Most people don’t believe it, but after training thousands of small business owners around the world, these five simple steps are the absolute key to unlocking mountains of cash in your business you didn’t even know were there.
• Step One: Pricing • Step Two: Your products or services are losing you money. • Step Three: Customers are losing you money. • Step Four: You bookkeeping is a mess. • Step Five: Gross Margin must be at least 30% to stay in business.
Step One: Pricing is the Key- and most business owners get this wrong! Don’t assume your prices are correct. If you’re like most business owners, you are leaving money on the table and you don’t even know it! Or perhaps you’re offering too much in terms of service for the price you’re charging. This is typical in service businesses.
On my upcoming webinar I’ll show you my unique formula for pricing your products and services that’ll ensure you’re maximizing your profits. Click here to register for the webinar now.
Step Two: Your products or services are losing you money. Pricing affects your revenues or your top line, but that’s not the end of the story. No all your products or services are working as hard for you as you are for them. In other words, every time you sell a product, that product should be generating gross profit for your business otherwise, you’re losing money on every sale and no, you can’t make it up in volume.
What if by just changing your product or service mix you could improve profitability dramatically?
On my free webinar, you’ll learn my never fail approach to figuring out which products or services are making you money (and which ones are silently bleeding you dry). Click here to register for the webinar now – you don’t want to miss it.
Step Three: Customers are losing you money. Do you know what customers are profitable and which ones are not? Most business owners I’ve ever spoken to have no idea which ones are profitable. They think their largest clients are the most profitable which more often than not, is untrue. Large customers can be far more unprofitable than smaller customers.
Why? Because large customers can demand volume discounts. Large customers have pricing power when it comes time for price negotiations.
On my webinar I’ll walk you through my clear, simple strategy that will show you exactly which customers are profitable and which ones are costing you the farm. Never guess again! You need to register here right now.
Step Four: Your bookkeeping is a mess. Did you know that 80% of business owners do their own bookkeeping and 40% of them claim financial illiteracy! If this is you, you are destined for disaster or at the very least, leaving tons of cash hidden when it could be used to invest in the business, find more profitable customers or to develop new products and services. I’ll give you specific pointers to avoid this.
Step Five: Gross Margin must be at least 30% to stay in business. What’s the gross margin on your business? If you are having trouble paying your bills, I’d bet money your gross margin isn’t high enough. You need to know gross margin by product or service and also by customer. You can learn this and it’s easy, fast and the key to long term profits! Join me by registering for my free webinar where you’ll learn how to improve gross margins today and double even triple profits without working harder! Register me!