Table of Contents

Introduction

Profit Really Is a State of Mind In Fact, It’s the Reason Companies Exist 

Are You Ready to Profit? 

Just How Much Can Negative Thought Impact the Profit Mindset? 

A Checklist for Greater Profitability 

Being a Hands-On Manager Is Critical to Maximizing Bottom-Line Profits 

Span of Control and Its Affect on a Manager’s Ability to Manage 

The Simplest Way to Increase Profits Is to Charge the Right Price 

The Five C’s of Pricing 

Effective Pricing Means Greater Profits 

Pricing for Bottom-Line Results: The Relationship Between Price Changes and Sales Volume 

How to Cost Products 

Choose Profits Over Sales 

How to Identify Winning Profit Centers and Dump the Losers 

What Is the Pareto Principle 

How the Pareto Principle Can Be Used in Any Business 

How Profits Are Calculated 

How to Analyze Your Break-Even 

Increase Your Profits in Five Easy Steps 

Worksheet: Start Profiting Now By Changing Your Profit Matrix 

Worksheet: Profit Provoking Questions for the Business Owner 

Worksheet: Creating Internal Guarantees 

Worksheet: A Checklist for Greater Profitability 

Section One: Financial Management

Survive and Be Profitable, Grow or Die: The Choice Is Yours 

Financial Snapshots That Are Key to a Profit-Oriented Business 

Develop and Monitor Key Ratios 

Develop Regular Flash Reports 

The Five Cardinal Rules of Financial Controls 

Don’t Let Consistency Become Contagious 

Monitor Performance and Create “What If” Scenarios 

Use Monthly Cash Flow Analysis to Forecast Financing Needs 

Managing Receivables for Maximum Profits 

Tighten Up Credit Practices 

The Three P’s of Credit: Profile, Performance and Product Value 

Shore Up Listless Credit Practices 

Always Check Credit Before Extending Credit to a New Customer 

Ask Customers to Pay By Invoice, Instead of By Statement 

Start Sending Out Semi-Monthly Statements 

Use Pre-Stamped Envelopes to Speed Payments 

Resolve Customer Billing Disputes Promptly 

Charge Interest on Delinquent Accounts 

Hire a Collection Manager to Boost Cash Flow 

Use a Dunning Service to Avoid Collection Agency Fees 

Making Your Banker Your Partner in Profit 

Level With Your Banker About Financial Problems 

Draw Up Contingency Financing Plans 

Shield Your Personal Assets From Creditors 

Refinance Debts to Trim Interest Costs 

Cash In on Sweep Accounts 

Make Daily Deposits to Boost Cash Flow 

Use a Bank Lock Box to Maximize Interest 

Trim the Cost of Credit Card Processing 

Comparison Shop Banks to Lower Credit Card Fees

Use Spare Cash to Pay Down Lines of Credit 

Exercise Dormant Lines of Credit 

Where to Find Financing Outside of Banks 

Tap Outside Investors for Capital 

Address Critical Possibilities NOW With Buy-Sell Agreements 

Worksheet: Is Your Business Too Complacent? 

Financial Management Resource Guide 

Section Two: Operations

Profit-Conscious Buying 

Scale Back Orders But Pounce on Deals 

Negotiate Special Terms to Stretch Cash Flow 

Avoid Costly Equipment Buying Blunders 

Shift to Short-Term Leases to Limit Exposure 

Renegotiate Lease Terms to Mesh With Business Cycles 

Sell Off Idle Assets 

Realizing Additional Profits From Operations 

Dispose of Slow-Moving and Obsolete Inventory

Reward Your Employees for Bright Ideas 

Monitor Departmental Budgets 

Sublet Unused Office Space 

Guard Against Losses From Employee Theft 

Lock the Supply Cabinet 

Use the Fax Machine to Speed Collections and Trim Expenses 

Double-Check Your Postage Scales and Cut Down on Postage Costs 

Boosting Profits With Effective Cost-Cutting 

Compare Increased Sales to Decreased Costs 

Question Expenses and Sign Checks Personally 

Limit Expense Authority to Upper Management 

Eliminate Unnecessary Utility Costs 

Eliminate Unnecessary Subscriptions and Review Spending on Organization Dues

Trim Travel and Entertainment Expenses 

Slash Your Paper and Printing Costs 

Cut Out Paper Waste When Ordering 

Cancel Insurance on Unused Vehicles and Equipment 

Renegotiate Your Lease to Reduce Occupancy Costs 

Renegotiate Your Equipment Leases to Reduce Costs 

Take Advantage of Purchase Discounts 

Comparison Shop When Purchasing Supplies 

Plan for Fixed Asset Acquisitions

Secure Multiple Bids for All Major Expenses 

Form an Internal Cost-Cutting Committee 

Customer Relations That Pay Off Big 

Put Yourself in Charge of Customer Relations 

Maintain Quality Customer Relations 

Worksheet: Inventory Management Checklist for Maximizing Profitability 

Worksheet: Lease Bid Request Form for Business Owners 

Worksheet: Lease Bid Request Form for Bidders 

Worksheet: Materials Requirements Planning Audit 

Worksheet: Attention Valued Employees! Help Us Improve Our Company 

Worksheet: Fiscal Check-Up Worksheet 

Worksheet: Membership and Subscription Approval Form 

Operations Resource Guide 

Section Three: Employees

Cutting the High Cost of Good Personnel 

Reward Employees With Non-Cash Compensation 

Control Fringe Benefit Costs 

Link Bonuses to Performance 

Scale Back Retirement Plan Contributions 

Give Your Employees a Raise With the Government’s Money 

Let the Government Pay a Portion of Your Labor costs With the Work Opportunity Tax Credit 

Pay Bills When They’re Due and Not Before 

Farm Out Payroll Chores to An Outside Automated Service 

Put a Freeze on Hiring and Routine Raises 

“Lease” Your Employees to Other Businesses 

Staff Your Company With Leased Employees 

Worksheet: Employee Survey on Cafeteria Plan Benefits 

Worksheet: Cafeteria Plan Survey Results Tabulation Form

Worksheet: Worksheet for Developing a Proposed Cafeteria Benefits Plan for Individuals 

Worksheet: Keep or Cut Quiz 

Worksheet: Future Profit Opportunities: Employee Exit Questionnaire 

Employee Resource Guide 

Section Four: Sales & Marketing

A Quick Review of Jay Abraham’s Key Marketing Concepts 

Host Relationships 

Leveraging Your Expertise

Unique Selling Proposition 

Risk Transference (Risk Reversal) 

Better-Than-Risk-Free Guarantee 

Working the Back End 

Front-End Break-Even 

Lock in Sales in Advance 

License Your Successful Concepts 

Educate the Prospect 

How You Articulate 

Lead Generation — Getting Leads From Your Competitors 

Lead Generation — Getting Vendors to Generate Leads for You 

Joint Ventures 

Endorsed Mailings 

Persona 

Piggy-Back 

Pre-Emptive Advertising 

Moving Parade 

Use Direct-Response Advertising, Not Image Advertising 

Test, Measure and Compare 

Marginal Net Worth 

Upselling 

Tell the Reader Why 

People Are Silently Begging to Be Led

Worksheet: The Lost Sales Report 

Worksheet: Smart Sales Produce Profitable Results 

Worksheet: Opportunities for New Business Development: A Questionnaire for Salespeople

Worksheet: How Are We Doing? A Questionnaire That Lets Customers Improve Our Business 

Worksheet: Opportunities for New Business Development: A Questionnaire for Sales Managers

Worksheet: Internal Questionnaire for Salespeople 

Worksheet: Sales Opportunity Questionnaire

Worksheet: Meeting Your Sales Goals 

Worksheet: Marketing and Sales Checklist for Maximizing Profitability 

Worksheet: Creating a Sales and Marketing Action Plan 

Sales and Marketing Resource Guide 

Section Five: Organizational Management

Creating a Profit Attitude Within Your Organization 

Halt the Profit Torpedoes That Can Destroy Profit Opportunity Within Your Business 

Start Using “Profit Team” Management 

Form Your Own Kitchen Cabinet of Advisors 

Question Your Key Management Team 

How to Brainstorm With Key Management 

How to Make Suggestion Boxes Work 

Protect Your Company’s Most Valuable Asset: Yourself 

Protect Your Company Against Executive Loss 

Stamp Out Negative Attitudes

Eliminate Unproductive Meetings 

Turning Your Organization Into a Profit-Enhancement Machine 

Use Independent Contractors to Slash Payroll 

Shave Labor Costs With Part-Timers 

Reshuffle Staff Duties to Control Costs 

Hire In-House Mechanics to Service Vehicles and Equipment 

Evaluate Staff Productivity Objectively 

Seize Opportunities to Upgrade Staff 

Cost-Effective Training 

Attend Local Seminars to Trim Travel Costs 

Use “Show & Tell” to Shave Staff Educational Costs 

Cross-Train Employees to Handle Multiple Job Duties 

Trim Training Costs With a Procedures Manual 

Drafting an Effective Employee Handbook 

Worksheet: Workteam Performance Evaluation 

Worksheet: The Flaming Arrow Quiz 

Worksheet: Attention All Managers: Help Us Improve the Company! 

Worksheet: Is Your Business Being Over-Managed and Under-Led? 

Organizational Management Resource Guide 

Section Six: how to implement your profit plan

Your Profit Game Plan 

Spreadsheet: Your Tools for Implementing a Successful Profit Plan

Instructions for Implementing Your Profit Enhancement Plan 

Worksheet: Project Planning Worksheet for Profit Champions 

Worksheet: Profit Project Update Worksheet 

Worksheet: Profit Project Team Member Status Report 

Section Seven: How To Work With The Profit Advisors

Meet the Profit Advisors 

Barry R Schimel, CPA

Gary R Kravitz 

The Profit Advisors, Inc 

The Profit Opportunities Assessment Report 

Phase 1 of the Profit Enhancement Process 

Creating a Profit Team & An Inventory of Unrealized Profit Potential 

The Profit Enhancement Process Workshop — Phase 2 of the Profit Enhancement Process 

Implementation 

Phase 3 of the Profit Enhancement Process 

The Sales Opportunities Assessment Report 

A Component of the Profit Enhancement Process 

Monthly CEO Coaching 

A Component of the Profit Enhancement Process 

The InfoQuest Business Process Review 

Working With an Institute of Profit Advisors Consultant 

The 100 Ways: The Profit Enhancement Process