How do you increase business profits? Answer the following questions carefully, and you'll have a good start.
1. Can you increase the average sale? A restaurant with 25% profit margins might make 50% on additional sales to existing customers (less labor to bag one large order than two smaller ones). Asking "What would you like to drink with that?" works, and it's just a start.
2. What's the least expensive way to get a customer? Before you spend another thousand dollars advertising to get new customers, could you get as much business by spending a few hours contacting previous or existing customers?
3. What low risk ideas can you try? I once sent a letter to several visiting basketball teams, inviting them to visit our restaurant, and giving the coach a free meal as an incentive. The cost? Two dollars. The pay off was two busloads of customers. At that rate, you could increase your business profits even if nine out of ten ideas fail.
4. Have you tested prices? I knew a store that sold a product for a $1.05, that cost them $1.00. At a price of $1.20, it is doubtful that they'd lose half their sales, but if they did, they'd still make twice the profit. Some things even sell better at a higher price. Test.
5. Can you measure your advertising results? How do you know that you're not spending more for a customer than they're worth? Coupons, customer surveys and other methods of measurement are a must.
6. How do you know your customers are satisfied? The worst restaurant meal we ever ate went down without a comment, but we never returned to that restaurant. Maybe the owner should be talking to the customers.
7. Can you enhance the percieved value of your product? Years ago, I sold walking sticks for $10 at flea markets, and $20 at craft shows. Sometimes location alone can enhance the percieved value of a product. What else can you do?
8. What are similar businesses doing? See what your successful competitors are doing. Can you do the same?
9. What other products can you sell? There's a reason stores have candy and magazines near the checkout. Extra sales are a great way to increase business profits.
10. Can you use your customers as salesmen? Word of mouth is a start, but what other ways can you get your customers to bring their friends to you?
These were culled from a longer list. I call it "stolen business ideas," because I can't credit the original authors. I took them where I found them over the years, with grattitude, but without notes.
Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.everythingaboutmoney.info
professional maid services Deerfield ..Always include a powerful signature on every email you send... Read More
Studies have proven that there is one reason why people... Read More
Although dentistry may appear to be different than other types... Read More
Being appropriately dressed is essential in making good impressions in... Read More
If you are like me, you are living some distance... Read More
Getting focused on what you want to achieve and creating... Read More
Talk to Your People Often By building a great... Read More
The 2004 election is over--at least in the minds of... Read More
Ten Tips for Staying ConnectedMany of my business clients tell... Read More
We've heard numerous success stories of Internet entrepreneurs like Jeff... Read More
Here are some simple tips to help you improve your... Read More
Many people find it really hard to write for business... Read More
Many businesses lose money yearly because they don't think creatively... Read More
If you're a beginner, starting a website doesn't have to... Read More
Are you scratching your head after business events wondering why... Read More
Do you want to be #1-10 on Google and other... Read More
One way links will help you gain better rankings in... Read More
Advertising executive Alex F. Osborne first coined the word "brainstorming"... Read More
Seven Questions to Improve Your Business, Your Relationships, and Your... Read More
What is Choice Theory (CT)? CT is a theory of... Read More
Clarity is an absolutely essential ingredient for you to achieve... Read More
As a counselor, therapist or healing professional (massage therapist, physiotherapist,... Read More
Does your business have a money tree you can shake... Read More
Web Site Blues? Need one, don't know where to start?... Read More
How do you increase business profits? Answer the following questions... Read More
quick home cleaning Lake Forest ..Most people wish they read more. It is an activity... Read More
If you have a business on the Internet you should... Read More
The lack of strong boundaries is one of the chief... Read More
Talking is the least important half of any conversation. Listening... Read More
Do you plan events for the corporate world like product... Read More
1. Get to know people. First meet those people in... Read More
You're busy with your business today, aren't you?You're pushing your... Read More
Here are seven excellent ways to earn income from international... Read More
Use the checklist below to make sure your article, tip,... Read More
Always include a powerful signature on every email you send... Read More
Are the endless lists of Top-7's and Top-10's taxing your... Read More
There are lots of benefits for some businesses to import... Read More
If you are like me, you are living some distance... Read More
Not having a business card is as bad as using... Read More
Every event you hold can be extremely successful. Apply these... Read More
Do your remember when you first ventured out in the... Read More
Business etiquette is essentially about building relationships with colleagues, clients... Read More
Do you run a business that seems to run you?... Read More
1. You have a big goal and you want someone... Read More
Authors/publishers are great at getting their books written. Entrepreneurs know... Read More
As a counselor, therapist or healing professional (massage therapist, physiotherapist,... Read More
Ever lost a sale you thought was in the bag?... Read More
10 Ways to Boost your ProfitabilitySo many business owners work... Read More
There are many places you can get books, and I... Read More
10. Procrastination Condemnation - Lose the Labels! All those things... Read More
Top Quick Tips |