Many businesses and clients we work with get in a “swim lane.” In other words they start a business and it evolves over time and often they get stuck in a parallel swim lane. Often, the secret to exponential expansion and growth is to take a look at the business from the outside.

Consider these five major areas where you can make a tweak or two and generate exponential results.

1.    Examine the Sources of Your Cash Flow

Cash flow is the lifeblood of every business, no matter what industry or location. Making sales is great but collecting cash from customers and investing your money wisely is the key to profitability, growth and often survival.

Analyze your customers’ payment history, by customer, by product and service and by category: industry, geography, etc. Review your accounts receivable aging schedule and your collection rates.
Set up or review an investment policy for investing your capital to grow your business.
Fire your worst customers, review your product line and reexamine your successes and failures.  Fire your worst customers, review your product line and reexamine your successes and failures. 

2.    Analyze the Composition of Your Customers.

Which customers comprise the majority of your sales. If you are like most businesses you will discover that approximately 80% of your sales come from 20% of your customers. How can you increase the “80%” group? How can you get more sales from the 80% why do they buy from you? can you increase the sales from the 20% group or reduce your delivery costs? How can you reach more customers in the 80% group?

3.    Study Your Branding and Your Message (Marketing Materials)

Is your brand fresh and relevant in today’s world? When was the last time you updated your marketing materials? Your website? Is your message still relevant and does it resonate with your existing customers and target customers?

4.    Review Your People & Make Sure They Are in the Best Spots

Often, in growing businesses and small businesses, people wear many hats. In other words, they perform many functions and their job duties and roles expand and change over time as the organization and its markets change. Review your people’s performance and skill set—strengths and weaknesses to ensure that they are in the optimal position to maximize your profitability. Consider outsourcing where you can better leverage your organization and increase your profitability and acquire expertise at a more reasonable and efficient cost.

5.    Explore Your Offering: Products & Services to Increase Sales

What can you do to emphasize certain products and services? How can you promote them better to more customers? What can you do to increase your customers’ order size? What can you do to increase your customers’ purchase frequency? Can you create bundles where you offer a package of products: One X and One Y? can you create a line extension that would increase sales (quantity) and sales revenues? Would attractive payment plans and programs increase your sales? Would a new sales letter or promotion spur sales?

All this and more is part of The Revenue Miner’s™ Business Makeover.

Take a look at our The Revenue Miner™ Business Makeover

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