Updated: Dec 26, 2020
When push comes to shove we are all in business to make some money, it doesn't matter how much but you want just enough to live out your dreams. So how do we make the money? By selling a product or service to the consumer for an agreed monetary amount. Simple.
But what happens when you’re not making enough sales to hit your bottom line? (your bottom line is how much money do you need to make to cover your expenses)
You start to get overwhelmed, you panic you’re not going to make enough money this month to support yourself and your family and then you start to question your ability and if you can even do this at all.
Then what happens? In this PANIC mode you create a special offer, have a sale or even start to drop your prices permanently just to make a sale to restore your confidence and faith in your business.
Do you know what this really does? It just lowers your customers’ expectations of you. They expect bargain prices all the time which means you have to work for less constantly and ultimately you lose the ability to have the freedom led lifestyle you’ve been dreaming about.
Want to know a better way to increase your profits? Of course you do.
What if I told you it *could* be done in under an hour?! You’ll have to get straight to work though!
You probably don’t believe me but I’m here to SPILL the tea and you give you my secrets!
Right, let's dive in! I love ‘steps’ and ‘systems’ so you’ll see them a lot around here! Step 1
Pull out your records of all the sales you have made and what they have purchased.
(It helps if you’re super organised and have this all on file or can export from your POS system)
If you have a high tech fancy system or you’re the queen of data holding you can skip this step… WOOOHOOO
For the rest of us - Create a list of everything you sell and start to tally up how many of each product/service you have sold.
Side Tip - If you’ve been in business for a few years analyse the last 6months - 1 year
Be amazed at all that data in front of you, you are becoming a Strategic CEO!
You’ll soon be able to pay people to do this for you
It’s time to analyse the data and increase those profits!
Look at your top seller (if you offer lots of products/services then top 3)
This is the product/service everyone wants right now
Look at what worst seller (if you have a lot look at all the ones making a few or 0 sales)
This is doing nothing but costing you money
Everything in between can be ignored right now, we’re looking to make some quick wins in less than an hour remember!
Double or Delete
Yep, some more rocket science business for you!
Top Sellers = DOUBLE
Bottom Sellers = DELETE
PROFIT = 🤑🤑🤑🤑🤑🤑🤑🤑
Anything not making you sales it's time to delete. It's costing you money to market it, and if it's a product it's costing you even more money to have it sat on the shelves gathering dust.
Your top seller? Double down on it!!! It's clearly in high demand so buy more, make more, sell more…. DOUBLE DOWN!
Side Tip - If it's a service you’re fully booked on and it is still in high demand… it's time to increase the prices.
And there you have it. How to increase your profits in under an hour… if you’re savvy!
Maybe 2-3 hours if you’ve had to grab all your data old school!
No longer will you need to constantly throw out offers and discounts just to financially support yourself and your family. No longer do you have to feel confused and not in control of your life or business.
Using these 5 steps you can start to work smarter not harder… stepping into your CEO, have more time to spend doing the things you love because you’re no longer worrying about what crazy marketing stunt you need to do next. As I always say…. The role of genius is not to complicate the simple, but to simplify the complicated
Once you’ve mastered this we can then move into analysing highest and lowest earners and start to compare with top/bottom sellers….because these are not always the same. A high ticket item may not sell as well as a low ticket but may make you 5x more money in the same time period. We then start to develop strategies to allow you to concentrate on the higher tickets especially if you provide the service or create the products and we have someone else take care of the rest, this is called scaling your business.
Want to know more about how we can work together to scale your business?
Drop me an email or a message on IG to book a call!