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Here’s 23 Ways To Make More Money By Doing Less
23 Strategies From My Book Profit Secrets Revealed That Are Proven To Make You More Money – Without Making Massive Changes
23 ways to make more money by doing less may sound simplistic but the truth is that if you focus more attention on your margins and selling higher margin items then you will make more money over time than if you focused on selling on price (you will need to look at your average dollar sale at the same time to achieve this result)
My Own Story
For example, over 10 years ago I owned a tile business and by working out my margin and average dollar sale I could see that I made more money selling tiling than I did selling tiles, not only was the average dollar sale higher on tiling but the margin was also higher, so I made the decision to stop selling tiles and focused all our sales energy into selling tiling services.
The result was dramatic – 7 months later our monthly revenue had increased by 175% and our profits were up by 210% and we had more customers than we could handle, even with 14 staff we still had 7 week waiting list with new customers.
The keys to this change were easily applied over a short period of time.
Money Key 1 & 2
Firstly we told the market through a well-researched marketing campaign and scripted sales techniques that we only sold quality, this allowed us to sell at a higher rate than the competition. In fact our base rates were 38% higher than the market average.
Money Key 3
We up spec’d every job and charged high margins on every extra item we added to the project. We even had guarantees that we charged for and costed into every job e.g. we guarantee to take away all the left over rubbish, cartons, tile offcuts etc. For this we charged a minimum of $60.00 which was built in to the price (the tipping fee for this was nil due to recycling). Every job now had high margin guarantees which were valued at $256.00 at 96% Gross Profit plus 60% Gross Profit on all miscellaneous items
Money Key 4
Another thing we did was to only give a single fixed price and NEVER gave a summery or itemised the costs in our quotes. In fact we didn’t even call them quotes… What we gave the client was a Plan of Action that included the price that they were going to pay us.
Money Key 5
We sub-contracted all the work, this allowed us to fix all our labour costs and any reworks were the sub-contractors responsibility giving us a minimum of 44% gross profit on every job (in some cases as high as 63%).
Knowing my average dollar sale and my margins gave me information that allowed me to make informed decisions and take action in such a way that I had total, profitable control over my business.
The Keys In Your Hands
Even with the madness of Christmas bearing down on us I encourage you to pause and think about what next year will be for your business and to spend some time analysing your margins and average dollar sale so you can set your business on a new path in the New Year
23 Strategies to Increase Your Profits & Make More Money
- Increase Your Margins/Prices
- Sell More Big Margin Goods Or Services
- NO Discounting
- Sell Only Quality
- Sell Your Own Label
- Sell An Exclusive Label
- Commission Only Sales Team
- Efficiency, Productivity & Time Management
- Team Incentives Based On Margins
- Reduce Duplication
- Know Your Actual Costs
- Work Costs As Percentage Of Sales
- Only Allow Your Team To Buy With An Authorised Purchase Order
- Reduce ALL Costs By 10%
- Do It Right The First Time
- Take Stock On Consignment
- Buy In Bulk, Pay & Receive Over Time
- 1Buy Direct
- Manufacture Yourself
- Repackage Smaller/Own Label
- Measure Everything
- Regular/Timely Accounts
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