12min
logo 12min

Start growing!

Boost your life and career with the best book summaries.

Start growing!

Boost your life and career with the best book summaries.

logo 12min

Double Your Profits PDF Summary

<1 min read ⌚ 

Double Your Profits PDFWhich entrepreneur does not dream of multiplying profits? It sounds like a distant dream, doesn’t it?

Bob Fifer, a leading financial advisor, says that this is possible and brings us a clear plan to get there.

In Six Months or Less

In his research, Bob Fifer analyzed several American companies to give you a guide on how to increase profitability.

First, keep in mind that your primary focus should be profit. To increase return, you need to work on three major pillars:  culture, costs, and sales.

You will learn how to considerably increase your profits with this microbook!

Double Your Profits Summary”

A Company Focus Must Be Profits

The primary concern of any business must be lucrative: a profitable company has the money to reward employees, offer exciting careers, and invest in new products, companies, and technologies.

Less profitable companies inevitably sink into mediocrity in every way – regarding morality, product quality, etc. Doubling profits requires focused, consistent, firm and fair management, willing to become different and better than most other companies.

Creating A Lucrative Culture

It is important to rely on meritocracy and use the philosophy of continuous improvement to increase your profits. This philosophy should be part of the company’s culture, creating and encouraging a culture of excellence among all stakeholders.

To create a winning culture, employees must have the opportunity to reach the top, but only the best should be able to get there and be rewarded for it.

Some important points to disseminate a culture of success in your company:

  • Focus on what is important, the results of the enterprise: Beautiful names for areas and positions will not make a difference in productivity.
  • Do not build new processes unless necessary: methods are costly and usually do not generate useful results.
  • Define the mission of the company and make it clear and straightforward for all employees: Be the best company in the market. This clarity will move the entire company to excellence.
  • Never be sorry for thinking about profits: Never apologize for the effort to maximize profits. There is no need to apologize. If you are frank and in favor of increasing your company’s profits, your employees will act the same way.
  • Only quantify what is essential: No one should waste time quantifying a problem whose solution is already known. Quantifying costs time and money and does not increase profits.
  • Give urgency to important things: You must assign importance to the most vital. You must insist on creating a culture that states that nothing important takes more than a few minutes, or a day, or a week – or a month if it is complex. Always set short deadlines.
  • Maintain a shortage of resources: There is always a need to keep a significant scarcity of resources since this is the only way to get people to separate productive tasks from those that are not. *Be the best and reward the best.

Reducing Costs To Profit

Cutting costs should be taken very seriously. You have to be among the best in the world to make businesses run better at a lower cost.

Costs should be categorized between strategic and non-strategic. Strategic costs are spending on things that apparently add to the business and improve in areas of business, marketing, and R&D (Research and Development).

Non-strategic costs are the costs necessary to run the business but do not directly bring improvements or profits. An example of a strategic cost is sales investments. An example of a non-strategic cost would be a reform of the firm’s office.

Double Your Profits
The company needs to follow two main rules for managing its costs: overcoming competitors about strategic costs during good and bad times and not pulling any punches when it comes to cutting non-strategic costs.

Scroll to Top