When you decided to scrap pennies, invested all you had and went down the path of entrepreneurship, you probably had some big dreams and goals. You were very proud. You had enthusiasm to spare. You were probably excited, maybe a bit nervous.

Whatever you dreamt of accomplishing with your business, it would be hard, if not impossible, without a focus on profitability. Remember, you’re running a for-profit business. You’re expected to make a profit. That’s how you provide for your family, team, clients, suppliers and the community.

If you’re succeeding and the journey is everything you wished for, kudos to you. On the other hand, if you’re not reaching your goals, it’s time to stop pointing fingers. The buck stops with you.

As an entrepreneur, the power to shape your business’s profitability lies in your hands. It’s time to stop attributing success or failure to external factors like the economy, politicians or the competition. An economic downturn may have revealed operational inefficiencies that existed all along. It’s within your control to address them. Follow these steps to shift your mindset and your fortunes.

“The idea that growth equals profitability is a misconception. If you can’t afford the financial or qualitative side of growth, it can just as easily put you out of business.” Mark Cuban

Take action: What you need is fiscal discipline. Regardless of the economic climate, run a lean operation. Every expense must be justified. Implement an effective cash management system. Recruit top talent and let go of underperformers, irrespective of their tenure. All the financial statements (balance sheet, P&L, cash flow, accounts payables/receivables) must be analyzed regularly. Besides the financial reports, analyze sales reports to identify unprofitable products, markets, customers and other initiatives that are a drag; look at the marketing/advertising report to investigate what efforts are producing a positive ROI; and also check website traffic and social media engagement along with inventory and purchasing. If you’re laser-focused on increasing profitability, you won’t leave any stone unturned.

Don’t ride alone: Your passion to be in the top tier of your industry profitability must be more than just words on a mission statement. The department heads, team members and supplier partners must understand and get on board with your plan. How do you do that? With a performance-based compensation plan. This isn’t just about rewarding your team for their hard work. It’s about aligning their interests with the company’s – the more money the company makes, the higher their compensation. When aligned with your profitability goals, your team becomes a powerful force driving your business forward.

Realize there’s strength in unity: When you foster a profitability mindset within your team, and they wholeheartedly embrace your passion and commitment, they become a unified force working in harmony toward a common goal. They negotiate with suppliers for the best prices and payment terms. They pay attention to the little things, like turning the lights off when not needed or opting for a generic laser printer toner that costs $20 instead of a brand-name one for $100. These small savings can quickly accumulate to big numbers.

Never accept mediocrity: If you read my previous articles in this series, you understand my mindset while running my distributorship. I was never OK with just average profitability. I aimed to be in the top 10%. I accomplished that, which allowed me to reach my financial goals at 49. I worked very hard to differentiate myself and my company. I was always the first one to reach the office and the last one to leave. I set extremely high standards for customer service, sales closing ratios, hiring practices, supplier relations and key industry KPIs. My goal was to be the best at my craft and I wanted others to buy in because it was in their best financial interests.

Earn a devoted following: We had clients extremely loyal to us. There were times when a client would move to a different company, industry or state and contact me after several years as soon as they were in a position to do business with us again. To build such a brand and a following, you’ve got to strive to be the best. Earn your client’s loyalty with your expertise, genuine care, and an attitude of not just meeting but exceeding their expectations. That will generate referrals and drive sales without you needing to spend a dime on marketing. When you have the mindset of maximizing profitability, you will automatically start focusing on ways to be someone your clients can’t run their programs without. You become an extension of their ever-shrinking departments. You provide them with such an experience that they become your raving fans and brand ambassadors without charging you a dollar. How about that?

The bottom line is that as you develop a profitability mindset, you’ll start seeing tangible results in all aspects of your business. Yes, operating a business is a lot of hard work, but the rewards are substantial. Increased profits mean more resources for growth, better compensation for your team, a secured financial future for your family, and more opportunities for you to do whatever your heart desires for your community and the people you love.