What if you stopped discounting? What if you started discounting? Which way would your profit margins move? What are your margins on each of your products or services? Your business is a complex system within a vastly more complex socio-economic system? You will be surprised by the answers!
Are your sales bought with price? Or do your people promote your value-earning business, or how you exceed customer expectations, or your excellent service? Your supply side costs are inflating all the time. How have you adapted your pricing to maintain or increase your margins? Just when is the right time to change your pricing?
- What is the difference between order-taking and proactive selling?
- Can you – hand on heart – claim a recognizable ‘sales model’? Or are you relying on personality?
- Who are your ‘top 10’ prospects? What have you done for them today?
- How are you converting those ‘walkers’ – customers that didn’t return – into ‘talkers’?
- What if your sales people truly understood your customers’ pain?
- How much bang are you getting for your marketing bucks?
- What is your story – marketing message? Who cares?
- What if you acquired your competitor?
Cash is king in business, so ask yourself; is there a less-expensive way to finance your debt? Is it time to get a second CPA opinion on your tax liabilities?
And finally, the most powerful question of all: “What are the profit-killers in your business that you know you should fix?” Create an action list based on your responses to the questions above (or the full white paper, 4 Secrets to Increasing Profits) and get started growing your profits today!
We here at PBC wish you all the best!
This originally appeared in my November 2016 Newsletter.