Diversification is crucial in many areas of life, whether it’s investing in the stock market or scouring multiple news sources to uncover the real truth. And guess what? In business, this is no different. Diversification is the key to a healthy and stable company, and...
Every business wants to grow and become more profitable. But why are some businesses successful while others aren’t? Much of this has to do with who businesses sell to. Believe it or not, marketing to your current customers is the fastest way to grow your business...
If you’re a business owner, chances are that you’ve honed your craft. You likely have many years of industry experience, understand your market inside and out, and are great at what you do. Otherwise, you wouldn’t have had the confidence to start a business!...
Businesses start at square one each month. To pay their rent, employees, expenses, vendors, suppliers, and other bills, they must sell enough of their products and services. Of course, they can collect receivables for a while; but eventually, that money will run out...
As a business owner, you have a bird’s-eye view of productivity, efficiency, sales, and most importantly, profits. Imagine, for a moment, the kind of impact that managing your best asset to T might have on your business overall. Chances are that it would have a...
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...