Eye Spy A Half Dozen Hidden Profit Spots

We are all looking for ways to make more with less. Generate more money with less expenditure. Get more work done without adding staff. Make more out of our time because we certainly can’t create any more of that. Here are some super easy processes you can set up in your business this week to make more time and money out of your time and money:

“Frugality includes all the other virtues” Cicero

  1. Reward Excellent Performance

To get the most out of the investment you make into your team members, partners, contractors and service providers, invest time and perhaps money in identifying great performance and rewarding it. Ensure you are building up a culture of excellence in your company by setting up referral partnerships and affiliate programs with the people working in allied industries, because a referral to them is likely to result in them referring you in return. And when it comes to the performance of your team, it’s a no brainer that you should reward their achievements. Setting up a system to thank them with them bonuses, gifts, early marks and acknowledgement along the way will improve performance, loyalty and company culture.

2. Thank your clients

Setting up a water tight client follow up system is a no brainer for those who want to make more money fast. The customers you have now are your fast track to greater revenue and greater profits. It costs five times as much to acquire a new customer as it does to keep doing business with those currently on your books. Research proves that repeat customers spend up to three hundred times more with us than a new customer will. Set up a system to thank your clients for doing business with you. Anything from an automated email, loyalty discount, thank you card, right through to a hamper at Christmas or bottle of wine on their birthday. It is amazing how far a simple thank you will go to see your favourites coming back for more.

3. Follow Up Nos

You made the offer and it was declined … then what? I learned very early in my sales training that your prospect needs to be offered the chance to buy in seven times before they will accept. However, your follow up may not need to happen right then and there. Send an email, a card, a text, a reminder in Facebook. Rephrase your offer or take a new offer to an old prospect to see if this will be more suitable to their needs. Do whatever you need to do to keep the offer fresh and on the table, and available for acceptance. There’s an art to this that moves your approach away from overzealous harassment towards warm persistence. It comes from being authentic, charismatic, and accepting of your prospect’s current needs. Having a system for regular contact is the only way to maintain this type of connection and keep your prospects in the loop.

4. Reduce Waste

It all adds up, doesn’t it? Little labels to remind people to turn lights off and, clean up after themselves in the tea room, and close the doors when entering or exiting a room will save money on electricity, cleaners and heating. These little things may not seem like much, but when you come to the end of the year and you are evaluating your expenses wouldn’t you rather see all of those pennies bolstering your bottom line than the utility companies. This approach can save money on stationery, and cleaning products, tea room supplies, and even wages. Being frugal in business keeps expenses down and profits up.

5. Update Website

Your business is constantly evolving and changing and with this reality comes the need to update your website regularly. Set a routine to review all of the pages on your website to ensure your links work, your details are up to date, your photos are still current and your offers are still the best ones you can make for your market. I wonder how many sales are lost before they even began because the information online was out of date or the functionality broken. It pays to check in with your online self every month or at least every quarter, and set a checklist for the review to ensure you don’t miss sneaky bits that are easily overlooked.

6. Email Call To Action

Your business email footer is an oft-overlooked piece of branding and marketing real estate that is screaming out to be used. Take a look at all the emails you have received over the last few days to see how some of the clever companies are using their email footer. Not only will you find fabulous branding with logos and images, but some of the better ones will have links to their websites, appointment bookings, online reviews, offers and giveaways. With so many millions of emails flying around the internet, and half of them being sent from your business (hahaha!), why not make the most of the chance to put the good word out there. It may never result in a sale, but it will tell every person who reads your emails that you are as keen as mustard and ready for action.