Tips Essential For Maximising Profit in Any Business

The most pressing problem or need facing business owners today is the ability to attract more customers and make more sales. Whether you own a small business or a huge company, there is always that hunger and need to make more profit in order to expand and maintain relevance in the market.

Here are a few tips to help you maximise profit in any business you are into.

1.  Develop A Great Business Plan:

The need for a good business plan can not be over emphasized. The process of developing a business plan forces you to think through every critical element that will determine your business success.  You must have a plan for selecting your products and services, developing your marketing, selecting the right people, getting the money you need, designing your sales process, arranging for distribution, service and collection of payments, and many other factors.

Especially, you must be absolutely clear about the critical numbers in your business.  There is always one number that is more indicative and predictive of your success than any other and you must decide what it is.  It may be number of sales, size of sales, profitability of sales, number of repeat purchases per customer, or rate of growth.  There are thirty-five different measures that may be applicable to your business and you must be absolutely clear about which measure is most important to you.

2. Develop A Great Marketing Plan:

In reality, all strategy is marketing strategy.  The key to success or failure in your business, once you have an excellent product or service to sell, is to attract more qualified prospects to your offerings.

Your marketing plan must position your product or service as the most desirable and attractive of all similar products or services available in your market at this time.  You must practice specialization, differentiation, segmentation, and concentration.  You and your team must be absolutely excellent, every single day, at getting the phone to ring, at getting more and more people to call you and contact you to learn more about your products and services.

Your marketing plan will determine your success or failure as much, if not more, than any other single factor.

3. Perfect A Great Sales Process:

The rule is that, “nothing happens until a sale takes place.”  It is amazing how many companies have excellent products and services, excellent people, and excellent plans, but they have given little or no thought to the sales process.  The sales process refers to every single point of contact that you have with a potential customer, from the first time they see or hear about you, all the way through to the closing of the sale and the payment of the price you charge.
You and your sales team must be excellent at prospecting, establishing rapport, identifying needs accurately, presenting persuasively, answering objections, closing the sale, and getting re-sales and referrals from happy customers.

One small improvement in any one of these key areas can lead to dramatic improvements in the number of sales you make, the amount of cash you have coming in, and the profitability of your business.

to be continued…