Struggling to increase profit?

Originally sent exclusively to The Letter subscribers on May 18th. Want to be the first to get my personal newsletter in your inbox every Monday at 7am? Subscribe for free here.

Hey gang, if you want to make more profit, you’ll be tempted to turn over a few stones.

I’d guess you’d be looking at these stones:

Stone number 1: Increase sales.

Stone number 2: Decrease costs.

Stone number 3: Get a salesperson.

Stone number 4: Efficiency and operational improvements.

But the stone that needs turning the most is the manager stone.

In my experience, most entrepreneurs obsess over efficiency, cost saving and growing sales.

The trouble is, they’re doing all this without the key component that builds a commercially profitable enterprise that works without them in it.

That’s the aim. That’s the goal.

You only truly have a great business when it becomes a machine that no longer needs your pedal power.

We have to get great people. We have to.

If you’re not getting the profits you seek, trust me, the manager, the day-to-day driver of the business, is the profit accelerator.

That’s very different from the leadership role where you are.

We cannot carry on in this merry-go-round of mediocre results and “just about getting by” without creating super profits.

The fact is, someone needs to be accountable for the P&L, and that’s the manager.

After countless coaching calls, seminars, meetings with thousands of entrepreneurs, and hosting more companies on my podcast than the average human ever will, I can tell you this:

The ones absolutely having it off have E + M. Entrepreneur plus Manager.

So if you’re wondering how to increase profits, start making people accountable. Get yourself a manager.

Top tip: do not make their role and job description too broad. If you do, you can’t hold them accountable. (I’m guilty of this)

The stronger the brief, the less grief you’ll have.

Top tip number 2: remember, we want to employ people better than us.

Think: who, not how.

The smartest, richest and most profitable people I know operate at this level. Who, not how.

Go and find managers who can do a better job than you, with a tonne of experience and a proven ability to create profit.

Remember, this entrepreneur gig isn’t for everyone. The gold at the end of the rainbow is far away, and that rainbow is longer than you realise.

But to all those who embrace delayed gratification and stay passionate about what they do…

I salute you.

I saw a man this morning stealing my garden gate. But I didn’t say anything because I didn’t want him to take offence.

To your continued success

James

P.S. Remember when I hosted a seminar at the Revolut Business HQ in London? Revolut have created a free e-book for you to download that recaps the content we delivered. Download it here.