Business Growth And The Secrets To Making More Money

If you're overwhelmed with work, but you don't seem to be making much money from the efforts you are putting in, it's time to do something about it

. Sometimes, lots of customers doesn't help your business growth, it can actually harm it.

When you have more work than you can cope with and you are serving a lot of different customers, it is all to easy to focus on just getting the work done, rather than doing the things that would make you a lot more money.

Raise Your Rates: If you have more demand for your products and services than you can truly handle, it may be time to raise your rates. You may worry about losing customers, and the chances are you will, but this can be a good thing.

When you eliminate the customers who buy from you because you are cheap, you can focus on selling more to those who truly value your products and services. And when you do this, you won't feel so overwhelmed and you will actually make more money.

Add Products and Services: If your customers love what you offer already, chances are they will want to buy more from you. Add new products and services to your offerings and make sure that all your existing customers know about them.

Determine Your Most Profitable Products and Services: According to the laws of the Pareto Principle, chances are 80% of your profits come from 20% of your products and services.

Work out what profits you make on each product or service that you offer, and focus on marketing the most profitable ones. Also figure out a way to make more profits on your least profitable ones.

It may not be possible to eliminate your least profitable products and services. First consider whether there is a good reason to keep them. Maybe they are good for cash flow, or they are something that your existing customers might buy as extras. And sometimes, the least profitable products and services can encourage people to buy more of your profitable ones. This happens a lot with large stores. Customers will visit the store to take advantage of a special offer, and they will make several additional purchases.

Decide whether your least profitable products contribute to your business growth.

If not, eliminate them, increase the prices, or tweak them to make them more profitable. Taking these steps will improve your business growth.

by: Michael Knulst

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