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There are ONLY… “5 Ways” To Increase Your Profits!

Once you’ve got your business operating on a solid foundation, it’s time to grow. The “5-Ways” formula is the most important formula you need to know to grow your business! You may want more customers,more revenue and more profitthe challenge is that those are results.

The 5 Ways are the activity categories to focus on to get those results.

Let’s begin with the first, “Leads”.

A Lead is someone who raises their hand and is interested in your product or service. They are ready to engage you in your sales process. It’s your marketing department's job to provide you with a consistent stream of well-qualified leads… getting people in the door, or getting interested prospects to call or email in.

“Conversion Rate” (or CR) is the percentage of those leads who become customers. If one lead out of ten becomes a customer, your CR is 10%. Eight leads out of ten, 80%. You want to always be improving your CR. You can have more than one conversion rate to measure. You may measure the conversion rate of Leads to Appointments, AND the number of Appointments to Customers!

Leads x Conversion Rate = Number of Customers. To increase revenue from those customers, you need to increase their “Number of Transactions” (how many times they do business with you over a certain period of time), and their “Average Dollar Sale” (how much they spend with you each time they buy).

Finally, your “Profit Margin” percentage determines how much profit you get to keep out of that revenue.

The first step in using the “5-Ways” is to start measuring them each month. You can’t manage what you don’t measure! Get comfortable with the math and the process of measuring. It’s a discipline that may take a little time and effort for you and your team to implement, so keep at it. I have had several long term Clients that can take up to a year to get to the point that they were measuring all the key statistics.

Once you know what’s going on, the next step is to set some improvement goals. Start with Conversion Rate and Profit Margin – these are generally the easiest and cheapest areas to improve in most businesses. Next work on Number of Transactions and Average Dollar Sale – these may take some marketing investment to communicate and educate your target markets. Lead generation is your most expensive area, so make sure you’re getting the most from your current lead flow before investing in more marketing. Many Prospects or Customers want to start with generating more Leads/Referrals from the very beginning in the Coaching process. Leads are expensive and you need to insure you’re getting the very best results from the first four of the “5-Ways” processes before you go to the time and expense of increasing your Lead flow. If you are converting two out of ten leads to a Customer for a 20% Conversion Rate, is it better to double the number of Leads to double your number of Customers, or improve your conversion rate to 40% for the same result? Leads and Referrals are VERY expensive and you generally only get one shot at your sales process with each Lead. Be SURE you are getting all you can before you crank of the Lead generator!!

Do you think you can improve each of the 5 Ways by just 10% over a year? That’s not even 1% a month… when you do that, you’ll see your Revenue grow 46% and your Profit grow by a whopping 61%! Not sure how to get started, attend this free workshop. The “5-Ways” is one of the topics we will be discussing as well as providing real strategies to increase each of the 5 areas by 10% or more in one year.

This topic, will be covered as part of our “5-Ways” workshop on the August 8th. Come and learn important ways to get all five of your “5-Ways” moving in the right direction.

Four of the “5-Ways” are marketing, and Profit Margin is really Cost Control. Is your marketing on target? Are you Getting and Converting all the Leads and Referrals you want or need? To learn more about how Jay can assist you in Measuring and Developing Your "5-Ways", contact. Coach Jay for a Complimentary Coaching Session today. A 90-minute session with Coach Jay to begin the process of moving your Dreams to the Results you deserve. Don’t delay!!

To learn more about how Coach Jay can assist you in building a high performance Strategic Alliance networking group, contact Coach Jay for a Complimentary Coaching Session today.   A 60-minute session with Coach Jay to begin the process of moving your Dreams to the Results you deserve.   Don’t delay!! 

Remember, my goal is to help you THRIVE not merely SURVIVE!
We “Guarantee” our results!!  Contact Jay for a Complimentary Coaching Session (CCS) to show how Coaching is “self-funding” through bottom-line impact in 17-weeks or less.  Guaranteed!! , or call my cell at (949) 422-1167.  Don’t WASTE any more of your most precious resource, Your Time!!

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