Business owners often ask me how they can make more money.
Most small business owners feel that their business is not making enough profit.
And not generating enough personal income for the work and talent they put into the business.
I tell clients that the quickest way to make more money is to sell and market better.
Here are five suggestions that can provide fast help:
– Train your salespeople in consultative selling.
– Shift your advertising so that it focuses on the audience.
– In your ads: write great headlines, set yourself apart, build your credibility, reverse your customer’s risk, include a call to action, and offer a bonus.
– If you don’t have an online presence, get one.
– Make it easy for your clients to take action on your website.
These suggestions, though, won’t solve the root problems of your business.
To start solving the root problems, look at the large gap between the typical small business and the top earning small business.
The top earners consistently earn over $365,000 net a year. And the business keeps right on making money even if the owner takes a two-month vacation.
— What Do The Top Earning Small Businesses Do Differently?
First, they apply the model described in the E-myth series of books. The owner works on his business, not in his business.
Second, the owner applies the 80-20 rule. 80% of profits come from 20% of customers. The top earning owner focuses on this profitable 20%
Third, the top earning owner makes sure he has access every day to accurate financial numbers. This owner knows that what you measure you can manage and what you can manage you can improve.
To become a top earner, the first step is to free up time so you can work on your business.
For most small businesses, paperwork chaos and bookkeeping hassles are the biggest time wasters.
But with new technology, you can now inexpensively go paperless in your office in 24 hours. And you can completely outsource your bookkeeping and accounting!
You free up huge chunks of time so you can start working on your business. And you get the accurate financial information you need to make profitable business decisions.
— Bottom Line
You’ve probably seen the UPS commercials about logistics.
UPS argues that small and mid-sized businesses don’t need a large warehouse, distribution center, or global network to access the new logistics.
They just need UPS. UPS has already built the systems.
By tapping into those systems, you can operate your business with the heft of a big guy, no matter how big you actually are.
UPS is right!
Exactly the same logic applies to paperless office systems and to outsourced bookkeeping and accounting. The systems exist. And they are easily and inexpensively available to small and mid-sized businesses.
By outsourcing your bookkeeping and accounting, you get the accurate numbers you need to manage your business.
By going paperless and outsourcing your bookkeeping, you free up huge chunks of time.
You can start working on your business, not in your business.
You’ll be making more money with your business.