Strategies to 5x Your Profits in 2018
Growing a business is simple, but not easy. That is, the math is simple, but, it is not easy for most business owners to achieve the growth they desire. Perhaps this is because most business owners don’t have a coach helping them to set and work towards Big Hairy Audacious Goals (BHAGs). Nor do they use a coach to encourage them to remove the obstacles that come up from achieving these goals… to cheer them on and celebrate accomplished wins.
When viewed through the following lens, growing a business is simple math. There are fivefocal points if you want to grow your business. Focus on one thing and your business will grow even if you maintain the status quo in the other areas. Focus on more than one and the business will grow geometrically.
An experienced coach works with you to improve your focus and achieve better results in each area:
☑ More Leads: A good coach will help you increase the number of leads you generate.
☑ More Conversions: A good coach will help you increase your lead conversion rate, thereby turning more leads into customers.
☑ More Transactions: A good coach will help you increase your average sale size and increase the frequency of purchases.
☑ Higher Prices: A good coach will help you raise your prices because you are delivering more value.
☑ More Profits: A good coach will help you increase your gross margin, reduce your fixed costs and stop wasting time on bad customers and dead-end prospects.
One of the many tools I use when coaching clients in each of the above areas is “the differentiator.” I believe it is one of the more important tools, and particularly powerful, because it affects each of the above areas.
To generate more leads and increase your conversions, sharpen your unique selling proposition (USP). Try to be better. Better yet, try to be different. By being innovative, you can differentiate your business from others in your industry. In a mature industry, such as landscaping, it is difficult to be different. Most landscapers simply struggle to be better, faster, or less expensive. Focus on what you do really well. Define it. Drive more improvements into how well you do it. Then, communicate this difference to your customers and prospective customers.
Use your differentiator to open doors with new prospects. First, turn your customers into clients by increasing the level of trust they have in you. Then, turn your clients into raving fans by exceeding their expectations. Finally, leverage your relationships with your current customers to meet new prospective ones by asking them for introductions and referrals to other prospective customers. When clients know how well you take care of them and trust that you will not abandon them, they will have no concern about how you will take care of others and will gladly make the introductions.
Unfortunately, too few landscape business owners and business developers I have coached know the skillful art and science of asking for introductions and referrals. Worse, most have no idea how to articulate what they do that is better or different (and therefore worthy of a higher price and, thus, higher gross margin). Once you define and articulate your difference, you will see your business grow. If you don’t know how to do this, get professional help from someone who does.
In the example shown, assume you could set a goal to improve each of the five areas above by just ten percent. The results are striking! You could multiply your profits by almost sixfold! So, what are you waiting for? Let’s make 2018 the best year ever!
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