Two things in this article and if you take notice, read it all and take some action on them you’ll make more money, I’ll let you thank me later.
Here they are.
1. Big up myself – my content as has been used as part of a lecture and online by Brighton Uni – Business
2. Know your ffin numbers
The lady I use to do some coding for me has been in touch this week to let me know that chunks of my content has been used for research and sessions as part of their Business course.
Can tell you this, that pleased me. I have in the past lectured at Barnet Uni on digital business and business planning as part of the Business Degree course. Can you imagine, sweary ol me, in front of a bunch of students.
They loved the irreverence of it.
Lesson in that. Put your content out there, promote it and you’ll either be put on a pedestal by someone else or not, none of us know. But by doing nothing, standing for nothing, not having an opinion means you won’t ever be asked to lecture to a group on your specialists subject.
Knowing your business numbers.
Every business owner I have ever worked with is missing out on money and usually it’s because of a simple things that have not been done.
Before can I explain.
Lets say you make and sell a widget.
It sells for £1 and costs £.50 to make, market, sell and ship.
Profit is £.50p simple enough the return on investment is 100%
Decrease the costs of sale to £.40p (20%) by
- Reducing your marketing costs
- Increasing your sales conversion rates
- Putting in place follow up processes
- Chasing repeat orders/upsells
- Asking for referral business or introductions
- Reducing your Adword spend
- Using social media
- Using email marketing
- Using joint ventures
Reduce other costs, website, stationary, banking, staff, heat and light – all of these are finite but useful options.
Good news is, by reducing costs by 20% you actually increase margins to 125% without doing much else.
Of course, testing some price increases and finding new markets and uses for your widgets means you will increase profits exponentially.
It really is about knowing your numbers, knowing exactly what happens when you start a marketing campaign, send an email or do some social media posting – it’s all trackable, and if it’s trackable you can make money from it.
Meanwhile if you want evidence of how this works in the real world, go look at insurance company profits. These are business that really know their numbers – they provide you with a quote that accurately represents their risk and prodits by knowing their numbers they can afford to pay the following PER CLICK on Adwords (todays pricing).
- Home and contents insurance £13 per click
- Car insurance £5.59 per click
- Professional indemnity insurance £38.39
Let me ask you how can any business afford to pay this kind of figure?
The answer is this. These businesses that know their numbers can. Now I know you’ll give me all of the reasons you don’t, can’t and won’t know yours, three more reasons to come and join me over at the Ninjas.