7 Sure Fire Ways to Double Your Business Profits Fast!

Business can be relatively simple and should be kept simple to make it easier to make the greatest amount of money.

Here are some of the ways that we have found have worked best in improving businesses.

1) Get crystal clear on your numbers by asking yourself and answering the following questions –

– how much are you making or losing gross/ net annually, monthly, weekly, daily?
– how many customers/ transactions do you service again annually, monthly, weekly daily?
– what are your operating expenses/ fixed costs?
– what is your break even point?
– what is your average price point?
– how many ways are there for you to lower your break even?
– how many ways are there for you to increase average price point?

2) Sell More –

According to the 80/20 principle, the rule is that 80% of your profits come from 20% of your customers. So, the logical follow on is that you should identify and court your best customers, helping them to buy more and decide whether or not to continue to deal with the ones that eat up all your time, and don’t make you any money.

Questions –

– who are your most lucrative customers?
– what is the best way to measure this?
– what differentiates them from your average customers?
– how can you sell more to them?
– what do they want?
– how can I increase the number of these type of customers?

3) Cut expenses –

What are you paying for that you don’t want, or need or that doesn’t serve you or your business? Be brutal, if you don’t need it, get rid of it. What do you delegate or ignore that you shouldn’t, that needs your attention, and is costing you money? Make a list of your expenses. This is powerful and will increase the efficiency of your business.

4) Pay attention to debtor due days

A really simple way to drastically improve cashflow is to reduce debtor due days. This means that instead of getting paid by your customer in 60 or 90 days you get paid in 14 or 30 days, or even better in advance. Become cash rich, instead of acting as a bank, and then a debt collector to your customers,

5) Increase creditor due days –

If you’re paying in 14 or 30 days or even in advance then negotiate with your suppliers citing the consistency and quality of your relationship, and your ability to pay. Explain that you will pay promptly on the new due date and that they will not have to chase you for payment, and many of your suppliers will be happy to agree to the new arrangement.

6) Use direct marketing rather than advertising –

Does your advertising work, most people don’t know. But all too frequently the answer for those who do measure is “no, not really.” You see its the measuring part that is really critical. Again, coming back to the 80/20 rule if you can figure out the 20% of the things that you do that work, and stop doing the 80% that don’t, you will see phenomenal results.

This is the foundation of direct marketing. We suggest you begin by collating the personal details of all your customers, name, address, email, date of birth etc. In reality, the more you know about your customer the better.

Very simply you can then contact your customer directly by phone, mail, email whatever you choose when you have a deal or an offer that you feel may interest them. You see common sense dictates that those who have already done business with you will be more inclined to do more business with you, if you have met or exceeded their expectation previously (and sometimes, even when you haven’t). People like what they know – comfort zones!

7) Keep sharpening the knife – if you have a good idea, test it. Stay at the front line of your businesses future by mixing with people who make things happen and attend as many e opportunities to network and business development seminars as you realistically can.