In his new book, “PROFITABLE: A Practical Guide to Creating a Profitable Business,” Emmanuel Smart, a certified management consultant and one of the early proponents of making products customers want in the 21st century, shares his insights on how to build a profitable business. Smart, a successful entrepreneur himself, argues that the key to profitability is to focus on creating value for your customers. He also provides practical advice on how to test your ideas, get feedback from customers, and build a great team.
Did you know that about 18.4% of new businesses in the US fail in their first year? And by the fifth year, the percentage increases to 49.7%. Only 34.5% of small companies survive for at least ten years. The oil and gas industry has the highest failure rate in the first year (25.6%), followed by administrative and waste services (20.9%), information (20.8%), and entertainment (18.9%).
Smart notes that the idea that if you keep running a business, you will get lucky, someday, somehow, and the business will become consistently profitable is untrue. While some people may have gotten lucky, most business owners won’t experience this kind of luck. The data from the US Bureau of Statistics tells the true story: the longer people stay in business, the higher their chance of failure. There are so many things Chief Executives can do to ensure the business they manage becomes consistently profitable; chief among this long list of profitable to-dos is “deciding.”
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Emmanuel Smart argues that there is a lot of good that can be done with money. He points out that money can be used to solve some of the world’s biggest problems, such as poverty, disease, and hunger. He also argues that money can be used to make a difference in our own communities by supporting local businesses and charities.
Smart’s book is a reminder that money is not just about buying things. It can also be used to make a positive impact on the world. If you’re looking for a way to use your money to do good, this book is a great place to start. He believes that entrepreneurs can do a lot of good with the money they make if they go on to make a lot of money. He also notes that profitable businesses lead to stronger economies, satisfied customers, a happier workforce and investors. There’s hardly any good that society can benefit from unprofitable businesses.
For the past fifteen years, Smart has been instrumental in transforming individuals and businesses through instruction in strategic selling and brand building. Additionally, Smart has designed and implemented sales systems, as well as spearheaded the creation, design, and launch of Nibit Mini Snacks, the fastest-selling cookie brand in Africa. He emerged overall best in Africa and eleventh in the world at Pioneer’s competition (Pioneer, a search engine for the millions of “Lost Einsteins”-extraordinarily creative people around the world). He is a recipient of the Rotary Award of Excellence in Brand Growth and Product Development as well as the African Leader of Integrity Merit Award by African Integrity Magazine. He also received the Award of Excellence from the Association of Women Journalists (NAWOJ) and the Global Excellence Business Leader Award from Maverick Business School, London. He is a Fellow of The Institute of Management Consultants. He is a professional member of the American Marketing Association and the American Society for Quality.
Smart’s book is full of valuable information for entrepreneurs of all levels of experience. Whether you’re just starting out or you’re looking to take your business to the next level, “PROFITABLE: A Practical Guide to Creating a Profitable Business” is a must-read.
