Your results |
Which of these 8 key profit drivers has the most potential? |
Which of these 23 specific strategies has the most potential? |
|
|
|
Increasing sales |
1. Getting more sales leads of the type you want |
1. Becoming more compellingly attractive to prospects
2.
Improving your marketing systems
3. Improving your referral systems |
| 2. Converting more of your sales leads into customers |
4. Improving your sales systems
5.
Improving your follow-up systems |
| 3. Increasing loyalty so that they stay as customers for longer – and your customer defection rate is lower |
6. Improving your customer service systems
7.
Becoming more valuable to your customers – so that it is harder for them to do without you and harder for a competitor to provide the same input |
| 4. Increasing the average number of times your customers do business with you in a year – ie how many times they buy from you
|
8. Providing products/services that meet more of your customers’ needs
9.
Improving your systems for encouraging, rewarding and enabling more frequent purchases by customers |
| 5. Increasing the average amount customers spend every time they do business with you – ie how much they buy from you
|
10. Improving your pricing systems
11.
Improving the “quality” of your customers
12.
Improving your up-selling systems so they buy more expensive options
13. Improving your cross-selling systems so they buy extra items
14.
Understanding your true product costs so you can systematically drive up sales of the more profitable items in your sales mix |
Reducing costs |
6. Improving productivity and efficiency so that you need fewer inputs (ie labour, materials, services etc) to support each £ of turnover |
15. Improving your operational systems, procedures and work practices
16.
Improving your technology
17.
Improving the knowledge, skills and attitude of your team
18.
Getting rid of customers who set you back |
| 7. Reducing the price paid for inputs |
19. Switching suppliers to get cheaper prices
20.
Negotiating lower prices with existing suppliers |
| 8. Managing your balance sheet better |
21. Changing how and when you extend credit to customers – and who to
22.
Improving the way you collect from debtors
23.
Re-arranging and/or renegotiating borrowings and interest rates |
