If the answer is yes, then you may want to take a look at the 7 ways to Increase your Business Profits outlined below. Growing your business can be challenging. Think of 2012 as an opportunity to really take your business to new heights. If you need assistance applying any of the tips below feel free to contact us for further assistance.
The following are low cost, fundamental ways to increase business profits this year ….
1. Determine and write down your specific 2012 profit goal — the actual # — look at the goal every day to keep it always on your mind.
2. Know Your Numbers— not only your monthly financials; but also your Key Performance Indicators – these will vary from business to business but here are a few that would apply to your business = # of leads per week; conversion rate from prospect to sale; average dollar sale; profit margin; client retention; etc …
3. Write a Description of Your Perfect Customer and focus your marketing efforts of those that fit the description. This will reduce your marketing costs and time and increase your conversion rates
4. Establish and Follow a Consistent Sales Process. From the point when you meet a prospect through the point where you close the deal take the same steps with everyone. Only in this way will you be able to measure what’s working and what’s not.
5. Sell on Value; not on Price. If you focus on price you’ll get what you deserve because the prospect will then also focus on price. So focus on the value you bring and what you can bring to your prospect that your competition can’t.
6. Focus Your Marketing Efforts on Your Existing Customer Database. It’ll cost you less time and less money to close them into additional business because they already know you and your company. There’s gold in your database … focus on it.
7. ASK, ASK, ASK. Ask your clients for referrals. Ask your customers testimonials. And most of all ask your prospects for the business.
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