Have you ever wondered what makes the difference between a successful business and an unprofitable one? It’s been more than 40 years since we’ve become trusted advisors to business owners in the transportation industry and that is because we are exclusively FOCUSED on this industry.
During all this time, and after analyzing hundreds of business in the transportation industry, there is one simple thing we have learned – FOCUS is the key to a profitable business.
Business value in the transportation industry is sometimes misunderstood by business owners. One thing is for sure: you can’t be all things to all people. Instead, you can FOCUS on improving the value of your business on specific segments.
Yes, it is true, focus takes practice, a lot of practice, but it will translate into satisfied customers, partners and employees, shorter sales cycles, and bigger profits.
Focus is crucial for a business of any size. The reason why many businesses lose their ways is that they lose their focus, or they concentrate on unimportant things. And this applies also to big global companies.
Focus on those market segments where you can be the most efficient and where you can make an impact. The more you concentrate on what matters, the more you become aware of your business’s value. The more valuable your business, the more opportunities it provides for both your personal and professional growth.
See the Big Picture
Sometimes, we tend to become so specialized on a small part of our job or of our business that we ignore the big picture. Set aside some quiet time for yourself and think about your current focus at this moment. Focus on your business and try to answer the following questions:
- How often do you think about your business?
- Are you focused on the services you offer, on the revenue, on the profit, on the daily issues?
- How do customers perceive your business?
- What is the profit of your business in the last 12 months?
- Are you focused on data?
Answer these questions to establish where you are today and you will figure out where to focus your efforts to achieve your business goals. Successful business owners routinely ask these questions and adapt their strategy accordingly.
A proper focus will keep you set on the things that really matter for your business. Here is how you can benefit from answering these questions:
If the revenue is the key element for your business, then focus on the ROI specific to a single service/customer, rather than on a range of services/customers. Check data, associate your company with something specific and will be much easier to redirect the focus efforts of your entire team to the desired result.
Running your business as efficiently as possible is a continuous process that leads to the growth of your business. Focusing on specific services you can deliver efficiently will increase the efficiency of your business. Focusing on efficiency is challenging but is a key element for your business’s growth.
Focusing on which offerings and which customers are the most profitable for you will influence the future of your business as you will know what services to market and to what kind of customers. A business without profit has big chances to die so, generating profits is crucial.
Successfully running a transportation business requires a lot of time, energy, money, and focus.
In the end, you get what you focus on.
Want to be more focused and start increasing the value of your transportation business? We take our time to connect with your business and understand your challenges. As experts in company valuations, we are dedicated to providing external professional advice. Let’s connect!