Double Your Profits in 6 Months or Less

I was able to read a book by Bob Fifer called, “Double Your Profits in 6 months or less”.  This book outlines 78 different ways to cut costs, increase sales and improve your bottom line. 

There were so many outstanding concepts and strategies that I am going to review a lot of those principles over the next several posts.

The first step asks a question, who should read this book?  This book should be read by anyone who cares about the profits of their business.  Wouldn’t it be great if everyone had the mindset of an owner?  Cutting costs would then become second nature.  Consider the plight of a landlord who is plagued month after month with high water bills.  How does he get the tenants to think as he would, an owner?  Simple make the tenants responsible for paying the water bill and just watch the change in mindset and the decrease in the water bill. 

Mr. Fifer says doubling your profits requires a leader who is focused, consistent, tough and fair.  The leader must also be willing to stretch himself or herself and other’s in the organization to be different and better than the status quo.

Step 3.  The next step is setting the standard.  No matter what type of organization you have there needs to be a clear, single over-riding goal.  For a lot of companies this is called their mission statement.  The number one goal of the organization should be to become the best in whatever niche you serve.  This is the motivator for a lot of dedicated employees when they understand this to be the mission of the organization.  It creates excitement and enthusiasm.

Nothing could be more demoralizing than coming to work day after day and just going through the motions and picking up a pay check.  There needs to be meaningful work that is also challenging.

I’ll explore some more of these principles in future posts.

To summarize the first three steps are

1.       Who should read this book

2.       Your own commitment to profits

3.       Setting the standard

To Your Great Success

   Mel Richardson

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