The 3 quickest ways to grow your business

As you know, I coach entrepreneurs all over the world on how to increase their profits.
But I was thinking this week, if I could only suggest 3 tactics for building profits quickly, what would they be?
Well here they are. I explain them on this short video:

The first one is crucial: Identify the 2 or 3 things you do that actually generate you more income, then triple the amount of time you spend each week on those activities.
You see most business owners get caught up with doing stuff that doesn’t really grow their business, it merely maintains it. (Like going to meetings, answering emails, talking with staff etc).
If you got really, really clear about the small amount of things you do that actually INCREASE income, then focused on doing them most of the day, a remarkable thing would happen.
Your profits would skyrocket.
That’s concept one of ‘The 3 Quickest ways To Grow Your Business’. You can see the other two on this video:

3 Surefire Ways to Increase Your Profits in 24 Hours or Less

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Imagine waking up one morning and there’s a magic genie staring you in the face…   Not a traditional magic genie.   This is a magic business genie.    You get to wish for 1 thing – anything you would like to come true in your business.   What would you wish for?   More free time?   Better employees?   Maybe…   Chances are you’d wish to make more money in your business – and you’d wish for it to happen FAST.   Well what if I told you it was possible to increase your business profits FAST– like 24 hours fast – and you didn’t even need a magic genie to make it happen?   If that sounds appealing, you’re in luck.   In the time I grew my business to half a billion dollars, I learned a trick or two on increasing profits at a rapid pace.   This has given me the great fortune of appearing on programs such as 60 Minutes, the Today Show, CNN, ABC, Bloomberg, and MSNBC, as well as authoring a book on Warren Buffet.   You may have even seen me as a featured contributor on Forbes.   If you’re a business owner who likes to make things happen FAST…and you want to increase your profits in 24 hours or less, pay close attention to the 3 strategies listed below.

4 Tiny Changes That Can Really Increase Your Profits.

Sometimes building a highly profitable business is easier than it looks.

We so often think the answer to growing our company is working longer hours and doing much more work, but in my experience coaching hundreds of business leaders and entrepreneurs on growth, is it’s often the really simple, easy steps that make the biggest difference.

With that in mind, here are four small things you can do that together will make a huge improvement to how fast your company grows.

1. Find A Richer Customer

What product could you offer especially for wealthier clients?

Strangely, people who are wealthier are often easier to sell to than those who are struggling financially. Opening the wallet doesn’t hurt as much. But if you don’t have something good to offer this richer style of customer you are leaving huge amounts of money on the table.

Remember also that a more expensive product usually means much higher margins for you, so while you’re revenue may increase say 20% with this new upscale  product your profit at the end of the year may be much higher.

2. Develop A Continuity Business Model

One of the most effective ways to quickly build your profits is to design a service or product that is continuously delivered. If you sell a service, this is usually achieved by selling a monthly retainer for ongoing work. If you sell a product it’s by getting customers to sign on for monthly or quarterly re-orders.

In the case of the latter, it is remarkable how you can turn almost anything you sell into a continuity model. Look on the internet and you’ll find highly successful monthly continuity models for clothes, gifts, advice, socks, meat, wine, DVDs, events and hundreds of other categories.

What could you offer that is delivered monthly or quarterly? This kind of recurring revenue is a mega opportunity to not only lift your revenues but keep them high year after year.

3. Reactivate Old Clients Or Leads

In the last week alone I have seen two of our business coaching clients (a builder and a tennis academy) get lucrative orders within hours of sending an email to their old list of leads/customers.

Think about it. Many of these people are still interested in what you offer, they just need to be reminded that you offer it. Re-activating your old enquiries and clients is one of the fastest ways of all to make your profit levels zoom. Be sure to do it every six months.

4. Do Something To Grow Your Customer Base Before 10am

You know how it goes. You have wonderful intentions to work on your sales and marketing but the urgent problems of the day soon take over and all of a sudden it’s 6pm and another day has gone without doing it.

There’s an easy way to fix this incredibly costly problem: work for an hour on sales and marketing as soon as you come into work each morning. Just one hour will make a massive difference to your company’s growth over three months – but it must be done each and every work day.

The best way to make it occur is firstly to diarize it and secondly to inform your staff (and if need be your clients and suppliers) that you’re not available until 10am each day. If you don’t do these two things my experience with coaching hundreds of entrepreneurs is that it won’t work.

Take another look at the four concepts above.

Yes these four small changes are simple, but since when does something have to be complex to be effective? Trust me, if you instill these four concepts into your business you will make a lot more money- surprisingly quickly and with relative ease.

5 Tips for Growing Your Business In One Month.

OK we’re one month into the new year, how are you going?

If you’re not happy with your progress, here are some great ideas for getting your profits moving fast.

1. Spend Three Hours A Day Calling Potential Buyers.

In my experience, 80% of businesses suffer from the owner not spending enough time connecting with people who can write a cheque. If your business isn’t growing then get on the phone and reach out to potential clients. It’s not fancy, and for many it’s scary, but generally it will get the cash registers ringing faster than any other method.

2. Do Low Cost Google Adwords Experiments.

One of the best aspects of Google’s Adwords program is that it’s so damn cheap to try it out. You don’t need thousands of dollars, you can run a decent test with just a few hundred dollars.  That means there’s no excuse for not at least giving it a go.

It’s easy to find some good instructional videos about Adwords online – watch a couple of them and give it a go. For many entrepreneurs the switch to Adwords has revolutionized their business.

3. Work Only On New Business Until 11AM.

The trouble with most businesses is that they have become havens for paperwork, meetings and bureaucracy. Too often entrepreneurs get caught up in all this non sales related activity then suddenly realize the day has ended and the company once again has not increased it’s revenue .

This needs to stop. And one of the best ways to do that is to have a rule that you and the key stakeholders in your company spend their mornings until 11am on income increasing activities. Unless you do this important stuff first each day  you will usually find it doesn’t get done at all.

4. Introduce The Closed Door Policy.

Managers everywhere are always talking that they have an open door policy – staff can come by and visit them anytime. Forget it. being that available will fragment your thinking and fill the day up with the non vital. Close your door and get to work in silence for at least three 90 minute blocks of time. Yes, it’s hard to discipline yourself to do this, but the future growth of your enterprise depends on it.

5. Constantly See Yourself As A Top Level Entrepreneur.

You will only be as successful as your self identity allows. Nobody can consistently perform at a higher level than they deep down believe they should be at.

So be careful what you think about yourself. As high performance expert Brendon Burchard puts it, “Don’t let your small business make you small minded”. Work on your self image, treat yourself as a top level business person and then behave in accordance with that vision. In the end, business success is a mental game – you need to take the time to work on your positive mindset daily.
Give these tips the 30 day test. Live them for the next month and see how quickly they can improve your business.

The World’s Fastest Way To Increase Your Revenue.

stopwatch Many CEOs moan that business is tough and growth is hard to find. Yet there’s a very quick way for you to substantially increase your company’s revenue.

Any company can do it, it’s fast to implement, and it’s usually extremely inexpensive to do.

Yet despite these factors, in my experience most companies do not come even close to making the most of this revenue maximization technique.

What is this method? It’s asking your current customers to buy more from you.

The crazy thing is that most companies devote huge amounts of time and money looking for new customers, then spend hardly any time properly mining the sales opportunities amongst their existing customer base.

They’ve got it the wrong way around.

It’s your current customers that are more likely to give you money – they know you, trust you and like your products. It’s a comparatively easy sell to get them to buy more. Yet many companies virtually ignore them, as they search eternally for new potential customers.

Here’s how to do it:

Get your database of previous customers up to date and organized. Then design three or four tempting offers you could approach them with.  (It may be a new product or service, a discount on your usual products, or an expensive version of what you have traditionally offered). Just make sure it’s valuable and interesting.

Then either call them direct, email them or send a direct mail piece about the offer, stating why it’s so good and how they can buy it. It’s that simple.

Generally speaking, if you present more buying opportunities to your customers, they will buy more.

As long as you don’t endlessly bother them, the more you ask them to spend money with you (assuming your offers are of value) the more they will do so.

Are you asking your current customers enough to buy from you? Bet you aren’t.

Take ten minutes now to brainstorm a menu of offers you can make to your client base. You’ll be really glad you did. Selling to your current customers really is the world’s fastest way to increase your revenue.

A Lateral Way to Grow a Business.

When people seek to grow their business they usually look at doing it two ways:

1. They do more marketing.

The truth is, there is no more effective way to grow a business than increasing marketing efforts.

If your business is not rocketing along, it is almost always because you aren’t spending enough of your day learning and applying new marketing methods.

2. They introduce new products.

This method can also quickly grow a business. If you used to sell one product and now you sell two, then some people will choose that second product and some will choose both. Result? Increased sales. If your business isn’t growing as fast as you’d like, then simply think of ways you can introduce new products – you’ll usually get a quick uplift in profits.

But there’s another way of growing a business that very few people think of, and I’d like to focus on that today.

3. Change the distribution model.

By simply changing the way the product is delivered, you can unlock enormous wealth.

Let me give you an example.

Because I coach people all around the world on improving their business, I am often asked by entrepreneurs at social events to give them advice. (Lucky me!) Last week I was at a lunch and an owner of a vineyard in Napa Valley (USA) was complaining about how tough the wine business is.

They pointed out how hard it is to differentiate their wine from the other ten thousand wines available.

I totally agreed. But then I said something that really got them thinking.

I said that instead of trying to compete at the same level as all the other winemakers, they should just move to another distribution model.

I gave them two ways they could do this:

Firstly, they could create a new model where they sold shares in their winery for say $150. For this price someone who likes wine can actually achieve a dream – becoming a part owner of a winery.

As an owner, they could even have their name printed on every bottle they buy.

Now think about this for a moment. If you owned a share in a winery and had your name on the bottle, wouldn’t you buy a lot of that wine?

Of course you would. Think how cool it would be if at dinner parties if you brought your very own wine with your name on it! It would be very impressive.

The primary owner of that winery would get the upfront $150 which would help cash-flow enormously, then also get far more regular sales of the wine. You could even send shareholders a bottle a month (charging them an annual fee for this of course).

I also suggested a second way of changing the distribution model.

In America (and much of the world) the TV reality show ‘Keeping Up With The Kardashians’ is a huge hit. In case you haven’t seen it, the shows follows a family around as they go about their lives, which are full of drama, tension and fun.

I told them they should do a deal with the Kardashians and produce a Kardashian wine.

It would appear at every meal they have on the show, their huge army of fans would buy it, it would get loads of press and many liquor stores would stock it just for the novelty.

Bottom-line: they’d sell a lot more wine.

Notice how neither of these ideas were about doing business as usual.

They were focused around how to change the business model by focusing on the distribution method- the first via getting people to ‘own’ the winery and the second by getting the Kardashians to expand the distribution to their fans, not just to the average wine lover.

So think laterally about your how your company can sell its wares.

If you’re in a market where it’s really tough to compete, then change the game. Move the battle to a new field, where you are the only player.

It takes guts, but it often works.

An Unusual Way to Increase Your Profits.

We all want more customers.

It makes us feel good to see more people buying from us.

But believe it or not, getting more new customers is not the best way to grow your business.

There’s another way to make money that’s far easier and more efficient.

Yet hardly any businesses pay enough attention to it. In fact many don’t even address it.

So what is this rarely utilised way to make loads more money in your business?

It’s simple. Just ask your current customers to buy more.

Think about it.

Getting a new customer can be expensive and time consuming. You have to advertise, make sales calls, give presentations or attend events and meetings.

For many businesses, acquiring a new customer can take weeks or even months, and cost hundreds or thousands of dollars.

Yet to get your current customer to spend more with you is super easy.

After all, having just bought from you they are already won over.

You don’t have to run expensive ads or do elaborate presentations. All you have to do is the following four things:

1. At the moment they want to buy, offer them another product or service, ideally at a special discount.

2. Show them a product that many people who bought their product also found useful.

3. Upsell them to a more expensive, better version of the product they want to buy.

4. Suggest they buy several of your product at once, rather than come back later.

It’s that simple.

Make any of those offers and ten to twenty percent of your customers will say yes.

Bingo, you’ve just lifted your annual profits by at least ten percent.

And that’s net profits – it costs you nothing to get these extra sales.

There really is no easier or quicker way to make more money in your business.

What The World’s Most Expensive Whiskey Has To Do With Your Company.

Here’s some amazing news. Diageo recently announced that next year they will be releasing a $150,000 whiskey.

That is not a misprint.

They really are going to ask people to pay 3000 times more than normal for a bottle of malt.

If you’re like me, you’re probably thinking who on earth would be silly enough to buy it?

The answer is, plenty of people. In fact Diageo expect to sell out of the stuff.

As their spokesman remarked, “We don’t think we’ll have any trouble finding buyers”.

This is worth thinking about.

If Diageo can feel confident asking for 150 grand for a single bottle of alcohol, maybe your company should introduce a super premium priced product or service.

Maybe not 3000 times more expensive than your usual products, but how about 3 times more?

Most entrepreneurs believe that they couldn’t possibly charge that much.

In fact most of them feel they couldn’t even offer a product that cost 20 percent more than their competition.

But having spent over 25 years advising a myriad of companies on pricing, my experience is very different.

If you position it right (emphasing exclusivity, premium ingredients or service, and focusing on value rather than price) at least 5% of your customers will choose your super expensive option.

Indeed, many companies find that 20% or more of their clientele pick the uber expensive product.

And here’s another interesting aspect of premium pricing: even if nobody at all buys your premium offering, they will think your current products are cheaper by comparison.

(For research that supports this, read the classic book on persuasion, ‘Influence’, by Dr Robert Cialdini).

So either way you win.

Why not take a few minutes now to conjure up some ideas for a really expensive product or service.

Create a good one and in a few months time you and your business partners may be celebrating record profits.

(Maybe with a bottle of that $150,000 whiskey).

Maximising Your Income

I was on a plane from North Carolina to Los Angeles last week.

200 people on board and bored.

The flight was over 5 hours, yet only once did the flight attendants walk down the aisle offering food/snacks.

If they had simply done it twice they would have increased revenue by at least 30%.

Now this airline has well over 1000 flights every day, so just think how many tens of millions of dollars they are missing out on, simply by not coming back to their customers with another chance to buy.

Are you making the same mistake in your business?

Customers who buy once will often buy two, three or ten times.

If only they are asked.

Hundreds of billions of dollars of potential income is lost every year by all the businesses that don’t follow up the first sale with other enticements.

Repeat offers.

New reasons to buy.

Discounts for the next purchase.

A calendar of Sale events.

Any of these techniques will increase the profits of any business significantly.

So many business owners complain that they aren’t making enough money.

But like that airline, they’re ignoring the opportunities right in front of them.