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 ..There are so many simple, yet really sure-fire ways of... Read More
Have you put a lot of effort, time, and money... Read More
A lot of people are at a loss when it... Read More
Gas prices continue to go through the roof and increased... Read More
1. You have a big goal and you want someone... Read More
Many new coaches struggle to attract their first client. Often,... Read More
There are many places you can get books, and I... Read More
1. Admit there is a problem.The very first step in... Read More
So how do you eliminate your competition without bloodshed? You... Read More
Please don't think I am calling you a "moron" to... Read More
Talking is the least important half of any conversation. Listening... Read More
Good Speakers need good listening skills to become Great CommunicatorsSpeakers... Read More
Web Site Blues? Need one, don't know where to start?... Read More
In my career, I have had a total of 3... Read More
A lot of people are insecure about buying something or... Read More
I believe some people create and publish websites for the... Read More
Do you find great joy in being a coach? If... Read More
Be aware that 40 million crooks obtained credit card numbers... Read More
Being appropriately dressed is essential in making good impressions in... Read More
Do you know exactly what actions you need to do... Read More
I have some good news and I have some bad... Read More
It has been said you can lift the Rock... Read More
What is Choice Theory (CT)? CT is a theory of... Read More
As the holiday season starts to settle in, the workload... Read More
Viral Marketing is allowing people to giveaway and use your... Read More
quick home cleaning Lake Forest ..A lot of people are insecure about buying something or... Read More
Are you scratching your head after business events wondering why... Read More
When sending mail to clients and potential clients, make your... Read More
Google is the pre-eminent search engine (SE) with no close... Read More
Are the endless lists of Top-7's and Top-10's taxing your... Read More
Who doesn't have issues with organizing their inbox!? I receive... Read More
Did you know that there is one critical difference between... Read More
You have a great idea you know is a winner.... Read More
How's your business going to keep growing with the holidays... Read More
Do you want to be #1-10 on Google and other... Read More
Let's put to rest the fallacy that success, in sales... Read More
As a counselor, therapist or healing professional (massage therapist, physiotherapist,... Read More
Either simply a looker-on or a player in the world... Read More
1. Focus on the other Being known as a... Read More
While some new business owners face the issue of not... Read More
One way links will help you gain better rankings in... Read More
There are many places you can get books, and I... Read More
Networking is probably the best way to build a profitable... Read More
10 Ways to Boost your ProfitabilitySo many business owners work... Read More
The lack of strong boundaries is one of the chief... Read More
Do you run a business that seems to run you?... Read More
It is possible for small companies and individual business people... Read More
1. Maintain regular working hours and stick to them.2. Get... Read More
I'm sure you've seen it happen every year: your business... Read More
If you're a beginner, starting a website doesn't have to... Read More
Top Quick Tips |