3 Profit Multipliers for Your Business
We’ve all heard the saying before; you can’t do the same thing and expect a different result. I would assume that your goals fit into the three most common goals of all entrepreneurs: make more money, spend more time with family, and grow your business (preferably with less effort).
With every client I work with, we try to accomplish more – more time, more money, more customers, more/better lifestyle – and we do it by doing something different, because the business you have as it is will only give you the results you are getting, unless you change some key factors.
When business owners come to me with a list of goals they are most often goals that aren’t able to be achieved unless we first fix the foundational model of their business, realigning the business so that working smarter not harder is possible.
This is done by affecting three things first – what I call my 3 Profit Multipliers.
First, we want to reverse engineer your business income flow or what is known as your money pyramid by restructuring prices that will get you to your goals. If you take any existing business, it is an uphill battle to achieve the revenue they want, doing business the way it’s always been done. That is why we must adjust your price and transaction value for maximum profit.
Second, we are going to establish who exactly your ideal client should be based on this new pricing structure, which services or products are the most lucrative and who will willingly and happily line up to pay these fees without you having to convince or coerce them. Successful selling should not be selling at all; rather, when you choose the best clients, you will influence them through your marketing and the experiences they go through with your business.
Finally that brings us to the 3rd Profit Multiplier. We have to make both one and two possible by creating marketing systems and materials that leverage your time and enhance your ability to command premium prices and sell without selling. This is done through high quality professional psychological based marketing. If you are going to be respected as an expert and influencer, you have to look that way, market that way; you need a book that represents you and goes before you to do the positioning in advance of your sales or presentation.
Scott J Manning is the creator of Million Dollar Methods and has developed many proven models for all types of business, specializing in professional practices, information marketing, coaching and consulting, and other product and service based businesses.