Ultimately, you, and just about every business owner, everywhere, have the same desire: to grow their business! As you can probably guess, there are many ways to accomplish this goal, ranging from systemization to smarter marketing to the creation of efficient teams. But in this series, we are going to focus on five steps that your business can take to dramatically increase your gross revenue and your net profitability. The following are five actionable steps which have worked wonders for myself and many of the small business owners I’ve worked with. We will take an in-depth look at each step in upcoming installments.
- Increase lead generation. It all starts with lead generation. Every one of your current clients started off as a lead—and you can’t grow your business without generating more leads. It is not enough to take a helter-skelter approach to lead generation. It is critical that you create systems of lead generation that work time and time again.
- Increase your lead conversion rate. Of course, you can generate hundreds of leads per week and have nothing to show for it if you can’t convert them to customers. Every business is successful at converting at least a small percentage of their leads, but how much room for improvement exists? Have you created a documented, consistent system of conversion that really works?
- More repeat orders. It’s great to emphasize lead generation and conversion, but too many business owners forget to market to their current clients. As a result, they forfeit potentially huge amounts of revenue each month. Are you marketing to your current clients?
- Increased order amounts. Once again, too many business owners ignore the obvious opportunities to increase revenue. And what could be more obvious than increasing your average sale amount? Are you actively bundling and up-selling to customers and clients?
- Decreased costs. As a business owner, you should be focused on net profit—not gross revenue. Your business could bring in $100 million of gross revenue next year, but if your expenses are $99.95 million, you may as well be working a mid-level position in someone else’s business. Boosting revenue is great… but it’s only half of the equation. Are you effectively controlling your costs to maximize profitability?
If your business can implement these five steps, you will see a dramatic increase in gross revenue and in net profit. Stay tuned as we examine each of these steps in depth!