Posts tagged "profit"

My Daily Commitment/Routine

February 9th, 2018 Posted by Uncategorized 0 comments on “My Daily Commitment/Routine”

There are at least six things that I do every day:

  1. I read one chapter in Proverbs every day. Today is January 22, so this morning, before I read anything else, I read Proverb 22. Why do I do this? Because I want Wisdom to be my sister and I want Insight to be my close relative. And because there are 31 chapters in Proverbs, I will read all the Proverbs every month.
  1. I read five chapters in Psalms every day. Since today is the 22nd of the month, I take 22 x 5 = 110. So I read Psalm 110-114 this morning. Why read the Psalms every day? Because I need it…desperately. As I observe more white and gray north of my face…I find that I need emotional advice from believers who travelled these same painful trails.
  1. Scripture Focus. I read the chapter and references that form the basis of my next upcoming sermon. There is absolutely NO better way to prepare for the next Sunday message than this. Over and over…saturating my heart and mind in the text that will serve as both the base and launching point of that next message from the Lord to His people. I am now 3,484 days into consecutive Bible reading now…at least 4 chapters a day; several years I read the Bible through each year; now I’m reading a very specific, targeted menu (see items 1 and 2 above).
  1. I’m pretty weak here, but I do pray every day. Not as long as I should, and not as specific as I should, but I do pray. I pray for those who have asked for prayer; I pray for those the Lord has laid on my heart. Some of you know that you’re on my prayer list!
  1. I have now journaled 1,133 days in a row. That’s over three consecutive years now. This discipline now comes relatively easy to me, but I was walking barefoot on wicked thorns for the first year or so. I do enjoy typing/writing on my MacBook Pro, but there is simply no greater satisfaction for me than picking up my beautiful blue fountain pen and feeling the ink flow out of my pen as my thoughts flow out of my head. More on this later.
  1. Ok, this is the new one. And I don’t think I will commit to writing 7 days a week. I will commit to writing five days a week. *And now you know what I put that asterisk up there in the main headline. Everything else on this list is an everyday commitment; writing is a five day a week commitment.

Here’s my menu of writing topics/categories:

  1. Personal
  2. Spiritual
  3. Communication/Conflict
  4. Design
  5. Marketing
  6. Business Practices
  7. Manufacturing
  8. Printing
  9. Church Planting
  10. Travel
  11. Something I learned reading
  12. Leadership
  13. Making Mistakes (Squids)
  14. Something I learned listening
  15. Signs and Sign-making
  16. Relationships

*I reserve the right to add to or subtract from this list; but if I can’t find something to write from on this list, then I’ve been sleeping through my day. I would enjoy hearing/reading your feedback on my list. Have I left something out?

Paralyzed By Choice

December 29th, 2017 Posted by Uncategorized 0 comments on “Paralyzed By Choice”

Have you ever stared at a shelf full of items, unsure of which one to choose? According to Columbia Business School professor Sheena Iyengar, who also consults with major brands across the globe, consumers suffer from a “choice overload problem.” Too many choices lead to indecision, and in the retail space there is an overwhelming number of options. Iyengar advises businesses to simply cut the number of products they offer.

In a TED talk given by Iyengar, she cites two examples of how greater profits were reaped by offering less. Procter & Gamble cut their varieties of Head & Shoulders shampoos from 26 to 15 and saw profits go up by 10 percent. The second example Iyengar mentioned was the Golden Cat Corporation. When they chose to cut their 10 worst-selling cat litters, they saw an increase in their profits totaling 87 percent.

Take a cue from the research Iyengar has done. By providing fewer choices, you help make your customers’ decision-making process simpler, allowing them to purchase more.

Have you analyzed your product catalog lately? Which offered products are your worst
performers?

A few industry examples:

  • Manufacturing: Cutting the lowest-selling products reduces the costs wasted on labor and the equipment that is dedicated to those products.
  • Retail: Removing the products that don’t sell as well will increase your shelf space for products that turn over quickly, increasing your cash flow.
  • Service: If you have a service-based business, try packaging some of those unique services into your regular offerings. This reduces the list of choices while at the same time increasing your price point.

At Wax Family Printing, we are happy to offer a wide range of products and services, but we don’t want our customers ever to feel overwhelmed. We are ready to talk customers through every step of the decision-making process, and we won’t overload you with unneeded information or irrelevant solutions.

Contact us to see how we can help simplify your printing and sign decisions. Call us at (615) 893-4290 or email info@waxfamilyprinting.com.

Growing a Service-Based Business

May 22nd, 2015 Posted by Uncategorized 0 comments on “Growing a Service-Based Business”

Businessman drawing a flowchart

It can be hard to scale a service business if time is your major commodity.

That’s where the concept of “productizing” a service business comes in. Productizing a service business means adapting your business model to present what you offer as a product instead of a customized service. Try the following tips to successfully productize your service business: 

  1. Automate your delivery – If you find yourself doing a lot of one on one repetitive education or training for your customers, consider recording the sessions and then selling the recordings online. This can be done as a onetime fee or as a subscription fee to generate recurring revenue.
  2. Think “what else” – Many service based companies can bundle products with their services to make additional revenue. If you own a cleaning service, for example, consider adding organizational tools or “between clean” packages that make maintaining a clean home easier for the home owner.
  3. Publish a price list – Readily available pricing information can be crucial if you want to scale from a single sale into thousands of sales. Doing custom quotes can be time consuming and may keep the number of sales down. Create a list of your most popular services and put a price next to them.

Productizing a service business may not be for you, but it can solve a number of the issues that plague small businesses. Productizing can help solve the problem of inability to scale, stress of constantly acquiring new customers and projects, and limited profits.

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