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How Do Businesses Best Maximize Profits?

Saturday, September 1, 2012
The Society for the Advancement of Consulting® has asked its global members to comment profit focus. Alan Weiss, PhD, SAC CEO, says, "We're finding that there are indirect ways to focus on profit that are often best."

"As a global business consultant and former VP of Operations of a mid-market manufacturer, I’ve found that focusing on profit doesn’t achieve profit; instead focus on business fundamentals and strategy if you’d like to accelerate profit levels for year-end," points out Lisa Anderson, an operations strategist and president of LMA Consulting Group, Inc. in Claremont, CA. (www.lma-consultinggroup.com). "Especially in today’s 'new normal' business environment, if you find a way to create a customer service edge and stand out in the crowd, profits will follow. Increase the value to your customers in creative ways, and profit will circle back to you."

"Once leaders start thinking about the bedrock of their businesses (cash), they’ll start exploring other strategies to improve their cash flow, from pursuing new opportunities, shedding areas of their businesses that are cash drains, to liquidating useless or underperforming assets. Then, reallocate cash and human capital to more profitable opportunities" suggests Gary W. Patterson, the FiscalDoctor® Atlanta www.FiscalDoctor.com, author of Million Dollar Blind Spots: 20/20 Vision for Financial Growth and Stick Out Your Balance Sheet and Cough: Best Practices for Long Term Business Health.

Dr. Maynard Brusman is a San Francisco Bay Area executive coach and consulting psychologist specializing in emotionally intelligent leadership development. He is the president of Working Resources, a strategic talent management consulting firm. www.workingresources.com He offers a few insights:

"For decades, business schools and consultants have focused on the numbers. Measurements of production, finance and return on investment are scientifically applied to organizations. But such focused attention on bottom-line results doesn’t work for the long term.

"A new body of research points to a missing dimension that would enable organizations to achieve stellar results. Happiness is not a result, but a cause, of success. It’s key to fully realizing an organization’s return on people (ROP), which entails bringing out their best talents, strengths, passions, interests, knowledge and skills. Instead of ROI, focus on ROP by creating a work culture that fosters creativity and energy. Perceive opportunities, not obstacles. Build a happy organization paying attention to staff well-being. The greatest investment a company can make to profit and flourish is in assuring its ROP."

 
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