The math is simple. To have more money, you need to earn more or spend less. This list is just to help you break down the cash analysis you need to do. It’s not all-inclusive, but it’s a start.
This can include adding a bottle of wine to the customer dining in your restaurant, or adding a service contract to the end of a large sale. Do they know the extent of your product offering, and are you meeting all the customer needs that you can? Make sure you ask if there is anything else you can do.
A dentist that sees patients every 6 months sells double the amount as the one that only sees patients annually. And they have better looking, happier clients due to their increased sales. Revisiting for the smaller sale wins for big for everyone.
If they are your clients, and you don’t service them, you are waiting for someone else to come along and steal them (and likely sell them something bigger). If you know you aren’t going to serve them, visit them and refer them to someone who can better fit their needs, and get a referral bonus.
I know, I know. You’ve never heard that before. Still, you should do it. Even if you think you aren’t in a referral-driven business, try it out and see if you get any business that way. You refer restaurants to your friends, right? A restaurant owner can easily walk up to a patron’s table to greet them and ask them to send a friend, too.
Do you make sure you get the best prices on your cost of goods sold?
Find areas of excessive spending in the P&L and attack with a scalpel.
Then do as little spending as possible.
–by Barb Fisher, Owner and Business Management Consultant, Fisher Business Management
Barb is the CEO of Fisher Bookkeeping, an outsourced bookkeeping consultancy that provides small businesses with a full-service financial department. Her favorite aspect of work is to break down the accounting to meaningful bits, so entrepreneurs can make a powerful difference in their own business. She's also a power lifter (squat: 215, DL: 270).
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