Success is often synonymous with how to increase profits, but it shouldn’t be. Success is more holistic than that, as it encompasses your whole life – so it’s crucial to understand the role of pace in your journey towards financial success. As the saying goes, “Pace leads to profit.” In this blog, we’ll delve into the significance of pace and how it can impact your business’s profitability. We’ll ask important questions, provide valuable insights, and offer actionable tips to help you find the right pace for your business.
The Importance of Finding Your Pace
Ask yourself: What is your pace in the world of business? Is it too fast or too slow, and why does it matter?
Speed: Too Fast vs. Too Slow
Many entrepreneurs tend to sprint in the race to success, working long hours and pushing themselves beyond limits. But is this pace sustainable? On the other hand, some individuals may find themselves drifting when working from home or lacking a structured schedule.
Why Does Your Pace Matter?
Your pace plays a significant role in your profitability. A balanced pace ensures you maintain high-quality work and a fulfilling life. When you overwork, both your product or service quality and personal life suffer. On the flip side, working too slowly can lead to underachievement.
Identifying Your Optimal Pace
How do you know when you’ve found your ideal pace? Is it simply being able to leave work on a Friday afternoon and feel in control? For many small business owners, finding the right pace can be a challenge due to the sheer volume of tasks. Have a look through this list of things that occupy the life of a regular business owner, and split them up into times of day when you are likely to be at your best for each activity (table example below!)
Managing Concentration – how to increase profits
One way to maintain good pace is through effective concentration and systems that keep you focused on your goals.
Signs of Not Finding Your Pace
How can you tell if someone hasn’t found their pace? Look for signs such as a drop in the quality of work and life, feelings of overwhelm, and excessive worry about the future. When you haven’t found your pace, it’s challenging to balance work and family time.
Strategies for Finding Your Pace
So, how can you determine and maintain your ideal pace in the business world? Two key elements are exercise and sleep. Taking care of your physical and mental health can provide the energy and drive needed to master your pace.
Being Present – how to increase profits with your mindset
Your pace is in the present. It’s essential to celebrate your current achievements and progress. Avoid self-flagellation, and instead, reflect on your journey and how you can move forward.
Why Does Your Pace Belong in the Present?
You can’t set your pace for tomorrow; it’s something to be developed now. Your pace shapes your habits, and developing it in the present is key.
Recognising Presence
You’re present when you’re getting things done and fully engaged in your tasks. Use all your senses to focus on the task at hand. If you’re asking yourself how to increase profits but you aren’t aware of how present you are, then you might be in need of some coaching!
Signs of Absence
Lack of motivation, productivity, and exhibiting below-the-line behaviours like blame, excuses, and denial are indicators of not being present. Constantly thinking about the future can also be a sign of distraction.
Harnessing Your Pace for Increased Focus and Impact – how to increase profits with self-discipline
To increase your focus and impact in the present, practice discipline and avoid distractions. Implement systems that protect your focus and keep you on task. This is the real key for how to increase profits – knowing what to do and when, and getting it done!
Mastering Yourself: Sales, Marketing, and Finance
The most important parts of your business are the sales and marketing department and the finance department. Remember, what gets measured gets done, and what gets rewarded gets done repeatedly.
Please do book in for a chat with Andrew if you need time to look at your pace, and how it affects your life as a business owner.
For more thoughts about how to increase profits through coaching, check out this video from one of the ActionCOACH team.
