In Show 055 – 6 Ways to Maximise your Business Profits originally broadcast on Facebook Live on Monday 29 January 2018 we explore this interesting topic.
On Fast Fix Monday we discuss the Top 6 ways to maximize your business profits.
We have a worksheet for todays episode, Download the Show 055 Worksheet here.
1. Converting one-time clients into recurring clients
You’ll be surprised to know that it’s 90% cheaper to convert an existing client than finding a new one. From a marketing perspective it’s 6-9 times cheaper. If you can convert your one time clients into recurring clients you just saved a ton of money.
2. Encourage referrals
It might not feel entirely comfortable but asking your existing clients for referrals is a great way to drum up more business. You can do this in a number of ways. You should have a structure in place that regularly solicits referrals – through emails for example.
3. Categorize your clients
Slot your various clients into three different groups. Your A clients are your top-tier money makers. You B clients are those that have some growth potential to move into the A slot. Finally your C clients are those that suck up most of your time with little money to show for it. Once that’s done you should drop your C clients. They’re taking too much of your time – time that could be better invested elsewhere.
4. Offer up-sales on popular items
If you have a product or service that you can easily tack on to some existing work – do it! Up-sell things that will combine well with your current work. It’s easy to do, offers more for your clients and will increase your revenue.
5. Remove non-essential tasks
The Western Union wire service has been a notorious method for scammers to take advantage of the public. Fake prizes, loans, jobs and discounted products are just part of the myriad ways criminals fooled people into wiring them money. The Department of Justice in the United States ordered the company to pay a $586 million fine. Part of that money will be used for restitution for victims – including those in Australia.
6. Expand your reach
The more people you can get your product or service to the better chance you have of getting new clients.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.