If you’re looking to improve the amount of cash in your bank account, you can implement any number of the following strategies and tactics within a month.
Some of them will take a short time to implement, others can be done overnight at little or no cost to your business.
1. Increase prices
- 10% increase – a 10% increase across the board – just do it. For most businesses this is nothing. A $50 per hour rate becomes $55 per hour. It’s not a massive increase to your customers. Let’s assume your business is turning over $2.0 million each year – that’s an increase of $200,000 a year … an extra $16,700 per month you could have from tomorrow just by making a 1 minute decision.
- A brand audit –
- Review the whole experience your customers have – from lead generation to after sales service. Do you feel like a top-class provider that gets to be in the top section of the market and charge premium rates? If not –
- Establish (or review) company values and vision with the whole team participating. Determine what you stand for and where’ you’re going – direction and clarity.
- Rebrand corporate identify to suit
- Implement this rebrand across all company collateral (eg. website, letterhead, brochures etc)
- Increase pricing to match your new premium positioning.
2. Increase Profitability
- Complete a Profit Model review – and adjust some of the key variables (price, sales, expenses etc.) to discover the impact of such changes.
- Complete a Revenue Activity Review – Find out which revenue activity gives you the most of your profit and which ones are losing you money.
- Reduce expenses – audit and challenge each expense (why do we have it and does it add value?).
3. Increase sales conversion rate
- Sales training/knowledge building – train yourself and train your team
- Develop a clear Sales Process – and implement this
- Create sales scripts – (phone, face-to-face) and any other sales aids required in your new Sales Process
- Weekly Sales Activity KPI Sheet – record and report on sales.
4. Increase average sales amount
- Define 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
- Cross-sell – develop a checklist of add-ons for each type of sale and offer these to your customers at sale time
- Up-sell – Offer or recommend the premium product first.
5. Increase leads and repeat business
- Tune-up your database – capture contact details and relevant information of all your business relationship (prospects, customers, suppliers)
- Keep in touch with your contacts regularly – special offers, seasonal campaigns etc.
- Ask for referrals – who do your existing customers/suppliers know that may be able to use your services/products.