Improving Your Business Turnover with Four Simple Steps

At the end of the day the rules for growing your business are quite simple. There are four activities that produce this result.

1. Generate more leads through better marketing
2. Create more sales to your customers
3. Reduce your expenses and cost of goods
4. Manage your resource capacity efficiency

How we actually achieve this will be an entirely separate  matter but lets us leave this aside for the moment. We can quite easily achieve great results with what is so often fine tuning your business in the above four areas.

It is like tuning a car engine. Imagine if you will that your business is like your car and one day you notice that it just does not perform as it should or has been. You do not immediately rip into the engine replacing major components, what you do is fine tune different aspects and invariably peak performance results from a combination of different parts working in sync with each other.

You can achieve the same with your own business by carefully tweaking key performance drivers in your business. If I was to suggest to many that small changes in the vicinity of single digit percentages could result in massive changes to the bottom line many would scoff at such a claim.

What many do not see is that it like compound interest. The net result is a compounded result of all the factors and this is larger than simply adding the changes linearly.

 

Within each of the above four areas there can be even smaller areas of change you can make that will result in improvement to your business. How much can you change the effectiveness of your lead generation or lead conversion within marketing? This is an aspect very often overlooked.

 

Improving sales turnover is about getting more people to buy more product, more often at a premium sale price. McDonalds have perfected the art of up-selling. Would you like fries or a drink with that – even though you have already told them what you want. How often do you do this with your own customers? Do you make it attractive for your customers to return to your business to buy more often?

 

The most difficult is reducing your costs. In times when many businesses are running lean this is not always so easy but take a conscious decision to examine the most costly areas of your business on a regular basis – check in with suppliers to see that you are getting the best prices after all some people actually have a strategy to reduce selling price in order to attract more clients.

 

Lastly take a look at how efficiently your staff are operating. What capacity are they running at and if you do lift sales, will you have the capacity to handle the increased business?

 

If you are serious about growing your business, making better profits or increasing the value of your business then you should give this your consideration.

 

We have developed a simple tool to assist you in seeing what impact such changes can make to your bottom line – it is FREE. It provides you with insight into the possibilities of what you could achieve. If you would like to try this tool for free on your own business visit the link at our Free Resources page at www.superbcoaching.com.au or click here  to be taken to the page direct.