If you are like many of us business owners, you may be feeling a bit overwhelmed. As CEO, you are probably acting like the Chief Everything Officer. Overwhelm sets in because you may be focusing on way too many areas of your business.
Did you know that 80% of your profits come from just 20% of what you focus on inside of your business? My research shows that if you focus on just 5 important areas of your business, you will grow your profits and you have a bigger impact on your company.
How do you generate more leads? Not just leads but the perfect customer that is ready to buy. Leads are the air that you breathe. You must have a consistent flow of new opportunities in front of you. Focusing on building that stream will grow your profit.
Now that you are generating more leads, how do you convert more into high-paying customers? Conversions are sales, plain and simple. Sales are the food your body needs to survive. Turning more opportunities into more sales will feed your company and allow you to grow and profit.
You’re getting more leads & more customers but how do you get more transactions from your existing customers versus me having to spend 10-20X more to obtain new customers? Creating ways for your happy customers to buy again and again makes for a continuity business. Think memberships or subscriptions. Monthly payments are a stable income for your company.
Higher Average Dollar Per Sale
How do you increase your prices without losing the customer? There is the magic price that your customers are willing to pay for what you offer. There is never an award for being 2nd cheapest so you might as well price your offer as high as your customer will allow. The only way to do this is to have a high perceived value. Make what you offer the most valuable to your ideal customer.
How do you explode your margins? It’s nice to have more revenue but it is really what you bring home that makes it all worth it, right? Reducing your cost of goods sold and your expenses while raising your prices with a continuity program puts more money in your pocket.
As I just explained, when business owners can focus on the important, profit-diving areas within their business, they avoid overwhelm and produce a highly profitable business. Isn’t that why you’re doing it?
Marcia Riner is a business growth strategist and the CEO of Trajectory Consulting. She helps small business owners to increase profits, drive growth, and to be in a great position to sell it someday. Together, she helps you create your roadmap to increase revenue, drive growth, and maximize the value of your company. Check out her website @www.TrajectoryBiz.com
In her book The Profit Accelerator, she provides 12 Ways To Dramatically Increase
Your Revenue, Profit, And Value. Download her book for FREE at https://trajectoryprofits.com/book-download/