Twice profit than before you ever got in business
So often, business people forget the basic equation of how to run a business. Hi, my name is Muhammad Farhan Shafiq Mughal and today I’d like to talk little bit about the seven strategies that work together to double your business profits.
Now that sounds a little bit unbelievable, how are we going to double our profits? But by making just 10% improvements in each of the seven areas I’m about to talk about, if you do the math you’ll see it actually can double the profits, or even more, increase the profits of your business. So often, people forget about this basic relationship: we have to sell to more people, we have to sell them more stuff, we have to sell it at a higher margin, we have to reduce our costs, and if we just go to that very simple calculation you have profits at the end. If we work on each one of the seven elements and just make even a 10% improvement, you’ll see how that drops right to the bottom line and can double the profits of the company.
Find New Customers
So what’s the first one? The first thing is we have to get out and meet new people. One of the strategies is that we have to have our marketing focused on benefits. What are we doing for the customer? Remember, they only listen to that one radio station, WIIFM (what’s in it for me). So we need to have benefits-focused marketing, so that we can attract the most new people to the business.
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