10 actions to generate more money with your business
Finance and business
A person loses 15 minutes a day looking for things that they cannot find. The cell phone, the car keys, papers, phone numbers and many others. A productive person earns 10 times more on average than one who is not. Do you wonder what it has to do with someone wasting time looking for something with your income? The answer is easy: EVERYTHING. Follow these 10 tips to improve productivity and earn more money with your business.
01of 10 Sell more: I know, this is nothing new.
Money. Getty Images
Anyone can tell you that to make more money you need more sales. But many of us get distracted by other matters, like creating new products or fancy marketing campaigns. Remember, if the new initiatives are not directly aimed at generating more sales, you will not have more money in your bank account.
02of 10 Work harder: This is not a guarantee.
If what you're doing now doesn't work, if you keep doing more of the same it's not going to help either. But if what you're doing is working but it doesn't bring in enough money, then you have to put in more hours and make more sales calls.
03of 10 Change: If what you're doing isn't working, why not?
Are you selling the wrong product? Do you charge too much for your service? Not doing enough marketing ? Sit back and analyze what doesn't work. Be hard on yourself. Then force yourself to change.
04of 10 Target different customers: Are you targeting the most profitable customers?
Are there other market segments easier to reach? Think, what other market segments would make more purchases than your current customers? Assess whether other markets could produce higher income.
05of 10 Product-ize your service: If you sell a service, what you sell is your time.
That means you have a real limit to how much you can do. So can you find a way to turn what you know into a product? That is, cutting portions of the same cake, so that you can hire others to provide the service as well, and thus serve more customers. Think of ways to turn a “one-time” service into a full program or course that includes a subscription.
06of 10 Sell more things to the same customer: The most expensive thing to acquire is a customer.
Once you have a customer, can you offer that person other products or services? Can you get each customer to invest more in your products and services? For example, most hairdressers capture only a small percentage of what their clients spend on beauty-related products and services. By expanding the range of beauty services such as waxing or massages and offering additional hair products, the hairdresser can obtain a greater percentage of the total budget that each client allocates to consume beauty services and products.
07of 10 Market higher priced items: This, too, seems pretty obvious.
But many entrepreneurs overlook that it takes about the same effort to make a big sale as a small one.
08of 10 Hire help: It's hard to grow up alone.
If you are the only employee in your business or you work alone, it means that you have to do everything. If you're good at selling, going out, and promoting your business, hire a part-time administrative assistant to do the paperwork. If you're good at delivering or developing the service, hire someone to go out and get customers and make the sales. Maximize your earning potential by using your own time in the most productive way.
09of 10 Use technology: Technology allows you to be more effective.
Use technology to speed up administrative tasks, finance, and production, giving you more time to make more money. - Do you have your list of clients and prospects in an updated database or in a client relationship management program? - Do you use a communication program with your clients and send regular emails with offers and promotions? - Can customers order through your website?
10of 10 Make a plan: Before going in any direction, map out your path.
Don't go in all directions, develop a serious plan on how to grow your business. The hard truth is that you won't get rich overnight, so it's important to know that you are heading in the right direction.
Think about your options, your budget, and your goals, and then decide on a course of action. Stick to it and the money will follow.
Comments
Post a Comment