Washington, DC, April 05, 2013 --(PR.com
)-- Donna Marie Thompson, PhD the CEO of Expert Profit Solutions explored hidden profit opportunities on the Experience Pros Show on AM560 KLZ with hosts Angel Tuccy and Eric Reamer.
Tuccy stated that small businesses need to grow to survive. Dr. Thompson commented: "Yes, we're all looking for more sales; profitable sales is the more important goal. Increasing profit margins is the ultimate goal. Yet there is a ton of money to be made in effective cost control to protect small business profits. Top line growth is good; cutting excess costs is great."
Reamer queried: "What does it take to make it in business today?" Dr.
Thompson answered: "Providing exceptional customer value, day in and day out. Warren Buffett talks about building a moat around a business to keep out the competition. So where is your moat? How do you build strong customer loyalty and increase referrals in your small business? How do you set yourself apart from the competition?"
Tuccy commented that it is difficult to know where to spend money. Dr. Thompson replied:"Spending money that directly builds customer value is money well spent. Everything else needs to be evaluated more closely. The customer value lens keeps you focused solely on customer benefits and what they are actually willing to pay for. Adding special features without proven market research reduces business profits. This hurts your bottom line. It shows up in a bad way on your income statement."
Reamer commented that many businesses are struggling and small business owners are working longer and harder than ever before. Dr. Thompson responded:"Doing the right things right is a better answer. Planning is key. Strategy is paramount; know before you go. The higher your reactivity, the lower your profitability."
Check out the show at http://experiencepros.com
Donna Marie Thompson, PhD is an acclaimed platform and cruise ship speaker, a two-time best-selling author, and former Director at PricewaterhouseCoopers Consulting. She is a small business profitability specialist who created The Profit PyramidTM and runs 4-week mastermind training programs. Sign up now to be considered if you have profits for 2011 and 2012.
Look out for Donna Marie Thompson's upcoming book: Peak Profit Potential...reserve your copy now.
Obtain your copy now of the free Special Report "3 Profit Pitfalls and How to Avoid Them" at http://www.ExpertProfitSolutions.com