At ActionCOACH, we have used the same chassis of business for over 25 years. That’s because it worked then and it works now. And more importantly, it works with any business, anywhere in the world.
More worrying is the lack of understanding by business owners about how a business should maximise its profits.
Most people think that of you want to increase turnover and profits you simply increase your marketing and sales activity.
Many people assume that the secret to more profits is working harder and longer hours.
These are popular mis-conceptions. Don’t get caught up in the same.
If we take the formula:
X Average Spend
X Number of Transaction
I have highlighted Lead Generation because its probably the area we know least about and it’s the area that is likely to cost the most money and probably deliver the lowest profit return.
Its also the one area that is external to the business and the one where you can least control the result.
What if you focused your efforts and money on things that you could control. What if you focused on Conversion rate and improved the way that you sold to your clients.
What if you implemented systems where your existing clients bought more off you – They will if you do it right.
What if you actually used your database to stay in touch with your existing clients – they may buy more from you.
What if you addressed your margins and attempted to run the business in a more cost effective way – Do you think it would make a difference?
The numbers are staggering and when we apply them to business owners in Ireland, they are staggered by the potential that exists in their business.