Profit provides opportunities for future growth and expansion. Regardless of how much you generate in sales, the most important key is generating bottom-line profit. Throughout the month of October, our newsletters will cover the top 10 things you can do to increase profitability. Here’s a look at the first five:
Profitability means remembering these 5 steps:
- Set a goal. You can’t achieve what you can’t perceive. Write it down. Measure it properly. Watch it fanatically.
- Think outside the box. Look outside your industry for ideas. We all can learn lessons from how other industries and business models are maneuvering.
- Lead generation. Review the process you use to attract interested prospects to your business. If you can increase your number of prospects, there’s a higher probability you can make more money and increase profits.
- Lead conversion. Review the process by which you convert leads into paying customers. If you can increase your conversion rate, you can multiply your sales and increase profits. There is no replacement for ongoing sales training for every single person who speaks to customers, either live or on the phone.
- Cost of customer acquisition. Continuously seek creative ways to improve your advertising and promotion so that it costs you less to buy each customer. This can impact and increase profits of your business dramatically.
Remember, the bottom line is to increase your bottom line! Stay tuned for the remaining five tips in our next newsletter. I also recommend checking out the Tim Ferriss podcast – in each episode, he deconstructs world-class performers from a variety of industries and discusses the tactics and tools that can benefit your business. It’s awesome and I higly recommend it.