For our podcast, our unique guest with us Dave Fuller, Dave is going to show you how o earn more and worry less . He has an MBA. He’s a Certified Professional Business Coach and the author of book. Profit Yourself Healthy. He has over 30 years of business experience owning and running his own business that included 30 staff and doing millions of dollars each year. Dave knows what it’s like to struggle in business and knows how to make Healthy Profits. Dave’s mission is to help business owners who are having difficulties get to a point where they regain their confidence and profitability. He loves helping people EARN MORE MONEY and WORRY LESS.
What Is the relationship between profits in our help as business owners? Something happens to our body when one had experienced a traumatic event at one point of their life. It releases chemicals and all the adrenalines in it. The fatigue follows and then we all become tired. As a business owner, a lot of things can go wrong, you might not be able to pay your bills on time, your staff will get worried about whether they’ll be paid or not, my bank calls me on a weekly basis, this kind of stress takes place when they experience this kind of trauma. This affect us in a number of ways. Our energy levels go up and down throughout the days. It affects our moods, affects our relationships as a result. When our businesses are not working for us it gives the business owner a huge chronic stress.
What we need to do is to focus on the key areas to turn your business up. Truth of the matter is according to the National Federation of the Independent Business, 60% of the businesses are not profitable and 40% of the businesses are doing great. They’re making good money for their owners. Thirty percent are marginally profitable, and 29% are never going to be profitable since day one. The marginally profitable ones are the ones where the owners are making a little bit of money but the truth is they are going to earn much more money if they’re working for somebody else with a lot less stress. If we can make our business profitable then we can lower the stress. Put a system in place in our businesses to keep our staff accountable, to keep things working the way we want it to. Have trainings for our staff to keep the clarity as to where the business is going, and setting proper expectation will cut down a lot of stress.
To reduce the stress level, here are 7 key areas that they can focus on:
- Current customers: Focus on them, because most of our works comes from repeat business. A lot of time our prospect customers are treated better not on the current customers. If we can focus and understand our current customers better and develop that relationship with them we can get a lot of work.
- Pass customers: Figuring out why our pass customer left, we can stop the same situation to happen. We need to go back, reach out to them and flourish that relationship again. Get them and have them back as current customers again.
- Prospect customers: Treat them as to how you treat your current and pass customers. It’s really deepening the relationship, engage with them because you want your prospect customers to become your repeat customers.
- Conversion Rates: The number of people that have seen and gone to your website.
- Average Sales: Each business has their own average sales. Total of sales in a particular period divided by the number of customers. Know how to increase your average of sales.
- Margin: Difference between what we are selling our product for and the actual cost. Business owners need to know what their margin is, this will be an additional money for them. There are 2 ways to increase it: Business owners need to negotiate better with each supplier for better pricing. Every percent means that money will go to your pocket. We still need to make sure that quality is still good.
- Increase our prices
- Reduce our cost
- Reducing Expenses: Ask your staff where you are losing your money. If they understand that the business is marginal, your staff will be contributing or figure it out. Because your employees want to make sure that their jobs are safe. Do trainings, have bonus systems, start sharing information to your staff. Because by doing this you have good employees and when you have that kind of staff they’ll be able to help you reduce your expenses.
With all these, when we have our business with a great cash flow, it will make a big difference. You will have your business turn up positively and will become profitable.
You may check out this contact information to get to know more details about Dave Fuller:
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