Donna Marie Thompson, PhD CEO of Expert Profit Solutions Talked Hidden Profits and Cost Cutting for Your Small Business on ExpertPreneur™ Radio hosted by Sheryl Wolowyk
Donna Marie Thompson and Sheryl Wolowyk, Executive Producer and Host of the ExpertPreneur™ Radio show talked small business success and small business management and the important role of informed cost cutting. They concurred that many small business owners are working longer and harder just to stand still in this economy. But there is a better way by doing the right things right.
Key topics for the show and podcast included: "Why do some businesses struggle with profitability while others do not and the 3 common mistakes business owners are making that are hurting their profits."
Dr Thompson explained that: "many small business owners are working longer and harder just to stand still. But it doesn't have to be that way. Doing more of the right things right is the easier path."
"Many business severely hurt their profits with excessive discounting. This price erosion leads directly to profit erosion, which in many cases is avoidable. Another common problem is excess work beyond the scope of contracts. We're trying to please the customer but going broke in the process," continued Dr. Thompson.
"The answer is not to work longer and harder in business in order to succeed. And profitability isn't all about cutting costs to the bottom line. Small business management is about strategic productivity and thoughtful cost cutting.
"We don't cut back on paper clips; that is foolish. Instead, we look for significant expenditures in common business expense categories on your income statement such as space, vehicles, supplies, telecom, and other key areas that could be leaking money and hurting your bottom line. It could literally mean the difference between profit and loss.
"And then we look at other specific areas in your business that might be problematic and holding you back from the success and the profits that you want and deserve," recalled Dr. Thompson.
"There are specific and proven ways to identify the best activities for a business owner to do. And there are tried-and-true ways to select and design highly effective performance measures for your business. That's what small business success is all about," concluded Dr. Thompson.
Check out the show at:
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. Apply now to be considered if you run a profitable small business under $5 million in revenues.
Check out for Donna Marie Thompson's new book: Peak Profit Potential on amazon at: http://www.amazon.com/Peak-Profit-Potential-Program-Business/dp/1936621053/ref=sr_1_3?s=books&ie=UTF8&qid=1387047705&sr=1-3&keywords=donna+marie+thompson
And get your own copy of the free Special Report "3 Profit Pitfalls and How to Avoid Them" at http://www.ExpertProfitSolutions.com
Donna Marie Thompson, PhD