Find New Profit Idea

If Work is Not Worth Your Time, Let it Go, Find New Profit Idea

By Eugene Peterson

If it isn’t profitable, let it go. This month, we learn some valuable lessons in profitability from the business principles and practices of an $18 billion company, the InterContinental Hotels Group.  Profitability is best when you can go after the most profitable business.  What are the factors that are holding you back? Could they be:
• A lack of strategic planning and business vision and direction?
• A legacy that you have created and are now hesitant to abandon?
• An ego larger than the Golden Gate Bridge?
• Lack of adequate job cost data?
• Fear of blazing new revenue streams?
To become more profitable, you must take action steps to:
• Abandon unprofitable businesses.
• Develop a culture where workers/employees/managers are encouraged to challenge the direction of the company and suggest new ways of doing business.
• Get vision and direction through the use of tools like strategic and business planning.
• Look for opportunities to find, keep and grow the right customers, with the right service or product mix.