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4 Ways To Make This Year Your Most Profitable Ever

1. Establish Key Performance Indicators

These Key Performance Indicators should measure a variety of financial areas in your business e.g. value of an average transaction, cost per sale, profit margins, cost per inquiry, the lifetime value of a client etc. In this way you will have some very clear yardsticks or benchmarks on which you can base any future profit enhancement initiatives.
Write down 4 initiatives against each Key Performance Indicator that you and/or your people can do to improve on these figures. Then write down some action steps and delegate these tasks. It is important that these KPI’s are monitored on a regular ongoing basis so that you can assess the performance.

2. Revisit your Client Nurturing program. Make sure that it addresses the following points:

• You will need to have a telephone or email contact with each client at least every two months. This will depend on how frequently they purchase from you.
• Provide value-added services and information which are not directly linked to a sale, from time to time. These could include reports, golf days or 'client only' workshops.
• Make special 'client only' offers every now and then, where you offer them a great deal because they have purchased in the past from you.
• You know that all clients are not the same. Make sure that you have reorganized your clients into 6-star, 5-star, 4-star and 3-star. You should give the 6-star clients the "6-star" treatment.
• On an ongoing basis you need to gather information on who your clients are, what their current needs are and how you can improve your level of service for them.

3. Come up with ways to make it fun for your customers to do business with you, as well as enjoyable for your team members.

Making it fun is a great way to motivate your staff, as well as getting your customers to buy from you. An example of a fun place to work is Virgin Blue Airlines, based here in Australia. The adventurous Richard Branson is the creator of this “fun factor” for the airline. When you fly Virgin you will notice that they are dramatically different to any other Australian airline company. The bright red corporate colours and the dramatic statements they use, make them stand out from the rest. Their flight attendants always seem to be enjoying themselves as well.

4. Referral program –

Implement a referral program to maximise word-of-mouth sales. This does not have to be elaborate. Here are a number of ways you can increase referrals:

• Soon after you have made a sale, phone your client and ask them if they would refer you.
• You could run a workshop and send your clients some extra complimentary tickets that they can give to their friends.
• Develop a referral incentive by writing to your customers and promoting a special reward or incentive every time they refer someone to you.

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