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Finding Hidden Profits In Your Business – 7 Strategies To Use Today

If I were to walk into your business and spend an afternoon, I’m confident I could find a few hidden savings points, just waiting to be used. Let’s talk about 7 tips to find hidden gold in your business.

Tip #1

Let someone else do the mopping and filing

When you “save money” by doing $8/hour work rather than letting someone else do it, you’re not saving money, and in fact – it’s costing your business more. You are stealing from yourself.

What should you do instead? Things like keeping your existing customers, finding new customers, working on your business, improving your products and services, developing new products and services, training your staff, business planning, and similar important tasks. These are the things your $8/hour guy doesn’t know about.

Tip #2

Get closer to your existing customers

Don’t believe me? How many businesses you buy from go out of their way to see what else they can do to help your family or business’s life better after they sell you your first product or service? service I guess “Not much”.

I wanted to know as much as I could about their customers. Why? Because that information is the key to figuring out what else your business can offer to customers. They already trust you, why don’t you provide more products and services to help them? Any additional products and services they can depend on you for will strengthen your relationship with them.

Tip #3

SYSTEMATICALLY collect and use testimonials

When you see a sign or brochure that says “We’re the best mortgage broker in town”, do you believe it? Does everyone say that, or something similar? Do you know who to talk to?

Now consider this testimony: “Joe helped us figure out how to get the house back even though my husband was foreclosed on. He helped us when others told us That’s impossible. Now my husband is working again. Joe believed in us like a friend when no one else would and I will never forget that.” – Mary Smith, Columbia Falls Montana.

Everyone thinks they’re taking a chance on your business the first time they come. A positive testimonial from an existing customer, with their full name and city where they live, is very powerful. The image of the customer smiling with you is more powerful.

Tip #4

Measure, measure, measure.

A friend of mine is the CFO for an international wholesaler of furniture and home goods. One of his favorite sayings is “What is measured will be controlled.” Boy is the talker.

Do you know how much it costs your business to get new customers?

Do you know how much it costs your business to get sales?

Can you tell me how much money you get back for every dollar you spend on each of your marketing campaigns, ads, etc.?

If you can’t answer these questions, how do you know which ads are working for you? How do you know which people are profitable and which ones are draining you?

Tip #5

Business models are for people who like traditional profits

This is what everyone does, so you should do it too, right? Most likely…WRONG. Industry standards are often artificial issues, rules or standards that are put in place by the top nutritionists in the industry. It’s not your job to follow industry standards, it’s your job to make your business the best it can be.

See Domino’s Pizza. 25 years ago, nobody delivered pizza to your house. I mean, who would pay for that, right? Of course, no one can guarantee that they will deliver a hot pizza in 30 minutes or for free. Take out and eat in pizza is the “business model”. Domino’s Tom Monaghan wasn’t paying attention to business models back then and neither are you today.

Tip #6

Don’t try to beat Walmart at their game

Everyone knows who has the lowest prices in town, every day, right? Walmart.

Let’s pretend for a moment that you sell lawn mowers. Even worse, you sell the same brand that Walmart sells, but you sell a different model. Or maybe not.

Do you really think you will be able to compete ON PRICE with a company that buys boatloads of cutting machines when you buy them by the pallet? PLEASE.

If you want to make real money by competing with Walmart on their content, go buy some KMart stock. Yes, I think so. Ok, I got that out of my system 🙂

You more than likely won’t beat Walmart, at least not on price. You can join and earn a lot of money doing so. In fact, you can decide to put your store next to them in order to take advantage of the traffic.

Tip #7

What we have here is a lack of communication

The famous line from the movie “Cool Hand Luke”, right? Well, most of your business is facing the same failure: Not communicating enough with your customers. Yes, I know. You may think this is common sense, but it may not work for you because your business is different.

I will let you know. Let me start a business like yours. You keep doing what you are doing now. Meanwhile, I will start sending your subscribers monthly newsletters, weekly emails, birthday cards, anniversary cards, reminders about their shopping results, recorded calls to the In particular, write a short note to them that includes a recent newspaper article about them or them. children (and so on), and so on. A year from now, we will see who they spend more $ with. If you are still around.

Copyright 2006 – Mark Riffey. All Rights Reserved worldwide. Reprint Rights: You can reprint this article as long as you leave all the links working, don’t change the article in any way, give the text a proper credit and comply with all of the EzineArticles terms of service for Publishers.

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