Business owners can’t help but get obsessed by numbers! However, many reach a certain point and can’t seem to grow them any further.
Once you have set up your business, attracted a few steady customers and got into the swing of things, you may notice your income becomes steady and predictable. This will allow you to make ends meet and perhaps take a nice holiday with your family every other Christmas.
A lot of entrepreneurs get into a groove and stop growing from this point. The trouble is, they are stuck working ‘in’ their business, instead of working ‘on’ it. They are so busy managing things from within that they fail to take a step back and review what changes they can make to reach the next level.
When I host 52 Ways, I explain how even incremental changes can add up to revolutionise your business. Most of these are set and forget strategies, which, once implemented, can free up your time and give you the flexibility to go on holiday whenever the urge takes you!
How this works
For example, if you implement a simple strategy of creating a lead magnet and adding it to your website, this could cost you a few hundred dollars in time or labour. However, by doing this, you will more than likely improve your new customer figures, which will contribute to a 5 per cent boost in sales.
How great! This one strategy can take you from a base of $100k in profits per year to $105k. And once you have set it up, you don’t have to do anything else (apart from serve more customers).
Now let’s say you follow up your lead magnet with an automated marketing plan. Again, this takes a short time to set up and doesn’t require a huge expense. As a result, a further 10 per cent of the people who download or accept your lead magnet offer become customers and there’s another $5k in the bank for this year.
Even after tax, this is enough for two people to spend a few days relaxing on the beach in Fiji. This money could otherwise pay for a cleaner who will free up some of your time to actually do the things you enjoy.
But let’s go a step further. Let’s say you bite the bullet and hire a virtual assistant to take care of your basic accounting, answer customer enquiries and to finally give your business a social media presence.
All of a sudden you have some time on your hands (feels good, doesn’t it?). With this time, you join a networking group and start connecting with similar businesses. Before too long, you have landed a huge contract which boosts your profits by 20 per cent.
That felt too easy! And now here you are moving up the income brackets.
Your next strategy is a customer referral program which rewards your current customers for recommending you to new ones. This is something many businesses are doing with great success.
Here we go again, another uplift in business.
And your next step is to come up with a content strategy, working with a copywriter to create blogs and share them on your now very active social media accounts. One of these blogs gets noticed by a journalist, who asks you to share a quote for an article. Your business has now been exposed to another few thousand people (or even more) and presto – that phone won’t stop ringing.
52 ways to boost your income
This is just three or four strategies which you can use to nudge up your income.
Imagine what would happen if you implemented 52 different tactics for business growth. Some of these may take a little groundwork, others need a bit of financial investment, but even if each strategy only improves your business figures by three per cent, you have the potential to go from $100k per year to over $450k.
That’s a lot of trips to Fiji!
What would you do with this kind of money? Yes, the holidays are great, and so is the cleaner but you now have the flexibility to make investments and plan for a self-funded retirement.
What’s more, your business is now placed to give back. Which charity would you donate thousands of dollar to if money wasn’t an issue? It’s a nice thought isn’t it?
Want to get started? Book your FREE ticket to 52 Ways, Australia’s best one-day business workshop. Implement just five of the strategies shared on this amazing day and you’ll be on your way to more success and better financial freedom.