Supercharge Your Profitable Business!
Many small business entrepreneurs enter the world of self employment with a technical skill that they learnt, while generally working for someone else. When they decide to take the leap and become an entrepreneur, they are in the sea of unknown. Will they sink or swim?
I believe that it is now the time of the small business entrepreneur. Worldwide, small business success is the key to all economies improving. Across the world, if we had highly profitable and successful small businesses employing people, how different would the economic world be right now?
To have a profitable business, I believe there are 10 key strategies, that if implemented, will transform a small business. So what are they?
Mindset – if the small business entrepreneur has a dream for their business, believes they can achieve it, they will move mountains to achieve the success they dream of. A positive mindset is critical to success.
Lifelong Learning – I believe we can never know enough. If an entrepreneur is constantly learning new business skills, and importantly, implementing the new knowledge, they will achieve the business success and business profits they are seeking.
Cash Flow Management – My favourite saying is: Turnover = Vanity; Profit = Reality; Cash Flow = Reality!! By having effective cash flow management systems in place to ensure the business remains in positive cash flow, the small business entrepreneur will have a viable business. While cash is not profit, if it is not collected, it will never become profit, as it will be written off as a bad debt.
Monthly Financial Management – do you know the difference between annual financial accounts and monthly financial management? Get effective management financial management systems in place, and your business will never be the same as you will ‘tweak’ your business performance and profitability throughout the year.
Product and Service Profitability – Do you know which are your most profitable products and services? Understand this, and your promotional campaigns will be driven around your most profitable products and services. All that leads to more profitability.
Customer Profitability – Do you receive any and all customers that come your way? Many businesses do. Understand your existing customer profitability, and strategically seek out more of the same types of customers, and you will watch your business profits soar.
Cross, Up, Down, Frequently Selling – Many businesses do not make further offers to their customers that support the original sale, and nor do they have strategies in place to sell to their existing customers more frequently. Get this right, and you will be selling more and more frequently to your customers, resulting in more profit in your business.
Pricing – My favourite subject in business. Your customers will pay for what they value, yet pricing is one of the scariest subjects for small business. Get your value proposition for your customers right, and you can charge more.
Finding ‘Lots More’ Customers – Most small business entrepreneurs do not have marketing strategies in place to identify, market and communicate with potential customers. Did you know that it takes approximately seven interactions with a potential customer before they will buy from you? Many businesses (big and small) do not invest enough time and resources to continue marketing to their potential customers.
Systems, Automation and Outsourcing – Another of my favourite subjects. Does your business have a systemised and automated approach to business or is it a ‘random’ experience that your customers have when they buy from you? Get this right and a business is scalable upwards. Similarly with outsourcing, as it provides many opportunities for the small business to ‘look’ bigger than it actually is simply due to outsourcing some of the activities that the small business entrepreneur cannot or should not be doing.
If you would like to learn more about finding more profitable customers for your business, please download any of the FREE resources that may be helpful to you at www.adelemclay.com/free-resources
Could some guidance from me be helpful to you? If so, please arrange a free 30 mins Skype strategy meeting with me. Here’s my calendar to book a meeting. I’d love to support you in some way to gain ‘seductive clarity’ in any aspect of your business or life.
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