How many different ways could you grow your business profitability? Here’s 357 different ideas to help you make more money in 2021!
At ActionCOACH, our 5 Ways model walks you through tracking and measuring your profitability. By working backwards through this formula, you can map out the exact steps you need to take daily to grow your business profitability. Now let’s say you’ve done that, and maybe your conversion rate is less than you’d like. Then your conversion rate is the lever you need to pull to close more sales!
Most people believe it’s always about more leads. “I need more money, so I must need more leads!” This isn’t always the case. There are 5 levers in your business you can move to affect your final profitability:
- Number of Leads
- Conversion Rate
- Number of Transactions
- Average Dollar Sale
- Profit Margin
If you’ve identified the area of opportunity for your business growth, what’s your next step? Take a look at this list below of 357 different ways to improve your business.
Need more leads? Try car signage, window displays or trade shows. Need a higher average dollar sale from each customer? Try suggesting the most expensive option first, only work with ‘A’ grade customers or use a questionnaire to gather intel on what you’re missing. You can even download a PDF of this list right below, just click the button!
(Haven’t worked through this formula yet? Check out this post for how to do the math!)
Once you’ve nailed the math down, it’s time to pull the levers. Which lever below would make the biggest impact in your business?
Maybe you’ve pulled some of these levers, mapped out all the things you need to do in your business, were you accountable to accomplishing them all? That’s one of the biggest ways we help business owners, get their time back, build better teams and make more money. Do you need an accountability partner? Let’s have a conversation, reach out at [email protected] or (262) 613-1255 for a free assessment of your business!