Your Business is a Money Factory
Your Business Is A Money Factory
As a Business Owner coach, I understand that your business is not identical to other businesses’ goals and that your are not identical to other business owners.
How can you make more money in business? It’s simple. There are only five elements:
1. “How much of every dollar you turn over do you get to keep?”
A great place to start is reducing costs – but remember that your business won’t survive with a one-strategy business.
2. “How much on average is a sale worth and how do you grow that?”
Every dollar made here can go straight to the bottom line.
3. “How well do you convert an inquiry into a sale?”
It’s important to understand and evaluate what kind of sales training and strategy you have.
4. “How do you bring existing customers back more often?”
The people who bought from you yesterday are the people most likely to buy from you tomorrow. How will you bring them back?
5. “How do you generate more inquiries?”
This comes last because at least 80 percent of it doesn’t work. It is the most expensive and time-consuming of the five.
So what I would suggest is to focus on the first four elements:
- Average dollar sale
- Conversion rate
- How often they come back
Do You Want Fries With That?
Have you been in a McDonald’s lately? Did they ask you if you want fries with that?
Did you know that 3 out of 10 people say yes to that question? McDonald’s serves 20 million people every day in the US alone and 3 out of every 10 customers says yes to that question.
Now I don’t know what those fries cost but I’m sure they don’t cost the $2 that you pay for them. Let’s say they cost a dollar. That’s $7 million a day for asking that question, and that’s in the US alone.
This leads me to this – what are you asking your customers that could produce higher revenue? Here are some examples:
- If you’re a hairdresser, you say:
Do you want a treatment with that?
- If you’re a lawyer, you say:
Do you have a will? Are your assets protected?
- If you’re an electrician, you say:
Do you want a safety switch with that?
The number one way grow and increase the turnover of your business is knowing what you are offering to your customer.
So when you get out there, don’t forget to ask the question. Do you want fries with that?
Budgeting: Do You Have A Budget?
Here’s something interesting. Did you know that only about 3% of businesses actually have a written budget with a plan for what they want to do and what they want to achieve?
And of that 3%, only about 10% of those (so say about 0.3% total) actually follow their budget!
While budgeting is a great thing to do, the truth is that if you don’t commit to following it, it won’t work.
Here’s what you have to do to make it “work”:
- Make a plan
- Work the plan
- Revise the plan
- Work the new plan
- Work the plan, again!
Budgeting is great but action is king
Once you’ve got a plan and you know where you’re going, don’t forget you have got to:
- Work it
- And work it
- And work it
And since you’ve got to make it work, remember these:
- What’s your budget?
- What’s your plan?
- What are you doing about it?
Remember that it’s up to you to choose between discipline or regret. Know which one you want and go do it!
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