Every business owner wants to generate more cash and profits. They don’t know where to start and grow increasingly frustrated. It is hard to see the forest for the trees when you are in the middle of the forest. The “Magic Profit Formula” is a process that lifts the business owner above the forest so they can look down and see where the opportunities for improving their business exists.

The “Formula” has proven to help many business owners transform their business into cash-generating profit machines. It involves breaking the business down into individual steps such as lead generation, sales conversion, average sales size, gross profits, overhead and net profits. Each step is then analyzed one at a time to determine strategies to improve the performance of that step by 10%. The compounded effect of improving each step by 10% can increase profits by 71% or more.

In Episode 5, The Magic Profit Formula, Tony Malyk, the author of Leaky Bucket of Profits, explains the formula and how to apply it to virtually any business.

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Strong communication skills are essential for effective leadership. The ability to motivate and inspire people to achieve goals, pursue the company’s vision and even correct undesirable behavior is centered around the leader’s ability to communicate. The communication gap is evident when we get frustrated with those who are “long winded”, too blunt or constantly fail to deliver on promises.

A communication model that is foundational to understanding others is DISC. An acronym for the four basic styles of communication, DISC, according to the author, stands for Director, Influencer, Steady Eddie and Compliance Officer. We all posses a unique blend of the four styles resulting in our own Communication DNA. In this episode, the author explains the strength, weaknesses and quirks of each style and how to leverage this knowledge to improve communication. Great leadership exists in all DISC

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Imagine if everyone in your organization showed up to work every day feeling passionate about their job and knew exactly what they needed to do to help your business succeed. Is this possible? Absolutely, when you have a powerful strategic plan.

In this episode, the author talks about how to Empower Your Company with a Powerful Strategic Plan, based on Chapter 3 of his book, Leaky Bucket of Profits. A strategic plan is a written document that clearly identifies what an organization wants to accomplish in the long-term. It starts with a seven to ten-year Vision Statement of the impact the leader wants to have on the industry, community or even the world. The next step is to have a Mission Statement that articulates the strategic actions that need to be taken to achieve the vision. This is all bound by an unwavering set of Core Values that will help guide decision making and the expected behaviors of team members.

The next step is to conduct a SWOT analysis to determine, Strengths, Weaknesses, Opportunities and Threats. With all four areas identified, the team brainstorms opportunities available if its Strengths were leveraged or Weaknesses and Threats neutralized. The team then shortlists the opportunities to three to five items that it will focus on. SMART goals and action items are then set to put the plan in motion. It is imperative that regular strategy meetings are held to ensure that actions are being taken and goals met.

The strategic plan needs to be communicated to stakeholders including management, employees and shareholders. It is imperative that “need to know” information is shared so that everyone understands their role and is passionate in helping the organization achieve its vision and goals.

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