A healthy business is one that has increased revenues year after year.
If you want to get more business, increase your profits or take more time off, you’ll need more than just a wish list to make these things happen.
Here are 3 tools to boost your business into a different income bracket.
(Bonus- Free Worksheet at the end of this post)
TIP ONE: Review last year’s revenues and ask yourself.
1. What business segments did better than expected?
2. Which ones were lagging?
3. Which ones were the most profitable?
Identify the business segments that are the most profitable for you and resolve to increase this part of your business.
TIP 2: Aim High: Create your revenue goal.
Looking only at the most profitable segment of your business, take last year’s sales figures and triple them. Now cut that number in half and you’ll have a realistic goal to aim for.
The second step is to make it real by writing it down as if it had already happened.
“My company name did (target revenues) in (business segment) sales in 2012.”
Write this figure on a piece of paper and put it somewhere you and your team will see every day.
TIP 3: Identify your Target.
Again, focusing only on the business segment you want to expand, review how you achieved last year’s sales.
By expanding on what’s already working, you’ll be able to get more business faster and with less effort.
Look for patterns in your financial data to identify who your ideal customer for this segment is:
1. What buyer segment tends to purchase what you offer?
2. What do these buyers have in common (age, marital status, hobbies, company size etc.)
3. When did most of these sales occur?
By analyzing this data you will be well on your way to determining your target offering, target revenue and target audience.
Your Turn!
Tell us in the comments below, what segments in your business did better than you expected?
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About the Author:
Laurel Lindsay is a Calgary Internet Marking Consultant & President of The New Media Group Inc. She has over 8 years hands-on Internet Marketing experience.
Laurel is enthusiastic and passionate about helping people live better lives by leveraging the power of the internet.
