoughts:
...we frequently trade our time for money >> work, debt
..would we be “richer” if we had no/less debt?
..what might that look like?
And finally, to wrap, an article I read this morning on the most popular class in Yale’s 300 year history is a course on happiness.
“Yale professor Laurie Santos tells Nerdette that research shows happy people on average tend to prioritize time in their lives for people they really care about.”
How are you spending your time? What's inspiring you today?
And if you really knew me, you'd know that I am as passionate and curious about businesses as the entrepreneurs that run them-- which is why I'm compiling a list of remarkable Texas businesses and I'd like your help!
We are fortunate in Texas -- especially in the Hill Country -- to have one of the world's strongest economies! Thankfully for us that means that we have local access to some of the world's most remarkable products and services.
Take a moment to consider a product or service that you have used or purchased in the last 6 months from a Texas owned and operated business that made a positive impression on you?
Below are a few of my favorites (in no particular order) and I'd like to hear you your thoughts. Get in touch or comment below with your most favorite remarkable Texas business!
1. H.E.B. Grocery Store
2. Tecovas Handmade Cowboy Boots
3. Austin Eastciders
4. Roam Ranch Meat & Produce
5. Braustin Mobile Homes
6. Enfusia Natural Beauty
7. Pristine Cleansing Sprays
8. Primal Pit Paste Clean Deodorant
9. Southwest Airlines
10. Fiesta Spices
11. RTIC Coolers
12. YETI Coolers
In the future, I may consider highlighting a list of my favorite top 20 Texas owned and operated businesses in some way (podcast, vlog, interviews, other) to their marketing benefit so, please make your recommendation now on a Texas-business that you'd like to see benefit from the free publicity.
Katie is coach, entrepreneur, and deal-maker that partners with business leaders in creative ways to maximize potential. She understand the complicated lives of entrepreneurs and believes the world would be a better place with even more successful small businesses. A fourth-generation entrepreneur, Katie purchased her first business in 2010 and has partnered with hundreds of business leaders to accomplish their goals, challenges, and visions for a bigger future. Katie is certified in Conversational Intelligence® — the neuroscience of leadership, and holds a B.A. in Business Management from Luther College in Decorah, Iowa.