Increasing the amount of money in your bank account doesn’t always have to be hard work. You can put in place any number of the following strategies and tactics within a month. Some of them will take a short time to do, you can do others overnight at little or no cost to your business.
1. Increase Prices
A 10% increase across the board. For most businesses this is nothing. A $50 per hour rate becomes $55 per hour. It’s not a massive increase to your customers. If your business is turning over $2.0 million each year – that’s an increase of $200,000 a year … or an extra $16,700 per month you could enjoying from tomorrow by making a 1 minute decision.
2. Increase Profitability
- Do a Profit Model Review and adjust some of the key variables (price, sales, expenses etc.). You’ll discover the impact these changes would make.
- Complete a Revenue Activity Review. Find out which revenue activity gives you most of your profit and which ones are losing you money.
- Reduce expenses. Audit and challenge each expense (Why do we have it? Does it add value?).
3. Increase Sales Conversion Rate
- Train yourself and your team in Sales. Ensure you’re always building your knowledge.
- If you don’t have a clear Sales Process, develop one and put it in place.
- Create sales scripts (phone, face-to-face) and any other sales aids required in your new Sales Process.
- Record and report on sales weekly using a Sales Activity KPI Sheet..
4. Increase Average Sales Amount
- Make sure you’ve defined your ideal target market. Who they are, what they do/act like, what’s their challenge, where will you find them etc.
- Define your USP and market positioning.
- Develop a checklist of add-ons for each type of sale and offer these to your customers at sale time. This can take advantage of cross-sell opportunities.
- Up-sell – Offer or recommend the premium product first.
5. Increase Leads and Repeat Business
- Make sure you’ve got a database and keep it updated. Capture contact details and relevant information of all your business relationships.
- Keep in touch with your contacts – special offers, seasonal campaigns etc.
- Ask for referrals. Who do your existing customers/suppliers know that may be able to use your services/products.