Increase business profits - https://www.bowraven.com/product/increase-profit-software/
How to boost sales and increase profits with the power of leverage. Discover the power of combining key profit drivers to launch your business profits.
In this video I share how to increase profits in a small business. Many business owners get frustrated with not know where to begin on how to increase sales or increase profits.
They get stuck on whether to increase advertising, change the business website, increase prices or even reduce prices, but without a targeted approach.
This is where I hope to provide you with some focus. I run through key numbers, 7 metrics which impact upon sales and profits, together with just three numbers from your profit and loss account.
The strategies and tips explained in the video apply to any business. This is true of a bakery business, as in the video, a hotel business, a salon business, a restaurant business, a bar or a coffee shop business.
The metrics I focus on include the average spend of customers, the number of times customers return, the percentage of customers that never return, the business’s audience reach, conversion rates for your audience reach to leads or prospects and then the conversion of leads/prospects into customers.
Each one of the key performance indicators will impact profits. However, when they are combined and changed together, this is when your profits will soar.
The best way to increase business profits is to have a focus. With Increase Profit Software you will have that focus.
You will not need to focus on how you increase your sales and profits per se, but rather you pay attention to the individual profit drivers.
So for example, if plan to increase the average amount spent by customers, i.e. the average transaction value, we focus on ways to do this. Let’s say the current average transaction value is £2.89, but we want to increase this to £5.78. Or to double it.
What I suggest is that you spend time brain storming, include your employees in this brain storming session. Ask ‘how’ and ‘what’ questions.
Also, engage with your customers. I recommend you use a client advisory board to get customer feedback about what you can do with your business.
Customers are usually happy to provide their feedback on a business they enjoy visiting.
The ‘how can my business increase profits’ changes to ‘how do I increase the average amount customer spend each time they visit my business?’ Or ‘what do I need to do in order to encourage customers to spend more each time they visit?’
These questions are powerful. I guarantee you’ll come up with empowering questions.
If you approach increasing sales and profits in this way, you will be more focused. You will have targets to reach. What normally happens is you’ll focus on your new target and in most cases the target is exceeded.
If you’d like to find out more about Increase Profit Software, please visit: https://www.bowraven.com/product/increase-profit-software/