Show Notes
This episode explains what phantom losses are, how to find them, and how to eliminate their drain on your company.
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Key Links
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- http://exitmindset.com/
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What are Phantom Losses?
- Revenues you could be earning if you put in the effort required.
- Opportunities for profits on which you’re currently missing out
Why are they important?
- They’re lowering your profits.
- You’d prioritize fixing any other revenue drain that you discovered, why not these?
- They’re prevalent in every part of your company.
How Do You Find Them?
- Use your pre-existing business knowledge and in-depth familiarity with your company.
- Take action.
Action is Everything
- You already have so many brilliant ideas, so act on them!
- Don’t be afraid to take risks.
Excuses, We’ve All Got Them
- Excuses are holding you back.
- Write a check, and delegate the less-important tasks to others, so you can focus on solving the big-picture problems.
Act Like the Owner
- Your responsibility is to yourself and the people who work for/with you.
- You have to step in to make the hard decisions and necessary changes.
Think Like a Buyer
- To earn the highest profits and valuation, you have to see your company as a buyer does.
- Maximizing profits and minimizing phantom losses increases productivity and value.
- An optimized company is the most profitable future investment.
Everyone Experiences It
- Every business owner experiences phantom losses at some point.
- Are you going to let them drag you down? Or are you taking action to fix them today?
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