Yes, you can grow your bottom line of profit by 61% with a few simple changes to your business.
Get out all of the following numbers from your business so you have a starting figure…
Leads/enquiries for last month
Conversion % for those leads
Number of customers who bought
Average value per sale
Transaction frequency (repeat customers)
Revenue for last month
% Net margin last month
Net Profit last month
Now increase all those numbers by 10% for each one. You will see that the last line of Net Profit will change by a 61% improvement!
Imagine what you could do with 61% more profit to you as the business owner. Now you might decide to only increase some of those “levers” and it still will improve your profit but not as much as 61% of course. Try a 20% increase to your numbers and you will be amazed with the result.
The bottom line is the most important number in your business otherwise you just have a paid job. So the other bottom line is that small changes to you various levers can make a big difference to your profitability. Of course you need to track all these figures in your business to be able to start.
I have helped dozens of small businesses focus on these levers and I can help you too if you decide you want help putting all of this in to place.