Business Advice Centre

12 PROFIT BOOSTING TIPS FOR BUSINESS OWNERS

MICHAEL WALSH – THE BUSINESS BOOSTER: In the face of falling demand and intense competition, every order has to be fought for. Getting it right isn’t an option; it is a survival strategy.

Business owners often become complacent, leading to a haemorrhage of lost orders that can cripple a firm. Most failings are avoidable. Here are twelve tips to help you survive tough times.

  1. A good media advertising representative wants you to succeed. A small advert placed frequently works better than the occasional larger one. Always use USP (unique selling points). Special offers or Free Pillows, for example.
  • If you live in a bilingual area, it doesn’t cost much to make your website bilingual. You wouldn’t put a notice on your door: ‘English Speakers Only’, would you? If the wording of your website or brochure is amateurish, you will invite ridicule, not orders.
  • RIGHT. Michael Walsh, Business Advice Specialist
  • Make better use of e-mails. They are real sales boosters when you know how. They have at least ten advantages over the telephone.
  • Poor signage is a no-no. How often I have heard it said: ‘But our customers know where we are.” Hello! The new ones do not. An attractive high-visibility sign will be seen by hundreds, perhaps thousands, a day.
  • First impressions count. Sales are lost when potential clients telephone an answering machine. A telephone answering machine cannot answer questions, which is why most people call in the first place. Be polite; listen and respond transparently.
  • If you are in business, then being a salesperson comes with the territory. Improve your people skills; be pleasant, informative, highlight the advantages of your service, and ask politely for the order. Ignore a client’s spouse or partner at your peril.  
  • If you don’t get the close right, you won’t close. Be a pully-pully, not a pushy-pushy salesperson: Instead of saying direct: “Do you want to order?” say instead, “Which would you prefer?” or ‘Would Tuesday be alright or might Wednesday be better for you?’
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  • Clients are offended and inconvenienced by poor timekeeping. If you are unavoidably delayed, call them, explain, invite their understanding or suggest an alternative in order to avoid inconveniencing them.
  • Customers are not stupid; do not treat them as though they are. Explain what has gone wrong, what is necessary to put it right and why.
  1. It is infuriating to be given a bill without a breakdown. If you do so, you invite the allegation that you are cheating or over-pricing. Again, transparency keeps customers happy. Happy customers are your best sales staff.
  1. A man bought a business. The first thing he did was ask for a list of inactive clients. He discovered most had left due to poor service. By informing them of the change of ownership and addressing their concerns, he learned lessons. Best of all, he enticed most back.
  1. Always leave two or three business cards in your customer’s home or premises, where they can be seen. Respectfully ask your customer to recommend you and ask if they have friends or family who may be interested in your service. The most important rule of all: Always thank your client for their custom.

By following these basic rules, you can double, even triple, your turnover without it adversely affecting your outgoings.

MICHAEL WALSH was a leading executive for Britain’s venerated Guild of Master Craftsmen for twenty years. Over those two decades, the business doctor analysed and coached hundreds of small business owners who, thanks to his tutoring, became big and successful businesses. If you wish your business could do better wherever in the world you are, then grab a copy of Michael Walsh’s BUSINESS BOOSTER. It will be the best investment you ever made.

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THE BUSINESS BOOSTER ~ During 20 years as an executive of the Guild of Master Craftsmen and Federation of Master Builders, Michael Walsh helped thousands of businesses to increase profits whilst reducing overheads. EURO WEEKLY NEWS business advice columnist. Perfect gift for the self-employed, wherever you are in the world. https://www.lulu.com/shop/michael-walsh/the-business-booster/paperback/product-2m4wypv.html?page=1&pageSize=4

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