Profit growth in small steps. E4A Profit Boot Camp Business Idea.
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Uploaded on Dec 12, 2011
Profit growth can easily be achieved. Do you want to grow your profits by more than 10%? This may sound challenging at first. Professor Hans Von Puppet will show you that it is quite easy to accomplish. This is because you will not do it in one step. You will increase your profits in bite-sized chunks.
Here are the main bite-sized chunks for profit growth:
#1: Increase your prices by 1%.
There are many ways to increase your prices by 1%. List all the products you are selling. Find out which one sells for less that you would want. Add value that is worth more than 1% of the price of the product and then increase the price by 1%. In this way, your customer will get an even better deal for a little more money. And because most people don't buy because of price, it means that if you actually deliver more value it's very likely that they will not mind the price increase.
#2: Increase your sales volume by 1% to grow your profits.
Look at your marketing funnel. See at which step you have a small conversion rate. Find a way to optimize each step or eliminate steps that prevent the potential customers from making a purchase.
#3: Decrease your costs by 1% for profit growth.
How can you decrease your costs? You can switch suppliers to get a lower price. You can eliminate part of the materials that go into advertising and into the making of the product. You can fire people and replace their work with robots. You can search for cheaper accountants, guardians, secretaries or any other type person who doesn't contribute directly to the production or selling of your products and services.
The above 3 easy bite-sized chunks for profit growth will increase your profits by 10% if your profit per revenue ratio is at least 25%. There are many businesses that achieve this ratio.
Whenever you have a huge goal, you don't need to risk your life savings just to get going. You can start from where you are right now
and make small improvements in the right direction. Small steps are easy to do. On the other hand, when you risk a lot and have long term plans that are set in stone, it's hard to adapt to the situation and take opportunities as they come. And you are more likely to make mistakes.
Look at your business from above. Imagine yourself as a king and down below your business is like an estate. It has customers and people who work for you. Any business is like a system. You can make the system perform better simply by adjusting many of its components just a little bit in your desired direction. This is how profit growth is both possible and easy to do.
Go to http://www.profitbootcamp.co.uk for more ideas on how to grow your business.
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