Soooo….you make a great product or provide a great service and you just know that you’re onto a good thing. It’s time to turn a decent profit but too often it goes like this….
1. You do some costings on the back of a cigarette box and reckon “she’ll be all right”.
2. You set your prices based on those of your competitors and maybe knock off a few dollars to get some customers through the door.
3. You just take the price offered by customers because you don’t want to lose a sale.
Either way, you start making sales but you never seem to make a decent profit.
But you have some ideas….
4. You discount your sales to sell more and make more money, but it doesn’t work.
5. You think about increasing your prices but are scared your customers will run away so you don’t do it
6. You spend money on marketing but don’t know how many additional sales you need to make and at what price you need to sell in order to merely pay for the marketing – let alone make a profit.
7. You try to cut your costs but it’s just too hard – you think you’re already running off the smell of an oil rag.
You feel stuck because nothing seems to work and you’ve run out of ideas and you just can’t see how to do justice to your wonderful product or service.
That’s when you realise you’ve been flying your business by the seat of your pants, or flying in the dark without instruments, flying without a map.
That’s when you realise you’ve been flying blind.
BUT JUST IMAGINE…..
8. What if you could get a quick insight into the financial leverage of your business and the potential it offers?
9. What if you could increase your margins by a little bit, maybe lose some customers but make more money?
10. What if you could work out how to reduce some costs but significantly increase your profit?
11. What if you could combine these ideas and make a lot more profit?
12. What if, by testing these and other ideas on paper you could see that it may not be too hard to make more money? How would you feel about that?
13. What if you could suddenly see that, say, a 50% increase in profit could be achieved from a few small tweaks to your cost and revenue structure? (Yes, many businesses can achieve this).
Would you start to believe that its possible? Because if you did, then surely you could achieve it.
And then maybe you would invest a little more time in learning how your numbers really work, and what you could change in your business to make them work even harder for you.
Watch this video and make sure you're not flying blind.