Profit per product or service Profit per product or service line Profit per region Profit per billable hour You may be tempted to look at this list and decide that several of these examples are your profit engines.
Posted by: Team Tony You hear some success stories about new businesses instantly making tons of money, but the reality is often much different. Are you wondering how to make a profit in business? First, you need to understand what it really means to make a profit.
The challenge, however, is to determine which one is actually the best revenue driver for your business. Looking at your revenue generation from this perspective is just like panning for gold.
Your profit engine is unique to your business. The following list of attributes makes up a good profit engine. Use strategy how to make money list as well as the previous examples to identify yours.
Broad measure: A good profit engine is broader than a typical financial metric, such as number of products sold or number of customers per day. An example of a broad measure profit engine is selling the best family-style meal in Lakeside at a profit.
Customer focused: A profit engine should add to the customer experience and increase your customer focus.
The answer to that is a resounding, "Yes.
Improves resource sharing: You only have so much time, money, and resources. For example, a consultant only has so many hours in the day.
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Instead of looking at profit per hour, she can look at profit per client. Even further, if this consultant has a special methodology she uses in her consulting, her profit engine may be profit per number of uses books, speaking, training other consultants, licensing, and so on.
How does identifying your profit engine relate to uncovering your competitive advantages? As you evaluate your business, consider what one measure drives your revenue. The example in the figure can help you to develop your top three possible profit engines and evaluate them against the criteria provided.
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Select the profit engine that best meets all three criteria. M3 provides consulting and facilitation services, as well as hosts products and tools such as MyStrategicPlan for leaders with big ideas who want to empower and focus their teams to achieve them.
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