Joël Cox

Why Some Businesses Make an Easy Profit

Every project manager is familiar with the "Fast, good, cheap. Pick two." conundrum. This question is not only ever present in projects, but in business, too. Why does it appear that some businesses cash flow like crazy, while others struggle to stay afloat, let alone grow? It’s easy to discount entire industries ("Running a restaurant is a terrible business!"), but that’s an easy fallacy to fall into. Some types of business have a more difficult path to sustained profitability, but it’s often the operator themselves who makes running the business unnecessarily hard. So what is going on?

Increasing Average Revenue Per Customer in a Professional Services Business

Acquiring new customers is often expensive. Especially when selling professional services to other businesses (B2B) as those are often subject to longer sales cycles. Companies typically look at new customers first when trying to increase revenue, without considering the revenue potential of existing customers. What a missed opportunity. Selling more services to existing customers will not only lead to higher revenues, but also to happier customers.

Transforming Your Lifestyle Business into a Company

A business can take many different shapes and forms. Lifestyle businesses – in their most basic definition – allow their owners to maintain a certain lifestyle, either by being better compensated, enjoy more flexibility or use skills they would otherwise not while being employed. They are started and grown to a certain size after which the owners can take their foot off the gas.