The Profit Column – Because My Dreams Are Expensive…

“Instead of burning the midnight oil, you should try selling it” – Jarod Kintz

By Ed Emerson

It reeks of academia and grant funding in here.

I’m pushing rubber chicken around a plate at a lunchtime gig while “Hallelujah Bill” at the podium spins a poetic yarn about the 7 principles of profit. 

“…pressing problem facing business…attract more customers…more sales…seven essential factors…increase profitability immediately, in virtually any business…”

Beyond their use as motivational band-aids on desk calendars (I’m more of a “Far Side” guy) generic statements like Hallelujah Bill is dropping won’t make me money. 

And my dreams are expensive.

So I’m going to try and pin Bill’s agenda as succinctly as possible (below) and then give you something a bit more practical:

You as Leader – Be clear about about objectives and then get everyone focused on them.

You as Planner – Know the critical numbers in your business.

You as Recruiter – The selection and de-selection of a single person can impact company results.

Your Product/Service – Do your clients say it’s great, and do your customers keep buying?

Your Marketing – It either makes the phone ring or it doesn’t make the phone ring.  

Your Sales – Are you aware of everything that happens after the phone rings (above)? 

Your Company – Know why your clients and customers come back, and why they don’t.

Now please forgive the cut and paste below of Raymond McLennan’s “4 Ways to Grow a Business”  (and I hope he forgives me the intrusion) as the 7 principles above are more desktop fodder than cheque book builders:

4 ways to grow a business

  1. Increase the number, and the type, of customers you want to have – what type of customers are you looking for and how are you going to attract them?
  2. Increase the number of your customers who come back – give them something to come back for: give them a reason why they want to keep coming back.
  3. Increase your customer’s average spend – it is all about the add-ons.
  4. Increase the effectiveness of each process within your business – particularly the sales process. Think of yourself as the customer. Walk through the process and see it from the customer’s side. Does it give the impression you want to give from start to finish?

Oh, and follow Ray McLennan on Twitter here.

More Profit Columns:

The Right Way to Understand Profit? Ask “What’s Left?” – Understand the basics or you’ll never grow beyond them. Read 

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