Top 7 Massive Intelligent Profit Actions You Can Take
By Christopher M. Knight
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- Identify your 7 most profitable clients. Spend 70% of your time with these folks.
- Find your largest profit leak, and plug the hole by selling off that division, shutting down the service or product, or narrowing your focus into your core business.
- Identify your core business. Make a list of every conceivable action that would need to be taken to build that core business into the size and profit that you have planned for it. Now, make sure if a new action that begs to steal your time is consistent with your core focus, otherwise, it's a loss indicator. Short term gain for long term loss is not part of the program.
- Make sure you have a profitable add on sale for everything you sell. If you're not upselling and cross selling at the point of sale and 30 days later, you're missing a major profit pie for yourself.
- How many unique clients are you currently serving? Is that number increasing or decreasing? Both are good goals, but not knowing if you're gaining new clients or losing is not good. What are three ways you could gain new clients today or what are three ways you could lose 70% of your clients so that you can focus on the most profitable ones?
- Do you have an associate or affiliate program? I predict 90% of all intelligent companies will have one within 3 years or they will never fully realize their profit potential. Question: How many of your competitors have one in place already?
- Leave for a week. Take every 7th week off. Sound impossible? It solves two things: A) forces you to figure out how to get your business running without you, and B) during the weeks you take off, use your unlimited business building energy to get away from your business, and work on seeing your business through a different perspective. You can still work on your business, but when you are not physically in it, you may discover some of your most profitable breakthroughs will occur.
Article Submitted On: July 31, 1998