Are you coming out of recession – and want to stay that way?
As Business Coaches we meet and work with 100’s of different business owners. The opportunities and problems are nearly always the same:
Need more profits – even if the business is making good money
Cash flow is inhibiting the growth of the business – or even threatening its very existence
Need more customers
The owner is working too many hours for the money they are making
The team is not performing as it should
If you recognise any of these areas in your business then you should be planning to do something that will fix the problem. Over the next few blogs I will be giving some tips on each of these areas.
Firstly, let’s cover off – What is a Business Coach: This can be explained by using a simple sports analogy.
SPORTS COACHING guides athletes, players and teams to success, a winning strategy and game plan for victory helping them change the way they perform to win.
BUSINESS COACHING guide’s business owners to success with proven business strategies and a game plan for profits – demonstrating and teaching new strategies and helping implement these to enable the business owner to win – whilst holding the business owner to account!
In this blog we will focus on the 5 Ways to increase profits and cashflow.
The 5 Ways to Increased Profits
Most business owners say they want more customers, a higher turnover and more profit. What few realise is that to achieve these 3 areas of output there are actually 5 steps to concentrate on to achieve these.
First there is lead generation, then conversion rate which gives you your number of customers. Once you have customers it is the number of times they buy and how much they spend on each transaction which gives you your revenue. Once you have your revenue it is the margin you make that gives you your profits. Expressed as a formula it looks like this.
Number of Customers
Avg. £ Sale
Avg. number of transactions
Let’s look in more depth at one of the five areas - increasing your conversion rate. This is generally one of the easiest and most cost effective ways to improve sales – and the one that is most neglected. Here is how you can change that!
You may be wondering, “How do I do that?” This is just one of the areas we work with Business owners on to help them grow a sustainable profitable business.
We will be running a master class on the 5 ways as part of our sales and marketing workshop on the 19th March. To book simply follow the link SalesMACHINE