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There are truly only five ways to multiply your business profits … and yet most business owners make these three simple mistakes … In fact, almost 98 out of 100 business owners who come to us ask for help with either More Customers, More Revenues or More Profits … Problem is, they have the wrong focus … here's what we mean … Most business owners only want to work on the three areas of the chassis that refer to results (Customers, Revenues and Profits), and not the five areas that can transform your business into a profit powerhouse. Let us explain the parts of the chassis your ActionCOACH will work on with you … 

1. Your Number of Leads

The total number of potential buyers that you contacted or that have contacted you in the past year. Also known as prospects, enquiries or potentials. The major problem is that most business people confuse responses or the number of potential buyers, with results. Just because the phone is ringing doesn't mean the cash register is. It is very important to test and measure how many leads you get each month as well as where they come from.

2. Your Conversion Rate

The percentage of people who did buy, vs. those who could have bought. For example, if you had ten people walk through your store today and you sold to only three you'd have a conversion rate of three-out-of-ten or thirty percent. When we ask the average Business Owner about their conversion rate, they take a stab in the dark, and tell us it's between sixty and seventy percent. We get them to measure it, and most times we find that it's more like twenty or thirty percent. You should feel great, in fact, you should be excited, because if you're getting by at twenty or thirty percent, imagine how well your business would be running at sixty or seventy percent. Remember, double your conversion rate and you've just doubled your sales. So … Number of Leads x Conversion Rate = Number of Customers

Number of Customers: This is the total number of different customers you deal with. Remember it's not about getting more customers, you can't change that number directly, it's about getting more leads and then improving your conversion rate. These are the variables you and your ActionCOACH Coach will work on that will lead to you achieving amazing results. 

3. Your Number of Transactions

Another of the five main variables. Some of your customers will buy from you weekly, others monthly, others on the odd occasion and others, just once in their lifetime. What you want to know now is the average. Not your best and not your worst, but the average number of times a customer buys from you in a year. Once again, here's another goldmine; most business people never collect a database of their past customers, let alone write to them, or call them and ask them to come back.

4. Your Average $$$ Made

Here's one variable that at least some business owners do measure. Once again, some might spend $5,000, some just $5, but the average is what you're after. Just a few dollars on each and every sale could be all it takes. Add up your total sales and divide it by the number of sales. So … Customers x Transactions x Average $$$ Sale = Turnover. 
Turnover: Another result. Most business owners know the answer to this one. Yet they most probably have no real idea as to how they got to it. Of course, you want more of it, but you can't get more turnover. What you can do is get more transactions and a higher average dollar sale from the total number of customers you deal with.

5. Your Margins

This is the percentage of each and every sale that's profit. In other words, if you sold something for $100 and $25 was profit, then you've got a twenty-five percent margin. Remember, this is after all the costs are taken out. This is potentially another little goldmine you and your ActionCOACH to tap into. So…Turnover x Margins = Profit. Profit: Another result that every business owner wants more of, not realizing you can't get more profit, but what you can do is get greater margins on the revenues you've got. And that's it. The business chassis is the basic model that dictates the profit levels of every business on earth. By simply breaking down your sales and marketing efforts into these five areas and understanding how each affects the other, you're halfway there … and, most definitely way ahead of ninety percent of businesses out there.

Remember that your ActionCOACH has at least 344 different ways, (about fifty or sixty for each of the five areas) to help you multiply your profits … Contact ActionCOACH today to see how just a few small changes in each area can impact on your bottom line.

 
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