Your Business is a Money Factory
Your Business Is A Money Factory
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?”
Reducing cost is a great place to start – but you cant 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?”
What sales training have you had and what is your sales strategy?
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 and it is the most expensive and the most time-consuming.
So, initially, just stick with the other four, margin, average dollar sale, conversion rate and 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.
So what are you asking your customers that could produce higher revenue?
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?
What are you offering to sell your customers to grow your business? Think about it. It’s the number one way to increase the turnover of a business.
So get out there and ask the question. Do you want fries with that?
Budgeting: Do You Have A Budget?
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!
So while I think budgeting is great, the truth is that if you don’t follow it, it won’t work.
You have to work the plan. Make a plan. Work the plan. Revise the plan. Make a new plan. Work the plan. That’s what you have to do.
Budgeting is great but action is king
Once you’ve got a plan and you know where you’re going, you have to work it and work it and work it. Discipline or regret, right? You’ve got to do it. You got to make it work. What’s your budget? What’s your plan? What are you doing about it?
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