There is often opportunity to boost Income quickly to help stabilise your business.
Many of them may seem a bit drastic. You may be surrendering some of your “sacred cows”. If you are focused on survival and a quick turnaround, some of those “sacred cows” may have to go.
The following Lessons in this Section go through a list of opportunities to quickly raise Income.
You can do them in the order they appear here. Alternatively, jump to the one that seems best to start with based on your previous analysis and planning.
Reasons for Change
If you have decent historical accounting records, go to them now.
In particular, look to see if Income (Revenue) has gone up, remained stable or has fallen.
In the absence of accounting records, either go to your bank statements or use your gut feel for the following choices.
Income Has Gone Up:
If your income is stable or increasing:
It is likely that either, or both, your Operating and Overhead Costs are increasing faster than your Income.
Your business is consequently going backwards.
Operating Costs are covered in section 4: Improving Your Gross Profit by Controlling Operating Costs.
Overhead Costs are covered in section 5: Improving Your Operating Profit by Overhead Cost Reduction.
Income Has Gone Down:
If your income is falling:
Stay with this group of Lessons.
Survival without a healthy Income is very difficult.
Speed read each Lesson to get a feel for the opportunities.
Then go back to the Lesson covering the topic most likely to have the most impact.
Work through it in detail.
For more help understanding any issues relating to this Section of the Turnaround90 Campaign, use the 12Faces Diagnostic System to drill down to root causes of problems and find our suggested Treatments.