Step 1: Lead Generation: most businesses that we talk to need more customers or clients. That means they probably need more leads coming into the business.
Step 2: Leads are great but if they don’t convert — do they help your profits? So mastering lead conversion is step #2.
Step 3: Transactions are the heart of your business. When you increase your transactions with your clients you increase your bottom line.
Step 4: Pricing — have you raised your prices recently? 5%, 10% — what is that impact?
Step 5: Your Profit Margins: You know you have to pay for things in your business — but have you looked at how you can manage them better?
We are using the profitability formula with every client and creating transformational results.
You as the leader need to understand the formula, marketing and the strategies that you are putting in place to grow. Maybe YOU are not the person implementing each tactic or strategy but YOU are the guide and holding the compass makes sure that you continue to go in the direction that YOU envisioned.
This is what I have been teaching!! But NOW — I have changed the formula and added to it. I call each step a profitability accelerator.
There are 8 Profitability Accelerators.
These are the 8 numbers that you can change in your business to increase your profits. Yes, there is work connected to each one. But the really cool thing is that when you focus on each number and work to increase it by just 10% — the impact on your business is HUGE!!
In fact, you can double or nearly double your profits with just an increase of 10%.