Chartered Accountants Auckland

Got what it takes to make mega profits?

June 7th, 2012 | Posted by Accountants Auckland in Business Growth | Business Model | Chartered Accountant Auckland

true false blueSelf-help books promise business success but, with so many of them being the size of Battleships, we can’t help but think of Einstein’s quote “if you can’t say it simply, then you don’t understand it well enough“.  We’re certainly not professing to be mini-Einstein’s but having seen inside the guts of thousands of businesses some pretty clear traits have emerged and we’ve dared ourselves to share them with you in less than 200 words!  See how many can you tick off. 

 Standout traits of profitable business owners:

  1. Likeable
  2. Highly organised
  3. Decisive (they make a million decisions a day and don’t agonise all day over one)
  4. Effective communicators (verbally & electronically – they reply to emails fast)
  5. Ability to create and follow systems
  6. An eye for evaluating quickly what’s right and wrong
  7. Revenue focussed (not penny-pinchers or Scrooge McKiwi’s as we like to call them)
  8. Play to their strengths, know where their energy is best spent (& employ others for everything else)
  9. Well connected (and/or great market exposure)
  10. Sound understanding of their business model and in touch with their financials

Standout traits of profitable businesses:

  1. Unglamorous!
  2. Leverage; whether it be money, systems, people or technology.
  3. Copying simple business models that are proven to work. Great inventions or new ideas aren’t required.  Look at Trademe; it’s simply eBay re-branded (& plenty make it big copying a business they’ve worked for).
  4. Systemisation.  Business is a system.  It’s not about being in the kitchen making the best scones.
  5. Timing, a bit of luck and the right market.

We’re not talking about multinational corporates here.  It’s about normal Mum and Dad businesses earning anywhere from $500,000 to $5 million each year.  It can be done.  It is done.  It’s just hard to spot them because New Zealanders operating at this level tend to come across as likeable, hard working and completely down to earth (which they are, and we love them for it).

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