|Top Quick Tips|
Increase Business Profits - Ten Ways
How do you increase business profits? Answer the following questions carefully, and you'll have a good start.
1. Can you increase the average sale? A restaurant with 25% profit margins might make 50% on additional sales to existing customers (less labor to bag one large order than two smaller ones). Asking "What would you like to drink with that?" works, and it's just a start.
2. What's the least expensive way to get a customer? Before you spend another thousand dollars advertising to get new customers, could you get as much business by spending a few hours contacting previous or existing customers?
3. What low risk ideas can you try? I once sent a letter to several visiting basketball teams, inviting them to visit our restaurant, and giving the coach a free meal as an incentive. The cost? Two dollars. The pay off was two busloads of customers. At that rate, you could increase your business profits even if nine out of ten ideas fail.
4. Have you tested prices? I knew a store that sold a product for a $1.05, that cost them $1.00. At a price of $1.20, it is doubtful that they'd lose half their sales, but if they did, they'd still make twice the profit. Some things even sell better at a higher price. Test.
5. Can you measure your advertising results? How do you know that you're not spending more for a customer than they're worth? Coupons, customer surveys and other methods of measurement are a must.
6. How do you know your customers are satisfied? The worst restaurant meal we ever ate went down without a comment, but we never returned to that restaurant. Maybe the owner should be talking to the customers.
7. Can you enhance the percieved value of your product? Years ago, I sold walking sticks for $10 at flea markets, and $20 at craft shows. Sometimes location alone can enhance the percieved value of a product. What else can you do?
8. What are similar businesses doing? See what your successful competitors are doing. Can you do the same?
9. What other products can you sell? There's a reason stores have candy and magazines near the checkout. Extra sales are a great way to increase business profits.
10. Can you use your customers as salesmen? Word of mouth is a start, but what other ways can you get your customers to bring their friends to you?
These were culled from a longer list. I call it "stolen business ideas," because I can't credit the original authors. I took them where I found them over the years, with grattitude, but without notes.
Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.EverythingAboutMoney.info
How To Make $20.00 For Every $1.00 Invested
It has been said you can lift the Rock of Gibraltar if you have a fulcrum point and long enough lever. When we refer to "financial leverage" we are talking about the same principle. If you buy a business building for $100,000 with $5,000 down, this is using leverage of 20 to 1. For a mere 1/20th of the purchase price, you actually own and control property that is 20 times more valuable than your cash investment.
10 Dos and Donts Of Customer Services
Email etiquette is the key to help calm down anxious and impatient customers. People assume that once they press the "send" button that we will get everything sorted out in an instant! Of course we all know that this is not an accurate representation of how things work. However, you should prepare yourself for the occasional hot tempered emails, regardless of whether their comments are unreasonable or not.
10 E-mail Organization Tips
Who doesn't have issues with organizing their inbox!? I receive close to 600 e-mail each day due to the variety of activities and contacts I have online. Some I am truly interested in their content - most I am not.
Top 7 Ways to Profit from Foreign Trade
Here are seven excellent ways to earn income from international trade.
Top 10 Ways Websites Makes Me Suffer
I believe some people create and publish websites for the sole purpose of tormenting their visitors. Browsing various websites and navigating the Web can often be like trying to read on an airplane while a kid kicks the back of your seat and the baby next to you alternates between screaming, crying and drooling on you. There are some excellent websites out there to be sure, but there are also a lot of dreadful ones too. The latter are the bane of so many people's existence, especially those who use the Web regularly.
10 Compelling Reasons Not to Downsize
Almost daily, newspapers, business magazines, radio and television carry reports of corporations, large and small, that are downsizing. Their attention is chiefly focused on the impact to the employees, as they are the ones most acutely experiencing the immediate effects. But what are the effects on the companies? Downsizing, rightsizing or any of the number of synonyms for radically cutting expenses and employees, may provide a decrease in operating expenses in the near term, but how will they impact the longer term future?
Management, Balance & Time - 10 Tips for Managing Overwhelm in your Business
How many of us have been in a position where we have more to do than can realistically fit into one day, or week. So we spend all of our time feeling rushed, being rushed, and wondering how on earth we are going to manage. If you are having that feeling of overwhelm in your business, it's time to take stock of what's going on.
10-Point Checklist for High Visibility in Google
Google is the pre-eminent search engine (SE) with no close competitor. Given that inclusion is free, your Web pages must be in it. We'll show you how to top the Google SERPs, that is, be found at the top of the search engine results pages. These techniques are known as search engine optimization (SEO) and require a small investment of your time.
Bookkeeping Techniques For Morons
Please don't think I am calling you a "moron" to hurt your feelings in any way. I was a moron when I first started setting up my files. You have to force yourself to do it NOW -- right at the beginning! Many of a business has collapsed simply because they lacked organization in their basic accounting business practices. Don't be one of them!
Top Seven Reasons to Publicize your Business with Articles
Do you want to be #1-10 on Google and other search engines? Do you want quadruple your Web sales in five months? Promote your business to the top with these 7 reasons to write and submit how-to articles.
The Lazy Person Secrets To Overnight Wealth And Fame
There are so many simple, yet really sure-fire ways of acquiring wealth, it's a wonder everybody with even the least bit of ambition isn't already rich. When you come right down to it, the only things needed for anyone to make bundles of money are the long-range vision and the energy to put a money-making plan into force.
Top Ten Ways to Develop New Success Habits
1. Make a clear, specific commitment to what you want. Put your commitment in writing and post it where you can see it often.
The Top 10 Reasons Businesses Succeed
Only one of every 5 businesses makes it to its 5th year, and fewer still make it to 10 years. What do the successful businesses have in common?
Top Ten Reasons to Write a Sales Letter for Each Product? - Part 1
Authors/publishers are great at getting their books written. Entrepreneurs know their products. But after the initial one-year honeymoon, sales slow down. To counter this make sure your ebook, product, or service you offer will keep on selling from the first day, the first year, even for life. Write a short sales letter for each product or ebook.
Your Leadership Shopping List
'Tis the season to give. And finding the right gift to give the people on your team can be challenging. Oprah Winfrey once said, "It doesn't matter what the thing is; what matters is how much of yourself goes into the giving, so that when the gift is gone, the spirit of you lingers." This is especially true for leaders. When you give of yourself you build character and credibility both for you and your organization.
Business Meeting Etiquette
Business etiquette is essentially about building relationships with colleagues, clients or customers. In the business world, it is these people that can influence your success or failure. Etiquette, and in particular business etiquette, is simply a means of maximising your business potential by presenting yourself favourably.
Shaking Your Money Tree: Seven Ways to Make Quick Cash
Does your business have a money tree you can shake when a little extra cash is needed? Every business should have one!
Seven Keys to Get Out of a Rut
They say a rut is a shallow grave with two open ends. The good news (good news?!) is that the ends ARE still open, which means if you act fast, you just might out of it. How do we get into these ruts anyway? Who would voluntarily lie down in that grave, shallow or otherwise?
Wealth Building Scams
I have some good news and I have some bad news. First the good news. The number of infomercials on television is decreasing.
My 7 Most Important Business Lessons
Millions of people start new small businesses in the United States every day. Many fail at running a small business every day. What causes one business owner to succeed where another fails? There are seven key areas to focus your efforts for a successful small business. It starts with knowing oneself and ends with not being afraid to ask for help.
|home | site map|