I have noticed a trend with many of my clients over the past year or two. While their sales numbers have increased, so have their costs of goods sold. In other words, they have sold more but made less. How can that be? Of course, the recent bout of inflation is partly...
Increasing sales without paying for advertising is every business owner’s dream. Unfortunately, far too many business owners have tunnel vision when it comes to their sales process. They spend most of their time advertising to cold leads, and their low conversion...
As a business owner, your time is arguably your company’s most valuable asset. Besides the level of expertise and experience, you’re able to bring to the table, your hourly rate is quite a bit higher than that of the average employee! How do you strip back all of the...
When you need to increase sales and profits, you may be tempted to discount your products—and you wouldn’t be alone! Many business owners assume that this is the fastest, easiest, and most effective way to increase sales and grow profits. Perhaps you encounter a...
The lifetime value of a customer is a vitally important metric that every business owner should know and understand. Fortunately, this number is relatively easy to calculate. First, take the average price that your customer pays for your products or services and...
One of the most important steps in the profit formula is to convert 10% more leads into paying customers. If that seems like a mammoth task, you’re certainly not alone. Many business owners struggle to execute the last step in their sales funnels—completing the actual...
If you own a business, you know that it’s not always easy to convert a lead into a customer. After all of the advertising, marketing, and communication, you may have exhausted a significant amount of time, energy, and money earning their business. This begs the...
An increase in sales is an important cog in the profit formula, but increasing sales in a vacuum isn’t enough. Rather, you should always aim to increase while spending as little money as possible. Perhaps the best way to achieve this is through customer...
You’ve captured a lead and successfully converted them into a paying customer. You’ve upsold them and cross-sold them at every chance, and maybe you’ve even managed to turn them into repeat customers. For all intents and purposes, you have maxed out their value....
Did you know that committing just 15–30 minutes per week to reviewing five key accounting reports could help you improve your business’s profitability? Now, I know what you’re thinking. That’s my accountant’s job! As a business owner, spending some quality time with...