Increase Profits Today Using This One Tip

Every business wants to increase profit as much as possible. We are in business to make money. For you non-accounting types, profit is simply revenue (sales) less expenses. Putting my Captain Obvious hat on, there are two ways to increase profit: increase revenue or decrease expenses, or some combination of both. This post focuses on one big tip to help you increase revenue. I’ll have tips on reducing expenses in another post.

But before I can give you the tip, we must identify what an ideal client looks like:

1.      They always pay on time.

2.      They don’t treat you like an employee, meaning they expect you to be at their beck-and-call or to drop everything every time they try to contact you. They respect boundaries.

3.      They view you as a partner in their business, meaning they are interested in everything you have to offer, even if it’s not necessarily your primary offering.

Some call this an Avatar, i.e., the perfect client. Here are some questions to ask when creating your perfect Avatar.

1.      What are our customers challenges and fears?

2.      What are their dreams and aspirations?

3.      What are their values? Are they the same as ours?

4.      What is their main pain point?

5.      Frustrates them about our business or industry.

6.      What is the one result, if you could guarantee it, they would pay a premium for it?

7.      Finish this sentence: You will gain my trust by doing “what”?

So, what is the one thing you can do to turn that dream prospect into a paying client, thus increasing profits?

Create a Unique Selling Proposition (USP)

What is a unique selling proposition? It’s what separates you from your competition. Its answers the question “Why should I buy from you instead of the other guy, or gal. If you can’t answer this question, you’ll not only not get the perfect clients, but you’ll have trouble even getting the so-so ones. What are you doing that the competition is not? What do you do better than everyone else? What is the major benefit you provide that the others do not? How are your clients better off working with you?

Are you the lowest cost producer in your industry? Do you have impeccable customer service? Do you deliver the highest ROI for your clients? These are all examples of a unique selling proposition.

For example, my main line of business is bookkeeping. I also do some outsourced CFO services. My unique selling proposition is I help smaller businesses become bigger ones by helping them identify the one big pain point holding them back and solving that problem. It usually involves one of these three issues: not enough time, don’t make enough money, and messy books. Notice that it is specific: Identifying a pain point, saving time, and increasing dollars earned.

By crafting a unique selling proposition, you’ll have addressed a clear void in your Avatar’s marketplace and established yourself as a go-to expert in your field, thus creating the ability to charge higher fees and make more profit.

As always you can contact me for a free consultation.

Dream Big. Think Big. Go Big.