12 Strategies to Quickly Increase Your Profits · 12 Strategies to Quickly Increase Your Profits...
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TheProductivityExperts.com
Transcript of 12 Strategies to Quickly Increase Your Profits · 12 Strategies to Quickly Increase Your Profits...
TheProductivityExperts.com
The Productivity Experts
Cathy Sexton, Productivity & Profit Coach, Trainer, Author and Speaker
[email protected] | 314-267-3969 | www.TheProductivityExperts.com
12 Strategies to Quickly Increase Your Profits
You can’t just say you want to increase the profits of your business without
having a specific strategy to make it happen.
So,hereare12ProfitBoostingTipsthatcanserveasabasicfinancialplanandwillhelp
youandyourbusinessimmediately.
1. Raiseyourprices3%today!Alwaystestthelimitofyourrevenueanddon’tsettleforless.If
yousellaproductfor$10.00andyouincreasethepriceby$.30,thatprofitwillnotbeenoughof
anincreasetoturnyourcustomerofftoyourproduct,butitcangostraighttoyourbottomline.
2. Knowyouractualcosts!Fartoomanybusinessownersandentrepreneursunderpricetheir
productsorservices.It’ssoimportanttounderstandhowmucheachproductorservicecosts.
There’saformulaforpricingthatwillputyouinaprofitsweetspot.Findthatnumberandwatch
yourprofitsgrow!Also,don’tsellproductsthatlosemoney.Ifit’snotprofitable,getridofit!
3. Knowwhatyourtimeisworth.Takethe$$youwanttomakeanddivideby$2000toget
yourhourlywage.Knowingyourvaluewillhelpyoumakebetterdecisionsonwhereyouspend
yourtime.
4. Hirethemostqualifiedperson!Hirethemostqualifiedforthejob,evenifyouhavefriend
orfamilymemberwhowouldliketobeinvolvedinthebusinessorwoulddothejobforless.
First,it’sdifficulttokeeppersonalstuffathomeorresistsocializingwithafriend.Second,you
wanttohirethemostqualifiedpersonwhoiscommittedandbringstherightstrengthstothe
table.
5. Implementasystematicprocedureforpayingyourself,buildingprofits,setting
moneyasidefortaxes,andreducingdebt.Profitdoesn’tjusthappen.Youhavetocreate
aplanthatwillguaranteeyouprofit!TheMiracleMoneyMethodwasdesignedtohelpyou
achievethosefinancialgoals.LearnmoreaboutTheMiracleMoneyMethodat
www.theproductivityexperts.com/productivity-profit-coach/
The Productivity Experts
Cathy Sexton, Productivity & Profit Coach, Trainer, Author and Speaker
[email protected] | 314-267-3969 | www.TheProductivityExperts.com
6. Offerpre-paidretainersorongoingpaymentplansorpackages.Thisisoneofthe
beststrategiesforachievingastablecashflow!Whatcouldyousellasapackageormonthly
offering?
7. Consideroutsourcing.Thingslikebookkeeping,administrative/virtualassistanttasks,
website,copywriting,andmarketingcanallbeoutsourced.Someonewhohasstrengthsinthose
areas(andistrainedtotacklethem)willnotonlytakethingsyoudon’tenjoydoing(ordon’tdo
well)offyourplate,they’llfreeuptimeforyoutodowhatYOUAREbestat.So,don’twaste
yourvaluabletimedoing$25-hourworkordoingworkyou’renotgreatat.Itwillonlycostyouin
theend.
8. Convertone-timeclientsintorecurringclients.Whatcouldyouupsellorcrosssellto
yourcurrentclients?Byincreasingthefrequencyofpurchasesby10%,youincreaseyoursales
andincreaseprofitsbythesamepercentage.
9. Manageyourcosts.Everydollaryoureduceinexpensesgoesstraighttothebottomline.
Considerallyourexpenses.Ifit’snotaninvestmentinyourcompany,cutit!
10. Thinkofyourexpensesasinvestments.Onceyougetthoseexpensesinline,payyour
billswillingly!Haveamoneymindsetofgratitude.Thiswillhelpyourealizehowyourmoneyis
actuallybenefittingyou.
11. Produceaccuratefinancialstatementsbythe10thofeachmonth.Thiswillraiseyour
awareness,allowyoutocatchproblemsbeforetheybecomeacrisis,ANDgiveyouthechanceto
celebrateyourwinseverymonth.
12. Don’taskforreferrals…askforintroductionsfromyourcustomerswhoalready
loveyou.Findoutwhotheyareconnectedtoandaskthemtointroduceyoudirectly.
Whenyouputthesestrategiesintopracticeyouwillmakemoremoney,increaseprofit
inyourbusiness,andcreateyourfinancialsuccess!
Youdon’thavetodoitalone–ContactCathyforhelp!
The Productivity Experts
Cathy Sexton, Productivity & Profit Coach, Trainer, Author and Speaker
[email protected] 314-267-3969 www.TheProductivityExperts.com
HOW MUCH IS YOUR TIME WORTH?
How much money do you need to live comfortably a year? ____________
Translate that into a dollar per hour – Very Important
Example: $100,000 a year = $2,000 a week (2 weeks’ vacation) = $67.00 (based on 30 hrs.)
How much do you want to make per year? _________ = A ($75,000)
How many weeks per year? _______ = B (48 = 4 weeks vacation)
A _______ divided by B ___________ = C _________ (1,562)
Hour many hrs. per week do you work? ______ = D ______ (25) (This is tricky this is time you are actually servicing a client or selling not doing administrative work)
C ______ divided by D ________ = _________ Hourly rate ($62.50)
Once you have your number, are you doing “the right stuff”? Are you wasting time that could be done by someone else at a lower rate?
