Are You Using The Five Critical Steps For Building Your Business?
There are five critical steps that each business owner needs to master in order to successfully build a business. Each business is dependent upon each of these steps and by making slight improvements in each you can see tremendous growth in your company’s bottom line.
First step is your lead generation. You need new leads coming into your business all the time. Some business owners make the BIG mistake of getting comfortable with their current clients and stopping their lead generation activities. When something happens with the current clients and they stop coming in or buying from you then you are without new clients and new leads. There are many ways to generate new leads for your business from offline to online strategies. The key is to know what you are doing and what is working, and then strategically looking at how to increase your leads.
Second is your conversion rate. How many leads do you convert into clients or customers? Conversion can happen in several different ways depending upon your business. In using this system you want to know how many leads you actually are able to convert and the evaluate how to increase your conversion.
Take a moment right now to start evaluating where you are. Write down your numbers. How many new leads do you get in your business each month? How many do you convert into clients? With each step write down your numbers and then we will evaluate them.
The third step is the number of transactions each client brings to you. Is it a one time sale? Or do your clients repeat? If you have ten clients and they each buy from you twice then that is 20 sales. Write down your sales per client.
The fourth step to look at the average dollars per sale. What do your clients on average spend with you? If you have a wide range in sales from $1 to $100 then estimate what the average would be.
The fifth and final step in the system is your profit margin. How much of each sale is your profit.
Now that you have written down each of these numbers it is time to play. Take each number and increase it by 10%, then 20% and then 50%. This is exactly HOW you build your business, by knowing your numbers and then strategically looking at HOW you can increase each. How can you increase the number of leads that you bring in by 10, 20 or 50%? Once you have the leads though you need a concrete strategy for converting those leads into business. How would your business shift if you were able to increase the conversion of your existing leads by 20%.
As you can see, working to strategically shift your numbers in anyone of these categories improves your business. Shifting all of them skyrockets your business. The key is learning the strategies to make the shifts so that your business skyrockets. Looking back over your numbers, what have you noticed? Where could you improve your business? Take the time to figure out your numbers and then keep an eye them. Bringing them into your consciousness is one great step forward.
Learn additional strategies for building a high profit business from Donna Price, Business Success Coach, Author, Facilitator and Speaker at: http://www.resourcesforentrepreneurs.com or contact at: http://www.compassroseconsulting.com.
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