There was wine, there were canapes and a good time had by all! Thank you to all who attended our Business Improvement Seminar on How to increase your business net profit by 50%.
For those who didn’t make it, but wish you did, here are some of the highlights. A full copy of the presentation slides is available upon request.
The two proven methods to improve your business net profit are to regularly look at strategies to Increase revenue and Decrease costs. These strategies include increasing the average sales value per transaction and increasing the number of transactions per client.
We are all familiar with and have probably been asked: “would you like fries with that?” McDonald’s introduced this strategy for every transaction that was processed in their stores. We can only imagine the number of people who have said “yeah sure” and simply purchased another product. It goes without saying that this is probably one of the easiest strategies to implement in your day to day interactions with clients, to increase revenue, if you don’t ask you’ll never know!
To increase the average sales value per transaction is to consistently review your pricing model, are you priced too low for the current market? When was the last time you increased your costs? Even a 1.5% increase to your product, whether it be goods or services over 100+ clients will always increase the profit on your bottom line.
The final way to help increase revenue is to Increase the number of clients. This may sound daunting to some and it may also be one of the most difficult to put into practice, but a strong business is based on referrals, if your providing an outstanding product or service then you shouldn’t be afraid to ask your existing clients to refer you and your business. Word of mouth is one of the most powerful recommendations that can be received and is also the most trusted, you wouldn’t recommend someone or something if it wasn’t great. Which is a great Segway to our most recent program which was also launched at our Seminar, if you know someone who would benefit from our services to increase their net profit, then click here and complete the referral form and we will be in contact very soon.