Three Ways To Massively Increase Your Profits.

Though there are many ways to grow your business, the best will fall under three categories.

1. Increase Customers/Clients

2. Increase the amount the Customer/Client spends per purchase.

3. Increase the amount of times the Customer/Client purchases over the year.

1. Increase Customers/Client

There are many ways to do this. One of the often missed sources for new customers is through referrals.

I am not saying that you should not use cold marketing tactics. But if you can get more customers, at a lesser cost through warm refferals why not do so? If your service or product is appreciated by your client, why wouldn’t they want to tell their friends and family? Just give them the opportunity to do so.

2. Increase the amount the Customer/Client spends per purchase.

Ever been in to The Gap?

You come in for a pair of pants. You find a pair you like. As the salesperson takes you to the checkout what do they ask you?

Would you like a belt, or socks to match?

They give you added value products to go with your purchase.

What could you add to your product or service that would give your customer more value?

Pay attention to your prices. I recently spoke with a client who was trying to increase his revenues. When I looked at his pricing, I noticed that he hadn’t increased his prices in a number of years, plus he was way below his competition. I suggested that he increase his price by 15-20%. That simple move will probably add 15-20K to his bottom line this year.

3. Increase the amount of times the Customer/Client purchases over the year.

Are there ways to increase the amount of times your customers come to you in a year?

Even if you have one off type business, remember that you have a customer base that you have developed a relationship with. Maybe you can partner with another business (or even a couple of business) and offer their quality product or service to your customers.

An example would be a Lawn mowing service. Partner with, snow removal, pool cleaning, landscaping, window cleaning, painting, etc..

Do you see the possibilities? If you took 10% of the business you brought to each of these services through your customers you might end up making more than you make with your own service.

What about cutting expenses?

If you have areas in your business where you can cut costs and eliminate wasting, then do so. The reason I did not put this as one of the categories is because it is not a Top Strategy. You can only cut so much. You will reach a point where your business is streamlined and there is no where else to cut.

With the top three approaches you have endless opportunities to increase your revenues.

So sit down and start thinking of what you could do in one of these categories. Then do it.

Feeling stuck?

Email me for ideas rob (at) yourbizcoach4life (dot) com

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