The Silent Profit Killer

The Silent Profit Killer

Author: Scott Hallman

Do you remember the great recession of 2008 through 2010? Some people, by the way, thought it lasted a lot longer than 2010. Perhaps you’re one of them. It was devastating for businesses. Businesses saw their sales plummet, their profitability plummet, customers not engaging in spending as much money. It was a really, really trying time. Well, it was also a trying time for my client, Paul, who has a leading cleaning oriented service for consumers. One of the top in America, Paul, like millions of businesses around the globe was suffering from the impacts of the recession. But Paul did something bold. He pivoted in the midst of a recession, went completely against conventional wisdom and actually raised his prices.

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Profit Focus Tool

How to Focus On Your Top Profit Opportunities and Get Your Team On Board

Well, Q1 came and went. If you are like me, you may measure progress at the end of each quarter. But do you stay focused on the most important tasks? You have no shortage of “good ideas” I am sure. If fact, the list is probably overwhelming. So how do you get your arms around all of these “good ideas” and organize them so that you are working on your most important ideas first, and at the same time not lose track of the ones you really want to get to sometime this year?

Tons of Great Ideas, But How To Stay Focused on The RIGHT Ones?

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The Truth About Selling Real Value…

All small and medium size business owners, at some point in time, are faced with the pressure to offer lower prices or greater discounts. This is especially true for those of you who sell, or want to sell at the higher end of your market. There are many schools of thought about dealing with this common sales objection, but the general consensus is to steer the prospect away from the conversation of price and toward a discussion of VALUE.

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Taking a “Success Inventory” To Discover Hidden Profits in Your Business

Today I am going to share with you the first step in dramatically improving the results of everything you ALREADY do well – marketing campaigns, sales processes, lead generation techniques, upsells, referrals, collections, inventory management and so on.

I am talking about adding 5%, 10% or even 20% improvements to things like increasing your sales conversion rates by 20% or shaving 10% off the time it takes to perform key tasks.

Perhaps the best part is that none of these incredible added streams of profit will cost you a dime to implement, and you will meet little or no resistance from your staff, and only praise from your customers.

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Know the Difference Between “Response Rate” and “Return on Investment”

Throughout the ProfitNow system, I continuously emphasize the fact that little changes can produce big results overall. To be sure you find these small changes, it’s important that you know and understand the difference between your prospects response rate and your actual return on investment.

In other words, when you spend money on marketing, how many prospects does that marketing generate, and how much money do you put into your pocket because of that marketing. After all, it doesn’t do you any good to generate a thousand prospects if none of them buy from you.

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Perception Versus Reality

A $1M+ Lesson

Do your customers really value you at the level they should? If not, you will fail to retain them as long as you should; fail to maximize the frequency of their purchases; fail to get them to buy more of your other products and services; and fail to get the referrals you deserve…and of course, miss out on tons of profit.

Several years ago, after investing several hundred thousand in our landscaping, we were on our third gardener and I was once again less than satisfied and wanted to replace this gardener. Said another way, I PERCEIVED that the gardener was not doing a great job and that I was paying for hours where little was getting done.

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