Everyone is watching their budgets and doing more with less. So how do you grow and increase profits most effectively?
Here are 3 Low-Cost Tips to Grow Profits:
Business is a discovery mission. You have multiple opportunities to discover more customers, niches, and problems your business can solve.
Invest time in creating discovery conversations.
Ask your best customers, “Who do you know that we can help the way we do you?”
Ask your best clients, “What other _______ problems do you wish we helped you with?”
Start your conversations with powerful questions. Everyone has an opinion and loves to share it. Your discovery mission is targeted at “best customers,” i.e., the ones you want more of.
Avoid assuming you know more about what they want than they do. Discover by asking.
The opinions you gather will cluster around themes. You find common groups of people are referred, e.g., gender, age, and socioeconomic status. You uncover stackpole problems that focus on common challenges.
Pick one combination of people and problem and do something about it. Select an easy one if you want or, a huge, hairy one. Make a choice and do something.
Your action is targeted at a specific people and problem so you know who and what. You simply do something. Take the time to plan an action. Then make it happen.
Yes, you invest some time and attention and maybe some money.
You get results from strategic doing.
The question then becomes, “How did it work?” and you debrief. You ask for feedback.
You can ask for feedback before you do by getting your targeted customer involved. Ask, “How do you think this will work?” or “Look at this postcard and tell me what kind of response it’ll get.”
At least, ask the targeted customer after your actions, “How did that work for your friend?”
Recycle the feedback into your discovery mission and you’re on your way to more profits. Your actions are more strategic. Your debriefing guarantees continuing improvement.
So discover, do, and debrief to positively profit at work!