The first part of this article is available here
4. Start measuring the return on any cash spent
What return did you get on the last £2000 you spent on your last exhibition? Did you get any results (sales, referral etc) from it? Can you confidently reinvest that money knowing it was money well spent? If you answered “No”, then you need to reconsider your approach to doing business. You need to be that little bit more conscientious about how you spend your time and money. I know it is not always easy to measure things. It is easier to measure the return on some things than it is for others but it is possible to measure all things. Even social media, whose measurement can seem a bit challenging, can be measured with the tips shared in this article http://mashable.com/2009/10/27/social-media-roi/. So no more excuses, the question you should ask is how do I measure it and not why?
5. Start producing weekly or monthly financial statements to assess your businesses profitability
Recently, at a conference, I asked the audience if doing their financial statements was the worst thing that could happen to them and they shouted “Yes”! I know that keeping on top of the invoices and receipts is not everybody’s cup of tea but we have to make it our cup of tea if we are to succeed in business. You cannot afford to ignore your financials and expect not to make some fatal mistakes. Find a bookkeeper or accountant who can help you keep on top of this aspect of business. The benefits of producing regular accounts for your business are that you will know how well or how badly your business is doing. However you think your business is doing, you’ll be surprised by just how better or worse it is when you put the numbers together. Monitor your accounts regularly and you are on your way to running a more profitable business.
6. Create products out of your services or vice versa
Now is the time to start thinking about your brand and how to leverage it in the future. Every serious business owner is thinking about how to increase his or her revenue streams and you should be thinking about this too. Creating add-on products, upgrades and after care services is a good place to start. Take a good look at your business. What additional products or services can you introduce to complement your current offerings? Ask your clients what they would like to see and make it happen. Why not now?
7. Workshops and other speaking engagements to educate the public about your product or services
Have you considered public speaking and workshops as a way of marketing your business? For me it has been the most effective marketing tool to date. Workshops reduce the time it takes to educate your target market and build up rapport. It gives you an opportunity and permission (which is very difficult to get these days) to talk about your products and services without interrupting and annoying people. I know this may sound scary if you don’t like public speaking but like everything else it is a skill that can be learnt and developed over time. Start with small events and build your way up. I would go, as far as to say that, public speaking is now almost a necessary skill for success in business.
98% of people will read this article and do nothing or only do something for a while. 2% will read this article, implement the tips immediately in their business and work at them consistently. They are the ones whose revenues will change and be on their way to increased profits.
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