Make Money With Horses: Take Action

Business Management

"Intermediate"
Make Money With Horses: Take Action
Take Action, even if it's the wrong action
Submitted by Don Blazer, 7/23/2009

Seventy-five percent of being successful is the ability to “take action,” even if it’s the wrong action.

Studies show that more than 75 per cent of people are afraid to leave their comfort zone when it comes to business, residence or investments.

They simply will not take action in an effort to improve their business or their financial status.

At the same time, 70 per cent of all business decisions made by the most successful business people are incorrect.

And while that statistic would make you think everyone is on the road to ruin, it is only a problem for those who don’t take action.

Researchers report that while most decisions are wrong, the ability to take action and correct them is what makes the person a success.

No matter what horse business you may be in today, the economy is depressed, spending has slowed and recovery appears in the distant future.

What can you do?

Take action! Now is the not the time to “freeze up.”

Study your business and find out what part of the business is generating the most income. Now examine that income and make sure it has a good profit margin. If it has a poor profit margin, continue searching to find what segment of the business has the best profit margin.

When you’ve isolated the single thing in your business that is generating the most profit, take some action.

Do you need to revamp or improve the way you are marketing that segment of the business? What about changing your appeal to potential customers, highlighting the high profit margin product or service? Maybe you simply need to remind existing customers of what great satisfaction they are getting from your product or service.

Whatever action you take, be sure you monitor it closely. If it turns out to be a wrong decision, you can take action quickly to correct it.

While you are taking action to increase the sales of the product or service which is producing the best profit margin, you can also be taking action to eliminate inventory of poor profit margin items or costly activity. Focus on your particular niche is always the best policy, so define and refine exactly what is the essence of your business.

Boarding stables, for example, always have a single factor which draws the most customers, while a lot of the services or supplies are significant cost factors. Are your customers there for social activities, for the educational opportunities, for access to trails or because of the reputation of the trainers and riding instructors available. Whatever the reason, one factor will be producing more income with a better profit margin than any other. Find it and act on it.

Whatever your situation, do not cut your prices.

Price cutting is always the wrong decision, and even quick reaction can seldom save you once the downward spiral has started.

When you cut your prices, everyone and everything suffers. First your image is damaged and that leads to a lack of confidence in your product or service, which leads to a reduction in sales, which leads to a strain on you and your ability to continue to satisfy customers.

Being afraid to leave your comfort zone (in action) is like trying to hold water in your cupped hands. The water will trickle through your fingers and is soon gone.

You must act to keep a new and better supply of water coming in.

Do something; even when it’s wrong, it’s right!

Don Blazer teaches “The Business of Making Money With Horses”, one of 17 HorseCoursesOnline.com equine study courses

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