Ten easy ways to Work Smart, Not Hard…

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Feb 25, 2016 / by
Ten easy ways to Work Smart, Not Hard…

How to make more profit with less effort. From Ann Hawkins www.annhawkins.com Author of New Business: Next Steps

1) Increase Prices

There is no such thing as “the right price”. Price is a perception about value. The better your story, and the more you connect emotionally with your customers, the more you can charge. If you put prices up by 10% and lose 20% of your customers you could still make more profit working with fewer people. Check it.

2) Reduce Costs

Check your fixed and variable costs and how you can make savings by negotiating better deals on supplies. Don’t try to increase your sales until you’re sure you’ve got your profit margins and variable costs right or you’ll lose money fast.

3) Focus on the Most Profitable Activities

Most business owners have their favourite activities but they’re not always the ones that make the most profit. Examine everything you do and give all activities a Green, Amber or Red flag according to how profitable they are. Spend more time on the most profitable activities.

4) Control Cashflow – Daily

Check your cashflow chart first thing every morning.  Knowing exactly what is due in and out is the best motivator to make sales calls or chase up overdue payments. Positive cashflow means you’re not paying interest or overdraft fees and gives you more flexibility to negotiate better deals.

5) Invoice Early

Negotiate up-front payments, deposits, staged payments and fast payments. Don’t wait until the end of the month, invoice often and frequently and don’t get caught by 90 day payment terms from big companies. Most will pay faster if you negotiate before you start the work.

6) Get Better at Talking to People

Understand what they need. Nobody cares about what you do, only what you can do for them. If they need what you’re selling, sell it to them. If they don’t, move on.  Learn how to sell with integrity so that it’s all about them and not about you.

Be a nine word wonder. Practice telling people what you can do for them in nine words…

7) Stop Feeding the Marketing Monster  

It costs between seven and nine times more to get a new customer than to get more revenue from existing ones. 80% of the future income in a business comes from existing customers so spend more time making them happy and selling more to them than throwing money away chasing new ones.

Contact all your past and current customers right now and offer them something you know they need or want.

8) Be Visible

Customers are looking for what they need so make sure they can find you, and when they do, that they’ll quickly get to trust you.

Customers are looking for what they need so make sure they can find you, and when they do, that they’ll quickly get to trust you.

Customers are looking for what they need so make sure they can find you, and when they do, that they’ll quickly get to trust you. Once they’ve found you, don’t let them go. Make sure you’ve got a way to collect their details so you can keep them coming back. Your own mailing list is worth a million Facebook likes.

9) Be Remarkable.

Why should people buy from you if you are the same as the competition? What makes you different from the rest? What stories do people tell about you? Make sure they’re good ones – and use them as testimonials.

10) Sack your soul sucking customers.

You know who they are. Your heart sinks when they call you. They’re always haggling on price, never satisfied with your work. Sack them and spend more time delighting the customers who appreciate you and will recommend you to their friends.

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