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Maximizing Profitability

Maximizing Profitability

As the busy season closes and we move into the winter months, it’s important to take some time to review how the season went and do some strategic planning for the new year ahead. In a recent podcast, Benji Carlson from Breakthrough Academy joined us to discuss what businesses should be thinking about at the end of the season to maximize profitability.

Reflect on What Happened During the Production Season

Take some time to look at your strengths from the past months. Determine what went well and make an effort to replicate this success. Whether you hired an effective team or increased sales, be sure to pinpoint effective strategies to reuse.

This reflection period is also a great time to look at the aspects of your business that need improvement. Ask yourself, “what did not go well this season?” You’ll use these points to start developing strategies to boost different areas of your business.

Develop Resources

Once you’ve completed a reflection of your business, it’s time to develop some resources that will help you reach your goals for the next production season. In the podcast, Benji covers two top resources to use:

  • One-Page Strategic Plan: This document will help you explain your key initiatives for the following year. It will serve as a clear plan for revamping or rebuilding certain processes.
  • Financial Plan: A financial plan should serve as a robust set of goals that is specific to the numbers for the new year. Take the time to add in your overall budget, overhead costs and projected hours of labor.

Make some time at the end of the season and build out a winter schedule to focus on ways to improve your business. Setting up a concrete action plan is one of the key steps for reaching your goals. Hear more tips for maximizing your profitability on the PaintED podcast channel.