Six Steps to Creating Profit

PATRICIA SIGMON is the founder of LPS Consulting, which helps companies manage IT systems through their entire lifecycle from planning to the introduction of new systems and integration with existing ones while providing training and in-house support. She is also the founder of David Advisory Group, which meets the needs of CEOs and business owners, whose excellence in service and product development requires expert practice management assistance to reap profits and sustain longevity.

• Foreword ixPreface xiAcknowledgments xvIntroduction 1Chapter 1 Changing the Rules of Operation 7Increasing Sales 9Cross-Selling 9Relationship Selling 10Vertical versus Horizontal Selling 11Expanding Your Market 12Using Loss Leaders 14Brand Extensions 15Replacing Yesterday’s Stale Successes with Today’s Winners 16Decreasing Expenses 17The Office 17Cost of Goods 19The Workforce 20Streamlining Administration 21Computerizing 22Outsourcing 25Standardizing 26Revamping 28In Summary 29Chapter 2 Staying Visible and Connected 31Increasing Credentials 33The Basics 34Awards 37Employee Recognition 38Growing Affiliations 40Traditional Associations 41Strategic Alliances 42New Tactics 44In Summary 45Chapter 3 Maximizing Cash Flow 47Keeping the Cash Flowing 49Retainer Plans 49Maintenance Contracts 52Working with the Calendar 53Managing the Workload 54Scheduling Vendor and Cross-Selling Income 55Credit Planning 57Knowing Your Budget 58Including All Possible Income 59Including All Known Expenses 60Working to the Bottom Line 62Job Costing 62Time and Billing 65In Summary 66Chapter 4 Streamlining Management Costs 69Changing the Back-Office Focus 71Accurate Information for Ultimate Value 71Guarding the Bottom Line 76Information Sharing 78Managing for Profit 81Fixed Pricing 82Hourly Billing 83In Summary 85Chapter 5 Raising the Marketing Bar 87Networking 89Online Networks 89Blogs 90News Columns 91Web Conferencing 93Forums 94Webcasts and Podcasts 95Covering All Bases 96Laying the Groundwork 97Blatant Advertising 98Subtle Message Spreaders 101Referrals 102Direct Contacts 103Strategizing 105Starting at Ground Zero 105Measuring Your Efforts 106In Summary 108Chapter 6 Making Everyone a Salesperson 111Enlisting the Troops 113Spreading the Message 113Breaking the Mold 115Being Excellent 117Creating a Mantra 120Knowing What’s Working 120Finding What’s Wrong 121Making It Right 122Joining the Club 123In Summary 124Conclusion 125Appendix A: The How-To Guide to Creating Profit 131Deciding What Changes Should Be Made 132Step 1: Changing the Rules of Operation 132Step 2: Staying Visible and Connected 140Step 3: Maximizing Cash Flow 143Step 4: Streamlining Management Costs 149Step 5: Raising the Marketing Bar 153Step 6: Making Everyone a Salesperson 159Appendix B: Scheduling the Changes 163Checklist 164Step 1: Changing the Rules of Operation 164Step 2: Staying Visible and Connected 169Step 3: Maximizing Cash Flow 171Step 4: Streamlining Management Costs 174Step 5: Raising the Marketing Bar 178Step 6: Making Everyone a Salesperson 182Worksheets 184Reevaluating Each Area Over and Over Again in the Future 185About the Author 187Index 188

"One theme that runs throughout.... is that small companies need to focus more on setting up integrated, user-friendly computer systems that can help them keep track of what they're spending and earning." (Crain's New York Review, 29 April 2011) "...teaches you how to promote long-term growth through both economic and personal downturns by staying visible..." (Government Opportunities, May 2010)