Business owners have a lot of priorities occupying their time and attention. The variety and constant change can become overwhelming – especially with so much that is outside our direct control. At Virtus Group we have an array of tools that will help you hone in on the things that matter most to your profit formula so you can focus on implementing actions that will actually move the needle on your bottom line. Watch below as Virtus Partner, Trevor Sundbo walks you through the 7 Wastes, one of many processes that Virtus Group uses to come up with key strategies for profit improvement.
We leverage our experience helping other entrepreneurs to provide suggestions and solutions but at the end of the day we know that no one knows your business better than you do. The core of our approach involves a collaborative effort that engages your team to create an action plan that they feel committed to and to which they can be held accountable.
Here’s how we help our clients:
Virtus Waste Reduction Process
Virtus Group takes its own approach when it comes to reducing waste in businesses to help improve profitability. The Virtus Waste Reduction process follows the steps below:
- Review financial statements from the past three years.
- Facilitate a Waste Reduction Workshop with key members of the team (2-3 hours).
- Prioritize the top 2-4 areas of waste to focus on.
- Develop One Page Plan to set deadlines and ensure accountability.
- Put team together to work on the areas of waste.
- Develop KPI to measure the reduction in waste.
- Regular meetings to ensure accountability and progress made on initiatives.
- Identify new areas of waste and repeat process.
Any strategy to improve profitability will not be successful without effective implementation. When working through the 7 Wastes process with our clients we focus on building discipline around implementation. Watch here as we walk through the process.
Customer Profitability Analysis
Let’s take a look at your customer base. What percentage of your customers are high profit customers? Average profit customers? Low profit customers? This process will take a snapshot of where most of your profits are coming from within your current customer base. Our advisory team will work with your team to come up with strategies to transition those low profit customers to average profit customers and average profit customers to high profit customers. Successful implantation of the strategies will increase profitability. Learn more about this process in this short video.
Product / Service Surround Assessment
Those things our customers value most can sometimes be overlooked in our pursuit of improving our business. We use Product Surround to identify strategies to better engage with your customers to bring them increased value. Learn more about Product Surround in this video.
Profit Efficiency Diagnostic
Do you have the profit levels you desire in your business? Does it run as efficiently as you would like. Gain access to our Profit Efficiency Diagnostic and identify the top three areas you are performing well and the top three areas you need to work on to improve your level of profit in the business. This diagnostic should take no more than ten minutes of your time and you will receive your results instantly.