 Hi, everyone. This is Sonali. Thank you all for coming out some time for attending this business webinar. The topic of today's session is five ways to double profits in your business. Also, to all the attendees out there, please type in any questions you might have and we'll try to answer as many as possible at the end of the session. I would now like to introduce our speaker. He's a certified business coach from ActionCoach USA and a personality assessor through Psychometric certified by CB5. He works with ambitious and learning oriented business owners from various industries and helps them grow their business exponentially and make more profits. His ambition is to create a successful entrepreneur in every family that will enable India to be at the forefront of innovation and new technology. Please welcome Mr. Pashupati. Welcome, sir. Thank you. Thank you, Sonali, for that warm welcome. Thank you so much and welcome to all the attendees here. We are in for a one hour of deep business insights and thank you for joining today's this webinar. Before we begin, I would like to know about all of you. So please type in your introduction, your name, which city are you from? What's your company name and what are the challenges you are facing at the moment? If you could just type here, it'll be great. Thank you, Abhinav, for being here. Thank you, Shiv Shankar, from all the way from Hyderabad. I'm talking to you from Kolkata at the moment. Profits are in pressure. Yeah, that's right. High operating cost. Others, please. Unstable fluctuating consumable cost. Right. That's great. Welcome Manoj. Welcome Vipul. Welcome Abhinav. Challenges are reducing optics, definitely, and marketing. So I'll just wait for a couple of more introductions and then we'll go ahead. Nitin from Mumbai is in the travel industry. Let's at the moment, one of the industries which is hugely impacted. Welcome, Bhanu. What do you do? Operating cost, time management. These are the issues everyone is facing, especially the fixed costs in the business. That's great. I would request all of you to switch off your video. It'll help the bandwidth because now internet is being used almost by everyone in the country. So switching off video will help in saving the bandwidth. It'll help in better transmission. The education sector scaling down the revenues, and brand awareness. That's right. Marketing lack of employee participation and operating costs are the issues faced by Vipul. If you see more or less two, three patterns come out. One is the operating cost and for most of the business, it's short. So today we'll talk about that. I'll give you a couple of frameworks where you can look at your business from those two frameworks. Okay, so going ahead, I request all of you to note these Webland guidelines from which you'll get the most BFOs. BFOs is the term in action coach where I'm from. BFO means blinding flashes of the obvious, which means the Euroka moment, the aha moment you'll get during the webinar. So please be in the moment. Be mentally here. Watch till the end with the insights that are going to come continuously. Obviously take notes. All of you are free to take notes. Participate. Whenever I ask a question, please participate. Your energy will feed off me. So energy in the room is very important. And definitely it's a long webinar. So if you want to grab a tea or coffee, please do that. So these are the guidelines, which if you follow, enable you to have a awesome webinar. Going forward, over the next 60 minutes, as I said, thank you for being here. I'm sure you had an option of joining other webinars as well. But I'm grateful for you. I'm grateful to you for attending this webinar. And my intention would be to give you some insights that you can implement. What important is implement because information is available everywhere in today's world. The most important thing is to implement those learnings. So please implement the learnings right from the moment the webinar ends and you'll see, you know, implementing your business. Before I start, who am I? Why do I claim that I can help you in your business? As Sonali mentioned, I'm a business coach and a management consultant with an MBA in marketing and international business over 25 years of experience. Out of that, the first 20 years I was in a job. I was in a job working for large corporates in various functions in sales, marketing, HR, operations. And for the last five years, 2016, I've been a business coach. And I can tell you that these five years have been superb compared to the first 20 years. I'm enjoying my life as an entrepreneur. What I do these days, I help business owners and business leaders to grow the business, improve their cash flow, implement processes, manuals, that will enable the business to run on automatic mode without the owner being there on every basis. Over the last five years, I've coached business owners from various industries like building material, pharma, retail, printing industry, even service sector like architect, interior designers, or chartered accountants to name a few. And my goal is to create a successful entrepreneur in every family because as you know, India is the land of small and medium businesses. There are 50 million SME registration in India. So even if you take about two to three people per SME, SMEs are contributing for about 15 to 20 crore population of India is dependent on SME. So SME is really the backbone of the country. So I'd like to contribute to that by helping entrepreneurs in the SME sector become successful in their own right. So when I say success, what does success mean? And if you see this, okay, before I go into that, the icon on the right, if you see here, it says 17 big guarantee. This is the action coach guarantee that whatever we coach, if the results don't come despite implementation, the coaching is organs free. That is the universal guarantee which all action coaches across the world are going forward. Now, as I said in the last slide that my mission is to create a successful entrepreneur, which means, so I'll be more talking from business angle. So what does a successful business mean? Successful entrepreneur should definitely have a successful business. So what does a successful business mean? A successful business as per action coach definition as we define is a commercial profitable enterprise. Commercial obviously it has to be a commercial enterprise where goods or services are given for a fee. It has to be profitable obviously because otherwise it will not sustain in the long run. It is definitely an enterprise. Enterprise is a place where many people work together. We can run our own as a 7 employee if we are one, but if when our business grows, definitely we need to add more people that time it becomes an enterprise. More importantly, so if you introspect in your business at the moment, your business will be commercial to the large extent profitable and many people will be working with you. But the final word that works without you, this is the critical aspect in a successful business. The business should run without the owner being there on a daily basis because as you say the business owner should work on the business rather than in the business. On the business is all about spending your time on the activities that will develop your business that will increase your expanded business like networking, like expanding into other categories like recruitment, writing manuals and systems which in a nutshell which you do for once and the results will come all the time. So that is what called working on the business and working in the businesses all the transactional aspects of the business which is like looking after the logistics, looking after the that is greater supply chain. So these are all in the business. So the more time a business owner spends on the business, the more likely that the business will grow. Obviously before you start working on the business, you have to create systems in your business so that you are out of the business on a daily basis. So kindly note this definition, you can take a snapshot also. This is the ultimate definition of a successful business. If you have been able to listen to me, if you are able to hear me properly, kindly write yes in the chat box so that it's easy for me to understand. If you have any questions till now, please put your question. We will move ahead. Thank you so much. I think everybody is able to hear, which means the internet connection is good so far so good. Going forward, so this was the definition. As you know, these are hard times. These are times when one could predict, nobody could predict even a month back. I was here in Delhi in February for one full month, doing a lot of coaching. So I could never predict or put anybody else that March would be like this and again April. But even in the scenario, we are the business owners, we are the, the box stops with us, you know, everybody's looking to us, which means our, our vendors, our staff, everybody's looking to us as a business owner. So it is up to us that, you know, even during these times, we have to keep our chin up because it is our business, it is dependent upon us, how we react, how we respond to the situation is upon us whether we want to make our business only like a bonsai or we want to do it as a big bang entry. So as an owner, what should we do? We are going to discuss these in the next slides, especially from sales and marketing angle. As you know, business has many aspects, many functions, there are many functions in the business. So I'll type the functions here, sales, marketing, finance, HR, operations, management and innovation. So these are what we call usually the seven aspects of a business, right? Because if a business can grow or the business can do well only as long as all the seven functions of the business working tandem, right? As we say that the weakest link in the whole chain can collapse the chain. So we have to see our business from all these seven angles. So right from when the webinar ends, you can introspect that are you equally strong in all these aspects. Some of these we are going to discuss today, primarily sales and marketing, because these are the two most important aspects in any business, because sales drives the profit drives, it brings in the money. So as long as we are doing sales and marketing right to a large extent, all the other functions will fall in place because we will have the resources to invest in the right people, right technology, right new products. So sales and marketing, I would say are the two essential aspects of any business. So in today's times when everything is at a standstill, the most important thing is to manage ourselves as a business owner because as I said, everybody is looking to us. So the essential thing is to not to get hassled, not to lose our cool and do a proper management. So management can be primarily divided management into three aspects. One is managing the self. Second is managing the team. And third is managing finance, business finance, which we will talk in detail. So quickly on managing the self, I've written three H, primarily it means the three H of home, health and hobby. So as we are in the home for the last two weeks and another one week to go. So it is very important that we take care of our health. So eat healthy food, do exercise. I'm sure you would have heard these things in many webinars as of now. So I'm just briefly touching upon them. Health and then definitely your home, take care of the family. Family is looking up to you as many of you are at least in your family. So family is looking up to you. And third is the hobby. If you had any hobby, which you could not. Yeah, Sonali, can you hear me? Did I get lost in between? Sorry for that. Your screen is not visible as well. Yeah, just a moment. I'll just share it again. Yeah. So three H is your health, your home, your hobby. Take care of these. Then we move on to the team. The team is definitely your people, those who work for you. Not only those who work for you act in business, even in your home. They'll be made to be your driver. So take care of them. Be cool. The most important thing is to be transparent. Talk to them. Communicate with them. Communicate with them transparently. Be honest with them, the state of the business, what you are going through, how you are planning to overcome these challenges. Be transparent with them. I think this is the most important need as a business owner that is being transparent. And finance, of course, the team, your business finance, we'll go into detail about that. How to go about looking at your finance. So fortunately in business, it's not important to do extraordinary things. It is just enough to do ordinary things in an extraordinary way. That is what the great investor Warren Buffett has told. And I follow this to a strict degree. Ordinary things, if you improve every day, these bring passive results. So I'm going to, so going by this inspired by this, I'll discuss some very easy to implement practical framework, which you can apply in your business, which you can entrust it and apply in your business. So as I said, business has seven angles, seven functions, which were sales, marketing, finance, HR operations, leadership and innovation. So these are the other way. There's another dimension to look at. These are the seven P's in the business, your product, your price, promotion, place, people, process and proof, which is the physical evidence. These seven drive your sales and marketing, which are primarily important for the business. But now we need to add one more P because during these hard times, which nobody could predict. So there's another P in the whole thing, which is the Pivot. Pivot, as you know, Pivot means to turn to, it can be a small turn, can be a full turn, it can be your turn, depending upon your business. The time has come to look at your business from a little bit of a different angle. So that's the pivot angle, the eighth P in the business or in the system that we need to introduce at this moment. The good thing about this eighth P is that we can apply this eighth P in all these original seven P's. Example in product. In product, you may have many product lines, many products like when I was, when I coach a farmer client, they have about 7,000 SKUs in the lineup. So in the product, we need to look at each and every SKU, whether we can give a different twist to it, twist in the sense that can we make some new offer, can we give some new offer, which can be taken by the client. And in any business, 80% of the business is contributed by 20% of the products. That is the 80, 20 year old. It is applicable in our life, it is applicable in business also. 80% of the business will be given by 20% of your consumer, 80% of your business will be given by 20% of your products, more or less, plus minus maybe 5%. But this is what it is. So look at the products that contribute 80% to your business and see what you can do to better, to flock them better, flock them in the sense that how you can make those products even more attractive in these new times, in these times because these products have helped you in the past sustain your business and these products are again going to help you in these times. Now the time is not, this is not the time to do something new. I mean no new strategy, nothing, no new thinking, nothing. Just focus on your old things which have done well, which have gone well with the new twist. That is all we ask of this. So look at your products like somebody was in education sector, education sector, I think Bhanu, she said she was in education sector. So look at the products which will sell maybe more attractive to the consumer, add more features, no free product. If you are, if you are, if you are a product, can be reduced to a no-frill one, the basic product level. Do that so that it is easy for the consumer to buy the product when things after this lockdown is over. So look at that from the product angle. Create new combinations, new offers. In my pharma client, when I was sitting with my, talking to my pharma client over the phone, so we made a list of what we can give. The medicines are okay. Some medicines, the chronic disease medicines, they are regular sellers. But the other medicines, especially the OTC products, how we can give them as an offer. So we worked out something. Similarly, for your business, also see what combinations can you give for your product. Coming to price, again, look at from that angle, which are the products or which are the price points, price points which are giving you 80% of the turnover. Look at the margins. Here in price, of course, price is related to margin and cost. So it is very important to look at the COGS, which is the cost of goods sold. The cost of goods sold is the cost of your product. If you are trading, the price at which you are buying from the supplier. If you are manufacturing, the manufacturing cost of your product. This is called COGS. So look at your COGS again, really appreciate it with your supplier because he's also looking at business. He wants business now. So it is a very good time to renegotiate the prices with him. If you are able to guarantee some business for him, definitely he is willing to. He will be willing to look at a different price, a better price for you. So this is where the COGS come. Again, like many said, operational costs. Look at your operational cost, the cost which you can cut down. Look at your fixed cost. Can you shrink your, can you reduce your fixed cost? Look at this rent. Look at the, can you, for some extent, for some period, can you look at reducing your rent cost? Can you renegotiate with the landlord and take a deferment of the rent? Similarly, on your salaries, can you talk to your employees? Again, communication becomes very important here. Can you look at salaries if you can defer or if you have a mixed of fixed and variable salary and incentives? Can you look at reducing the incentives or stopping the incentives at the moment? I was talking to my earlier employer, which is a global organization, which is there in 80 countries across the world. Even that organization has stopped all its promotions, all its incentives for the time being, for this whole year, 2020, they've already announced that there will be no promotion in the business and there will be no incentives. So look at things from this angle. Talk to your people and communication will be the biggest thing. So price is all about looking at your top line as well as your cost part. So obviously top line may be difficult to increase the price at the moment. So what you have to do is look at your cost and save on the cost so that your margin becomes better. Also in the product list, if you have a large product list, look at the products which give you a better margin. So make good offers around those products, which if you don't sell well, you can get good margin. The third P is the promotion. Promotion means advertising marketing. Now many of my clients have asked me now that what to do? Shall I stop marketing? So my answer to them is no, don't stop marketing. In fact, this is the right time to continue marketing because one is the marketing costs have come down. If you are in online advertising, I'm sure you would have noticed that the popular platforms like Facebook, Instagram, their cost have come down. Even I have realized in my own campaigns, if I spend 100 rupees on you, I reached maybe 300 people. Now within the same 100 rupees I'm able to reach 600 people or 700 people, even double. So definitely the marketing costs have come down, online costs. And if you are in offline marketing or into the activities, then definitely look at your, talk to your vendors and renegotiate. I'm sure they will look at it. But the need of the R is not to cut down on promotion advertisement or marketing, but to keep at it. And in some cases, look at going into new avenues like new markets where you are not present there. Suppose you are in Hyderabad today or Calcutta today and if you're not working in other cities, now's the right time to go into those cities because your marketing cost is less. And you need at this moment, you need, you can't have the same set of customers to some extent beyond a point, you need new customers also. So marketing can help you reach those customers, new customers in your target segment. But the moot point, the important point here is to select the target audience well because marketing can go wrong if your target to the wrong audience. So test and measure, in action code, we always say test and measure. Test and measure means first you pilot something, do marketing. If you are doing in a new area, do a pilot, run it for some time and if it works well, then increase your investment in that. Otherwise, come back, draw back. So that is called test and measure. In action code system, we always suggest that clients do a lot of testing measuring in all aspects, not only in promotion, even in a product, in your pricing, do a pilot. If it works well, then go whole log, expand it. If it doesn't work, just again, come back and redo it. We fine tune your strategy. Place. By place, I mean the distribution. Distribution is the channel where your product will reach the end user. So if you are a manufacturer and you have your distributors and stock is in place, so probably this is the right time to look at new avenues. New avenues means online. If your business is not online today, even if you are in the traditional brick and mortar business, like garments or the garment, if you have a garment store, or some other traditional store, this is the right time to go online. And if you are already in online, look at some other ways of avenue. In online, now, the one good way which I am following is affiliate marketing. So a lot of affiliate platforms are there. Where in, I've tied up with and they are not promoting my business. So this is affiliate I never did before COVID. So this is one new channel which I have now opened up for my business. So look at your distribution channel, how your products reach your consumer. And there will definitely be one or two new ways of reaching the consumers again. The fifth P what we talk about is the people, the human resource in your company. Look at the people. It's the right time to, for the last two weeks, we are at home and another one week to go. So it is the right time to assist your people. Right. In Action Coach, we say that there are four kinds of people that work in an organization. One of the star workers, the workhorses, the problem child and the the debt board. I will write for you here in the chat. So four types, star, stars, workhorses, problem child and debt board. Right. So look at, it's a very simple, I'm suggesting a very simple way to measure your, the performance of your staff, which is expectation versus delivery. In the last financial year, 1920. So what was your expectation from the staff and and how much did they deliver compared to the expectation? It's a very simple analysis. You have to actually write it down. Don't do it in your mind or verbally. Write it down. Put a paper on the left side. You write what are brought with expectations from your staff, from that particular staff. Even it can be as junior as a guy, as a peon, an office boy company and as senior as a sales head of the company. So write down the expectations on the left side and vis-a-vis on the right side. Do a comparison of the delivery. We did the delivery or not. So this is this, you can segregate your people on the basis on these four parameters, which are stars, workhorses, problem child and debt board. Stars are those who are, you know, their skill is also high and that attitude is also positive. So these are all as business owners, as business leaders, we would want most of our employees to be in star category. Workhorses are those who are good in skill, but they have, they don't have such a good attitude. Sorry, it's from the reverse. Workhorses are those whose skills are a little less, but they have a very positive attitude. Whatever work you give them, they are able to complete it. They never send out, right? They always have a positive attitude, which reflects in the company, which permeates in the organization. Problem child are those whose skills are very high, but they don't have a positive attitude. And debt board are those who don't have skills and the attitude is also not positive. So obviously the less number of debt board that you have in the organization, it's better for you. And an organization should have more stars and more workhorses. So look at your people from these four angles and see if there is a workhorse in the organization, how you can upgrade that work, upgrade that star to a star. If you have a problem child in the organization, how you can upgrade that to a star? Because problem child, okay, okay, stars, star workhorses, problem child and debt board, right? So the more we have workhorses in the organization, the more we have stars in the organization, our organization will be more effective. It will run more smoothly. Our profits will be high because productivity will go up. So look at your people from these angles and analyze them. And then accordingly, you can, if you need to switch the job roles, like if you have, if you're running organization, which has offices in a few places or you have territories, so probably you can pull out people from a low performing territory to a high performing territory. This is the need of the, we shuffle your people, we look at your people from their skill perspective, from their attitude perspective, and then work accordingly. Right? So we have covered product, price, promotion, place and people. The next one is the process, right? Process is, is one of the most important pieces in the whole thing. It is all about the operations part of a business, you know, operations means operations is all about delivering consistent experience to the consumer. It is not about just delivering good experience to the consumer once or twice. It is delivering consistent experience to the consumer. That is the hallmark of a good process or good system in the organization. So look at the processes in the organization. If there are any wastages there, if there are any duplication of work, if their repetitive work is going on. Look at that. In process, look at the supply chain in many organizations, which where I've coached, you know, where I've seen is the supply chain parameter supply chain is always one area where a lot of things can be done, especially in the inventory management. If you are in a business where you need to carry inventory, look at your inventory again, because inventory and how to measure inventory, that is a number of days of sales. There is a parameter called daily sales inventory, which means that how many days of your sales is locked in inventory. Because inventory is your current asset, it can be liquidated, it can be liquidated easily. So the higher inventory you have, the larger portion of your working capital is locked in inventory, which means that the ability to rotate the capital, the working capital will be less. The cash cycle, the cash conversion cycle will be less. So look at your inventory, look at your debtors in the cash part of the process. The other part is the wastage and the repetitive work, which you are doing. So how to improve the process, make a workflow. Now you are at home, you'll have some time with you. And you can also involve your team in it. Make a workflow, a work chart for, a client chart for every function of your business. Break down the functions in small, small things. Suppose from your lead generation to sales, the closure of sales, there'll be n number of activities in that. So break down these activities into small, small portions and I don't know a workflow for that. For example, if you are doing a lead generation activity, so is there a script for it? Because if you have 10 people in the organization, 10 salesmen in the organization, they may be talking separately in different language to your consumers, to the prospects. So do you have a script where everybody will be talking in the same language? So writing script is again a part of a system because you create that system once, you write that script once and it'll be applicable at many places and many times. So you do the work once, you get the some result many times. So anything, a processor and systems is all about doing things once and getting the benefit out of that for a long time. It's the leverage, doing things more with less. As we say now, leveraging your resources, doing once and getting benefit multiple times. That is all about creating systems. The last P, the last of the original 7Ps is the physical evidence, the proof. The proof because today as we know to enable sale or enable business, one must, your prospect of a consumer must, as we say, like you, trust you and you must need your product or service. So like, trust and need. These are the three parameters you should look at before making a sale because only when you, you know, comply with all the three, when all the three are satisfied, then the sale will happen. Like means like as an individual, like what it's to, like in you or your team member as an individual. Yeah, it is like, trust and need. So the customer or the prospect must like you as an individual. Trust is about your product, right? So for example, if the customer or the prospect likes you as a individual, but he doesn't have belief in your product, then the sale will not happen. For another, again, if they like you and they trust your product, but if they don't need that product at the moment, then they will not engage any sale. They will not buy the product that time. So as a good salesman, always creates a need also. So once you have established your like and your established trust, then, then as a good salesman, you must create need for that product or service, right? It says because the first two parts, which are the more difficult part, like and trust that has always been taken care of. So need is the next one, right? So this physical evidence is more about creating trust, right? So how do you create trust? There are many ways of creating trust, but the more the best ways to take feedback from your existing customers, take testimonials. In our business, if you go to my social platforms, social media platforms, if you go to my business, if you go to my Facebook page, which is Business Coach Vasupati Kundu, you'll see quite a few videos there of my clients. They have spoken about me, of my work and how my work has benefited them. So make it one of your mandatory things with you and your team to collect testimonials from your clients, right? If you are in a B2B business, it is all the more important. If you are in non-impulsive purchase products, it is all the more important that you collect testimonials because if you are in B2B business, if you are in products which have a long gestation period between lead and sale, then it's very important to create trust because that trust will reduce that cycle, selling cycle because if you are able to create that trust, they may not be looking at other your competitors. So please create testimonials, it can be written testimonial, it can be your, but these days, especially video testimonials work a lot. So take videos from your customer. It should be small ones up to one minute, between 20 seconds to 45 seconds and one minute at the max. So take these kinds of, these kind of videos from your customer testimonials and put it on your website or your other social media platform. If you have a written one on the letter of the organization, it's also good. So that also you can post on your, this thing, on your website or any other way that you are doing marketing in your collaterals or anywhere. Because in these hard times where everybody is jostling for business, I would use just everybody's competing for the same pie, which is also shrunk, the pie is also shrunk and everybody's competing, creating this trust and your likeness will enable you to have a competitive advantage, vis-a-vis your competitors. So please take note of this, you can take a snapshot also of this. Moving ahead, so this was one framework, the 7P framework I say in management, it's called the 7P framework. Look at your business from all the 7Ps and see where you can improve, where you can do a pivot, ranging from small changes, small improvements to large ones. So going ahead, we've already covered about 40 minutes, I think I'll take a little bit extra time with your permission. So moving ahead, so so far, so good. Are you enjoying? Is it the adding value to you? Please type, yes, if it is adding value, it'll give me inspiration. Thank you so much. Thank you so much. So let us move on to another framework. So this is one framework we spoke about and we have one more framework that will directly help you increase your sales. Look at the framework again very seriously, be in the moment and we go ahead. So in any business, so can you say what is your ultimate goal in any business when you are in your business? 8th P is the pivot. The pivot is basically the tactical measures which you should take during this time and that 8th P, you can apply in all the previous 7 original P's, whether it be product, whether it be price, whether it be promotion or your proof or your distribution strategy is your place. You look at all the 7 P's from doing something tactical. Don't do big changes, do minor changes. These minor changes, these minor turns in your strategy, these are called pivot. I hope it's clear. So can you tell me what is in business, what do you want most? What is your number one goal in business? Why are you doing business? Can you type it? To reach the target customer, absolutely correct. Profit, exactly. That's one more. Profit, retain customers, we will be talking about that. Profit, definitely. Profit, right. So profit, growth, definitely, goodwill, exactly. So please collect testimonials that will increase growth will help you to scale up as well at a low cost. So the number one goal is of course profit. So profit will come from sales and sales will give you profit. So in any business, whether you are in product business, whether in service business, whether in insurance, whether you are in security, whether you are in education, these are the three goals of any business. Customers, we want more customers. The customers will give us more sales and from sales will derive profit. So these are the any objectives of any business. This is objective of even my business as well. But these are the output. So obviously in business or to get some output, we need to focus on the inputs. So let us see what are the inputs. What are the inputs we need to give so that we are able to achieve these three goals of maximum customers, maximum sales and maximum profit. So these inputs are called the levers in the business. Because levers like in car, we have gears, we have levers. So if you increase your lever, you go from first gear to fourth gear, your speed of car increases. Similarly, if you work upon these levers of your business, your business will improve. And I'll be talking about five levers. Just focus on these five levers. There is no sixth lever in any business in the world. These are the five levers that can apply and that can be applicable for all any kind of business that you do. Even if you have multiple businesses, you can apply these five levers in all your business. So what can be the first lever? What is the starting step? What is the first step of any business? Any type? What is the first step of any business? Where do we start from? Get customers. Where do we start from? Yeah, planning is one. Awareness, research, yeah, very good. Yeah, after research, we arrive at target audience, which is our target audience. So the first lever is the lead generation. Do you agree? The first lever is the lead generation because if we don't do activities to generate lead, then how will we get customers? So there are, yeah, first through promotions, promotion is the input. And from that input, we get leads. So there are many ways of getting leads. You can advertise in the newspaper, you can advertise online, you can employ salespeople who will go out for you in the market and get leads for you. So in Action Coach, we have 84 ways of generating leads. Of course, all the 84 may not be applicable for all the business. So you need to see what kind of lead generation activities will work for you. So what can be the second step? Of course, if you get 100 leads, suppose we do an activity, marketing activity, and we get 100 leads. Ideally, as a business owner, we want that all the 100 leads should convert into customers. But that doesn't happen. Does it happen? Do you get 100% leads converted into your consumers, in your customers? Do everybody buy from you? Those who come to buy from you? All right. In most of the business, it doesn't happen. If you are having 100% turnover or 100% conversion from lead to customers, it's very good. But I have seen that practically, that's not happening. Most of the businesses that have a very less than 50% conversion ratio. So the second lever is the conversion ratio. Conversion ratio. For example, if you have 100 leads today and your conversion ratio in the business is 25%, then your number of customers will be 25. Right? So the first thing is to start measuring. How many leads are you getting? Most of the businesses where I interact with, many of them say that when I ask them, how many leads you got this month? If it's a retail business, they'll say, okay, 100 I got this month. So when I ask them the next question, have you measured it? Or is it just an intuition or just an estimate? So many of them say that, no, I've not measured it. It's just an assumption. So my request to all of you would be to start measuring your leads. Because as an action coach, we say, if we have to improve something, you have to start measuring it. What gets measured, gets managed. What gets managed, gets bettered. Right? So if you have to improve anything, whether in your business or in anything, suppose you have to, if I have to lose weight, then I need to know where I'm standing today. If I'm at 75 kilo today, and if I need to reduce five kilos, then I need to know that I am identified today. Otherwise, how will you start? So it is very important to start measuring. If you're not measuring your number of leads that come to you every month or year, please start measuring it. Otherwise, you'll not be able to know which activity of yours. If you're doing three activities for lead generation, if you're doing your online campaign, if you're talking to your, if you're getting referrals from your old clients, if you're part of any networking organization like BNI or any other organization, how will you know that which lead generation activity is working for you? So please start measuring it. The next one is conversion. Unless your conversion is upwards of 30%, there's a lot of activity to be done in conversion. So again, please start measuring conversion because this is again a very important lead. I'll come to that, that how to increase conversion, but this is one lever. First, let's talk about the levers. So the third lever is your average ticket rate because when your customers come, if you have 100 leads and 25% conversion, so 25 customers will come to you. So 25 customers means they will do something. They will, somebody will buy goods worth 1 lakh rupees, somebody will buy goods worth 50,000 rupees, somebody will buy 10,000 rupees worth of products. So your average or your invoice rate, your ticket rate. So how do you do that? You calculate your monthly turnover or your quarterly turnover and divide by your number of customers or number of invoices made. So that will give you an average ticket rate. This is again an important lever of your business because with the same number of customers, if you are able to increase your ticket size, your ticket rate, your business will improve. The next lever is your number of transactions. Number of transactions means how many repeat customers do you have, especially it is extremely relevant in today's time where somebody was already bought from you, who is your customer, has experienced your product service. He is more likely to engage with you. He would also not like to experiment and go to new people and he would also not like to look at new consumers because as we say in business, it is seven times more expensive to get a new customer than pretend an old one. Especially in these times when we are looking at cutting down cost, is very important to take care of your existing customers, take care of your old customers. Talk to your old customers, we have not come back in a while. Somebody who used to buy from you two years before but last two years he has not come back to you. Start communicating with him, reach out to him because this will improve your number of transactions from your existing clients. So if you have 25 customers and let's say your average ticket rate is 1000, so 25,000 and into two, let's say your average transaction is two. So 25 customers, 25 customers, 1000 is your average ticket size and twice they buy from you in a given period. It can be depending upon your business, it can be one year, it can be one quarter. If it's a consumer durable, maybe a longer period, let's say they buy from you twice. So your average, so your sales will be customer times your average ticket rate times your number of transactions. So it will be 50K. So 50K your sales, so from sales to profit, you have to look at the last lever which is your margin. Because your 50K is your revenue, it's not the profit, you have to reduce your expenses, reduce your costs as I discussed before, cost of goods sold. So from your sales, if you reduce margin, then you come to your profit. So now how to look at these levers? So now you know that these are the only five levers in the business and if you work upon these levers, gradually you'll be able to improve your overall goal which is the profit. So look at your business, what are you doing today to generate your lead and how you can improve on that? What are the measures you can do, you can implement to please your lead. How and in lead generation, since it is related to your marketing activity, your team, so look at which of your staff members is generating more leads, his productivity is more, can you give him more training, better training, better some amount of better incentive to increase the leads for you because he's a good performer. If you are advertising in online channel, which platform is working for you, whether it's SEO or Instagram or Facebook or LinkedIn, which platform is working for you so that you can invest more in that platform and take out money from the other platforms. So it is all about measuring and looking into the details because as you say, God is in detail. So look at your lead generation from that angle, look at the conversion. If you're conversion at X percentage, how you can increase conversion? Because your generated lead, you have already invested in your marketing. So the prospect has come to you and if he's not buying, so there's something definitely wrong in you rather than the consumer because consumer has come to buy from you. So look at the conversion. So whether you have the right product for him, he's looking at something and you don't have that product or your price fund is not matching or your salespeople are not trained enough to ask good questions, to find out their need. So these are the some of the parameters where you can increase conversion. Training is one big area where if you focus upon your conversion ratio will go up, especially if your trainer, if your sales is happening through your team members. And of course, if you're also involved in selling, so look at your own training, your own learning, can you increase it and by which your conversion can go up. Advantage ticket rate is again one thing. The best example is the service restaurants, if you go to McDonald's or Domino's, they always, even if you ask for a burger, they will try to add on more. So do you want a meal with it? Do you want something with it? Do you want anything else? What are they trying to do? They know that the customer is already here and is willing to spend let's say 100 rupees. If my questions, my proactive nature, if I'm able to increase that 100 to 120, my business will go up by 20% with the same number of customers. So many a time what I gather from my clients is that we are under the impression that our business will grow if only a number of customers grow. It's not that if you see at these levers, even if you keep your number of customers same, still you can grow your sales, still you can grow your profit through focusing on your average ticket rate, number of transactions. So look at your business where you can increase your average ticket rate. For example, can you give a combo offer? If you are giving a selling product, can there be a service trade? For example, if you are in a consumer-durable business, if you are in a conditioning business, so if the person is going to buy an AC from you, can you give an offer of an AMC at one-year AMC? It's an X price but today you are buying the AC from us. So there is an offer on AMC. So can you combine that? So these are some of the ideas where you can see whether you can offer another product with it at a lower cost or you can add some service to it also. So your average ticket rate goes up like that. Number of transactions, it is more applicable for retail clients where the for the retail businesses where the purchase rates are higher, the number of times you purchase at half, for example, if I'm in a gift business. So usually what happens is people buy gifts 10 to 12 times in a year, minimum, for birthday, for weddings and for anniversaries. For so many occasions we buy gift but if I'm a gift seller or a gift manufacturer, I'll say that okay I'll measure my customer frequency and say okay this customer is coming only twice to me in a year but in a year he buys gift at least 10 times. So which means that eight times he's going to somebody else, only twice he's coming to me. If I am able to increase my business with him, the number of transactions from two to even three and if I'm able to do with half of my customers then imagine your business will go up by 25% your sales will go up by 25% so just by focusing on number of transactions and how to increase the frequency and how they will interact with you more. This will also help when they are referring your product to somebody else when they are buying new stuff with you okay. So see in your business where you can increase your number of transactions and lastly the margin where like all of you many of you spoke about your operation cost so this is where you have to look at your margins where you can cut down on your fixed cost margins can both be at the top line level and as well at the cost level top line level means look at your products this margin is I'm talking of your business as a whole so the average margin in your business so if you have it's a 10 products in your business so not all the products will give you equal margin some will have higher margin some will have lower margin so focus on the products which will give you higher margin you know look at training your people on selling those higher margin products look at incentivizing your people look at campaigning about doing the promotions around those products will give higher margin this way your average margin of a product will go up all right. See this now I'll show you a calculation on how these five levers can help you grow your business right let me just go to an excel sheet yeah so can you see all of you see this excel sheet can you type your responses if you are able to see please write yes if not please write no so let's do a real-life example if someone is interested we can do the we can do a real-life case for you so who's interested to give his data here and we'll do the real-life analysis for him anybody anybody who wants to you calculate basis these levers we can take your data and look at how we can go yeah okay let's go ahead bhanu how many leads you you get in a month or in a quarter let's say how many leads you get a quarter okay so even okay around 80 leads right so this is applicable even if your business is old or new it doesn't matter because the levers are uniform levers are applicable for all business whether you are a startup or you are in business for in a couple of generations still these levers will be applicable for you so always 80 leads how many could you convert 28 was your conversion okay so about 35% is your conversion ratio right so first of all did you measure your leads like whether really 80 or it's around 80 very good so if others are listening to this looking at this bhanu is measuring the leads so it's very good for others if you don't have a lead management system please devise a system or devise a process for it and capture your leads in documented form not the lead should not be in your verbal in your head or in a you know somewhere in your phone it should be documented properly in your excel file or any software if you are running any software there are so many CRNs in the market today so if your business if your business is big enough for that you can install a CRM otherwise even an excellent cheat is fine so what is your average ticket size bhanu yeah that's right zoho is a very good CRM i would suggest others to use also and zoho is free now and they are giving many new features also free for the next three months so what is your average ticket size what is the cost okay 3000 right and so so if they have bought one product from you usually what is the time period in which they come back to you again let's say in six months how many times do you expect suppose they have taken from for their one child so if they have two children in the family so would they come back to you again right so let's say in a given quarter they are happy with your product and if there are two kids in the family they come to you twice right yeah so doesn't matter it for the same kid it can be two years but if there are more opportunities from that family that can also be counted as number of times in a given period because they are coming back to you and giving you repeat business so that can also be called that can be also be included in leave a number four right so if you see that if you have 28 clients and each client give you 3000 bucks and in a quarter or in six month period they came to you twice you know so the revenue will be 16000 right and if you want to disclose your margin it's fine otherwise I can give an approximation here okay let's go by an approximation so let's say your business gives you 30% margin right so so the profit for you in that quarter will be 50 000 rupees right others please know this is the calculation where you should also look at your business and now another the interesting thing is let us look at how we can grow right so suppose bhanu I give you a task of growing your leads are 15% so what are the activities will you do and give me some cost-effective activities which will not cost you so much I want to increase your leads from 82 92 that's 15% is 15% doable for others I'm just talking about a very small percentage 15 others respond it is 15% doable 15% enhancement in the generation you know many of you are in networking platforms work that platform more for better leads more leads look at your existing clients ask them to give you leads a work up on a testimonials more put the put your testimonials on your platform social media platform or in a website that'll give you more leads right so these are the ways you can increase your leads conversion ratio bhanu how would you increase your conversion ratio from 35% if you increase by 15% it will go to 40% so so every hundred leads that you generate 40% people will buy from you right so give me some ideas how will you increase your conversion ratio yeah educating more practical assessment discounts maybe training your people better you know having more products in your kitty having more products if you have only limited products maybe have more educational systems if you are if you are you know not making your own content probably you can tie up with other people you can sell their products as well so these are other ways of increasing your product portfolio where in your conversion ratio will go up probably look at other markets where you are currently not there so increase your conversion so that will increase your conversion ratio now the third is the how to increase your average ticket size currently you are selling products worth three thousand user average now your next target is to sell around three and a half thousand right so what will you do to increase your average ticket size yeah so so look at your sales process again look at your sales scripts you know as i said earlier it's like trust and need probably if you are able to generate that lead for you if you are able to generate that need better for the client if you are able to convince that client that the product is required for the kid you know if you have more testimony again if you see the levers are you know work for each other also like if you collect a testimonial it will increase your conversion it will increase your average ticket rate also because you don't have to give discount right so these are some of the ways others also look at your business and see where you can look at increase your average ticket rate all right so let's go to the others the last the fourth lever which is your your repeat the frequency of coming back again right so for an average it it should go up to 2.3 which means that in your business you know probably the customer will give more referral and the customer once satisfied with for his children he will talk to his neighbors he'll talk to his friends so that the neighbors also come to you right so yeah that is because the referrals are the best in terms of conversion they'll give you the maximum conversion so and this is the right time to use referrals to maximum because a reference do not cost they it is one of the most cost effective cost effective ways of generating leads increasing your conversion increasing your average ticket price so all the levers will get impacted by your preferences by your testimonials right next we come to the margin because a little bit we're running short of time so margin how will you increase margin suppose you are at x margin today 30% and you will want to increase it by 15% right again by selling products which give you better margin selling high value products giving lower discounts because you are able to generate lead for the product right so these are the ways where you can increase margin train your people better incentivize your the best salesmen of your business so that they sell more right so these are the ways you can increase margin so you see so what did we do we didn't do anything drastic it was not again it's an example of pivoting a very small change in your each lever just by 15% in your each of the levers and you see your business as your number of customers are going up by 32% your revenue has gone up by 75% and your revenue and your profit has gone up by 100% which means earlier you had a 50 000 profit and it has gone up to 1 lakh so my idea was to give you a framework to think you know how i can increase my profit so all the for the others who are there in the webinar still for them i would say that look at your business from these two frameworks the 7 pre framework and the and the five levers framework this will help you grow your business this is high time because every now we are at home we have enough time to introspect we have enough time to analyze to plan and as business owners this is our most important activity to plan and predict so that our team you know when they start again selling after the things go back after lockdown period they are ready so you give them strategy you give them the tactics okay focus on these only focus on product or focus on the new channel or focus on the conversion right so we if you see so everything is dependent upon how you measure it and how good you plan it so my intention in this webinar was to give you two framework by which you can look at things enough proper shape just not by going here and there restrict yourself to these two frameworks and then you know start analyzing your business and increase your business right so so did it add value to you please type in the chat box if you feel that these five levers can increase your business please write yes in the chat box if you got a good framework analyze your business and look at business from this perspective okay i'll show the excel once again we are running a little bit behind time but it doesn't matter i will show it again because this is very important for you to understand clearly so the five levers are again leads your conversion ratio your average ticket size the frequency of repeat purchases which is lever number four and five is your margin right okay how do i maximize is it fine now now check it right you can take a snap of it please take a snap of it and then you can look at it later right because we're already running behind 30 minutes from our show you closure so let me go back yeah so these are okay but those who wanted again so these are the summary of the five levers margin so this is an order of priority so look at your margins first if you have to look at all the levers look at your margins first then your conversion then average ticket rate number of transactions and last is lead if you see lead generation i've kept in the last kept in the end because and this is a little bit of dichotomy because whenever i ask somebody how will you increase your business maximum time i here is i have to increase my lead generation i have to focus on my lead generation but you see in my chart lead generation is in the end because lead generation is an activity where you have to spend a lot of money a lot of resource you have to hire people you have to invest in online media you have to advertise in newspaper magazine so it is a very resource oriented activity there are other four levers before lead generation where you can increase your turnover as well as profit in a much more economical way which will help you increase your profit so look at your lead generation only in the end for example bhanu's case the other business is new uh bhanu can look at lead generation because uh there the that lever may not be saturated yet but if you are in uh traditional business if you have been in business for some time look at the other leads other levers first then look at lead generation in the end because in today's time and as well as in normal times also it should be our endeavor it should be our effort to reduce our resources expenditure on uh lead generation because the more the less we spend on getting customers the more money we make so lead generation is in the end i hope you are able to understand this uh the next one is so as we caught uh jim ron so this is the right time jim ron as you know was one of the biggest speakers in the world from us as he said that this uh and this is very important for this time of the year for this time of the month where all of us are sitting at home it is high time to look at ourselves invest in ourselves look at new things look at learnings look at new ways to do business and how will you learn new ways to do business is to invest in yourself um look at many speakers so many webinars are going on attend as many webinars as possible and then you will be able to uh okay i'll go back to the last slide somebody is taking this is the last slide you mean right so yeah so going ahead uh please invest this time in spending on learning for you as well as your team because as jim ron said if you spend our time on a business we can honor living by which we'll be able to live comfortably but if you invest on yourself you'll be able to scale your business 2x 3x 5x and make a fortune right anybody who knows this guy on the left can anyone tell who is this guy on the left the guy on the left is a famous football coach called pep gordella unfortunately uh his mother also expired in uh his corona virus in spain uh he is though and uh he donated 1 million pounds so look at the irony that uh even he could not save his mother so this is our times we know so it is a good time to invest in yourself uh talk to your people talk to your mentors talk to your friends who have been there who have been successful people uh successful business people talk to them take advice take suggestions don't go on your own this is uh you know what we are saying at the current moment because with collective wisdom collective effort everybody will do better and i'm coming almost to the last of my presentation uh so as title would also say who's a noted football coach player that we can't uh know where we are in the business because we are in the business most of the time so we need a bird's eye view from somebody else to show things in a proper perspective so talking to a mentor talking to your friend who's been successful will always help you know and as a gesture of you being here i also want to offer my thanks to you and for this i've got a good offer for you uh the offer is for only today uh if you feel that i've added value to you you can interact with me on an individual basis you know this the webinar was uh for everybody so for in the up each of your business is different somebody is in service somebody's in product even in product there'll be so many kinds of business so they'll have uh discussed five years so each business would require its own uh no one for the business will have his own nuances and we need to tackle business in a more customized solution for that uh i've put up a plan for you and offer for you so two quoting sessions i can offer where i'll give you a customized solution it will be your business one-to-one individual session with you only one business at one time because the need of the hour is customized solution the solution that will work for the business so there'll be two sessions uh or each session for sixty to ninety minutes in the first session i'm going to talk about uh your business we are going to diagnose your business from all these seven parameters that i talked to you before which is sales marketing finance HR operations from these all the seven aspects we're going to audit the business and see where we can improve upon and after audit we will do a three-month action plan so of course the action plan we need to be implemented probably will set a time frame of three months or two and a half months or whatever so in between maybe after one and a half month or two months there'll be a need for review review and course correction if you have implemented the results uh if the results are not coming to that extent maybe we need to fine-tune the strategy again the practice again so for that another session will be required so these sessions will be either in office in my office in calcutta or delhi i spend my time between these two cities so if you are in delhi or calcutta you can do the sessions there or you can do on zoom also first session will start uh immediately i'll send out a questionnaire to you and you fill it up and then we begin the first session we draw your action plan after the uh after the business health check and you go ahead and second the second session will be as per our mutual discussion maybe after two months where you'll have some idea of the activities that you have done and the results that have come from it so these two sessions i'm giving an observation offer for you this is usually my sessions are same five dollars per session so 150 so this is a special price for people who are in this webinar so if you feel you need a customized solution for your business and if you feel that this webinar is added value and interacting on a person's skill will do more so you can start the base with me but this is offer for today only uh after the webinar you can contact me and i'll give you all the payment details where you can limit your money and we'll get going on back so thank you so much these are my contact details please you can note it down and if you have any queries you can if you are interested in the two individual sessions you can contact me on these numbers this is my number as well as whatsapp number you can mail me these are my other social media coordinates this is what i have to talk today i'm ready to take some questions now you can chat uh you can type in the chat box if you have any question i've come to the end of my presentation if you have any question you can write it here for any clarity any you need to go back to any slide i'm available so thank you so much once again everybody i thank you from the bottom of my heart for listening to me for about close to one and a half hours and thank you sonali for giving me this opportunity thank you so much for such a wonderful and informative session it was really great and thank you so much for all to all the attendees for taking out time to attend this session we hope you were able to add some value to your lives through this and yeah we'll see you next time our next webinar is tomorrow itself it's about staying positive during this crisis this difficult time so if you need any further information about that please get in touch with me and as i said if you need any further information about the session today please feel free to contact him or me i can share the message with him as well yeah thank you so much thank you once again you have been a wonderful audience with a lot of participation which gave me a lot of energy as well thank you so much thank you so thank you everyone