It goes without saying, but profit is the key to any successful business. There are two ways to increase it: by either increasing sales, or reducing expenses.
We prefer to focus on increasing sales. There are many ways [link] your business can do this – today, we’re focusing on how to generate more sales leads.
The more sales leads you have, the more sales you’re going to make. The more sales you make, the higher your profit.
So, how do you actually go about finding these leads? That’s the tricky part.
Here are a few ideas:
UNDERSTAND WHERE THE MONEY IS
You’re in business to make sales, not friends. Make sure the ‘leads’ you’re chasing are actual buyers, not just people you like dealing with. Yes, there’s room for both, but it’s a fine balancing act. If you’re only chasing leads from your ideal customers then you’re more likely to win new deals with your most profitable customers.
Painters get work from builders. Personal trainers get work from nutritionists. Printers get work from graphic designers. Know who refers you work, then stay front of mind with those referrers. Build alliances and help them to build their businesses – they’ll pay you back in kind.
Generally speaking, your customers are your biggest fans (and they should be!). Ask them if they know anyone who would appreciate your great service.
NETWORKING (IN THE REAL WORLD AND ONLINE)
People do business with people they like. It goes against what we said in point 1, but make friends with people and they’ll send you work.
STOP CHASING SHINY THINGS
It’s human nature to chase the new shiny computer system, piece of equipment or product line. Stick to the things you know work for you and your business. Put the right offer in front of the right person. Give people a reason to buy now. Make your value indisputable.
These are things you can easily implement today to help your business increase its sales – and therefore, its profit. Stuck? Get in touch with us today to learn how these tips can work for your business.
This article was adapted from our eBook, 5 Ways to Increase Your Profit. Want to learn more? Download your free copy here today!