Monitor Price Impact on Profit with Gross Profit Margin
Core Viability Check: The Gross Profit Margin Routine Why This Routine Matters Gross Profit Margin is the most fundamental indicator of whether your core business model works. It tells you, before considering rent, salaries, and other overheads, how much profit you make on every dollar of sales. If this number is consistently too low or […]
Marketing Channels: How to Choose the Best for Your Business
The term Marketing Channel refers to avenues that you can use to direct people, who may be interested in your product (called Leads) , into the very top of your Sales Funnel. From here, they move down stages in your Sales Funnel while you try to convert them to customers who buy from you. This is an introductory article to assist you to begin to shortlist suitable Marketing channels. Yellow Belt.
Powerful Benefits from Sales Funnel Optimisation
Learn from the following sources how to improve your Sales Funnel and increase sales. Yellow Belt Theory of Constraints (TOC) to Optimise Sales Funnel The Sales Funnel is a well-known method of describing the several layers that a possible customer needs to pass through en route to becoming a customer. Each layer contributes more information about […]
SM2.0 80/20 Principle – 16 Times More Productive
Introducing the 80/20 Principal The 80/20 Principle asserts that a minority of causes, inputs or effort usually lead to a majority of the results, outputs or rewards. Taken literally, this means that 80 percent of what you achieve in your job comes from 20 percent of the time spent. This implies that: 80% of your […]
C4.3.3 Sell Surplus Inventory
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SM1.0 How 1% Price Change Gave 11% Profit Increase
Price is a major determinant of the profitability of your business! A price change of as little as 1% can often lead to profit increases of up to 11%. A consultant study across 1,200 major businesses found that a 1-2% increase in price, assuming demand remained constant, on average would have increased the company’s profit by 11%. […]
5 Whys Meets Sales Funnel
The sales funnel concept refers to the process of tipping sales “leads” into the top of a “funnel”. They then progressively move through the sales process ideally converting them to a sale at the bottom of the funnel. The 5 Why technique is a method of working out why something is not working or has gone […]
How Increase Revenue for Your Business – D1
Is Your Revenue Stagnant or Declining? You can increase your revenue with several different approaches that don’t necessarily mean having to focus on selling more. Also scrutinise the areas of your business that directly relate to Revenue increase to see if you can benefit from other techniques as well. Revenue Increase Problems in Your Business? […]
C6: Local Search Marketing Improvement
When Local Search Marketing is Important Local search marketing applies to any business that has a catchment area that draws clients into the business. Examples abound but include; dentists, massage therapy, retail shops, restaurants etc. Local search refers to the process used by potential clients to find (“search”) for your business. If they can’t easily […]
Linear Business Growth Strategy
Some types of small business grow through a fairly steady increase in sales revenue without having to first add staff or other resources. We call this ‘linear’ growth. An example is a retail ecommerce website. It can grow sales volume without having to add staff and other resources for some time because all the production […]