20 Minutes to Escape Profitless Prosperity

Plus: Six Months of Progress and in-person Networking next Monday

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20 Minutes to Escape Profitless Prosperity

Last week, I was invited to an Economic Forecast breakfast featuring a talk by ITR Economics Chief Economist Bryan Beaulieu. His talk was super compelling (Spoiler: things will be fine with the economy for a while, no cliff in sight), but he dropped a nugget that really has me thinking.

He said that some are in a situation of “Profitless Prosperity,” where you’re not struggling, but you’re not surging ahead.

Running a small business can be so challenging that merely MAKING IT is beating the odds. But, it’s easy to fall into a comfortable groove of “fine,” without pushing yourself to keep leveling up.

I’ve found myself in this situation and frankly, I’m a little sick of it.

As a part of the Fridays Off Theory, I’m working through productivity, automation, AI, delegation, raising rates, and more. All of those factors feed back into the idea that ending up in profitless prosperity is a choice. There’s ZERO REASON for you to limited by time, resources, or systems. In fact, with a few weeks of effort, you could double your productivity, raise your rates, and wake up to a completely new world.

Here’s a quick exercise to point out how you’re settling for profitless prosperity.

20 Minutes to Escape Profitless Prosperity:

  • List your products in order of importance to your business.

  • Review the financial performance of the #1 product:
    Margin, number of sales, inventory available, etc.

  • What would you do to make it twice as valuable for your client?

  • What happens to your margin and business by raising your rate?
    (Minimum 25%)

    You’ve now got a to-do list for Q4 to escape Profitless Prosperity.

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Six months from today is April 14. Where do you want to be?

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Pat