Let’s be honest here, business is about making money. There I said it!
With so much hype about the different facets of a business these days we can lose sight of the fact that we are here to make a dollar.
Now what you do with that dollar is up to you, change the world or buy a fast car the choice is yours but the fact remains what you do, if you are not making money you are not in business. You are just pretending. So it is so important that when you set out to improve the bottom line, you focus on things that will do exactly that, improve the bottom line!
We have listed the ten things that when done consistently see a steady and stable growth trend in our client’s bottom line.
TIP 1 – KNOW YOUR NUMBERS
Knowing your numbers is just good business, there is no getting around it! The figures you must absolutely know at a glance are.
- Dollar cost per lead
- Conversion rate per lead
- Upsell rate per sale
- Resell rate per customer
- Daily cost of running Business
- Daily sales value
TIP 2 DO YOUR OWN MARKETING
Now I don’t mean fire your marketer, absolutely not. But a terrible marketing campaign is the quickest way to lose money not just in the short term but the long term as well.
I mean do not simply give the task of marketing to a subcontractor. Marketing is your message, it cannot get lost in translation.
Work with your marketer to get your message across perfectly, then amplify it with their skills, remember if you delegate your marketing you delegate your results.
TIP 3 REFRESH YOUR SALES
Sales and marketing make the bottom line, there is no getting away from it. If the sales and marketing teams are winning, then everyone is winning.
It’s for this reason that you need to keep your sales team SHARP! Make sure your sales team has the following:
- Quarterly / Monthly performance rewards for the team not just the individual.
- Quarterly refreshers / whole of business training
- Open disclosure of performance through visual aid
- Resources for the Sales teams to access in their own time
Too often with the difference between effective and ineffective Sales comes down to confidence. Finances permitting, we recommend engaging a Sales coach. They provide the training for your team and maintain the mindset, simply put it just works!
TIP 4 KNOW YOUR CUSTOMER
It blows me away how many businesses do not know their ideal customer, with current marketing techniques it is just not acceptable anymore. Spray and pray business is dead and gone.
If you do not know who you are selling to, how on earth can you target them? Conversely, with todays marketing techniques and a crystal clear image of who you are targeting you can decrease your cost per sale enormously.
TIP 5 NETWORK
There are three ways to generate new leads in business, and this never changes.
- Referral / relationship
Paid leads are great, with a good marketer you will eventually know exactly how much you need to spend in order to get financial growth.
Free leads come from people simply being at the right place in the right time, perhaps walking past your store, accidently calling you instead of the competition. They are nice but reliable.
The best leads are Relationship / Referral based leads. If done correctly a good business relationship can cost you nothing yet generate you consistent high quality leads for years to come.
Good business is good relationships, so get out there and network. Give more value than you take and you will be pleasantly surprised.
TIP 6 MAKE DECISIONS QUICKLY
Too much money is left on the table through hesitation, but that does not compare at all to the money that is lost through inaction.
All the big success stories come from seeing a gap in the marketplace and jumping on it. All the great business failures come from people holding on to a dying idea too long.
Make decisions quickly and safely. If it is not making money change it or remove it. If there is an opportunity to grow in the marketplace take it and run with it.
TIP 7 HIRE A SPECIALIST
This is somewhat of a biased recommendation given I am a consultant however it is true. If you really want to increase your bottom line and are struggling to do so hire someone who knows how.
You cannot expect to grow in business doing what you have always done and a smart investment with the right person can return huge dividends.
Perhaps it’s an Accountant perhaps it’s a Business Coach whoever it is though make sure they have what you want and are a good fit for you.