You may remember back in November 2020 I talked about ‘cutting your cloth to fit’. Well, I’m back with version 2.0!!!
If you need to reference that last article because you missed it, here it is now before you read on today.
The title of that last article was obviously a metaphor for managing your expenses to suit your turnover but what if you fixed your turnover challenges instead of dropping your expenses – or even better, did both.
What if you had a growth in sales and also trimmed some of the ‘fat’ out of your expenses which have been ‘coasting’ along happily because your sales were buoyant up until we got locked down – or for that matter had any unforeseen event that had a negative knock-on effect to your sales.
As that first article talked about trimming out some of your expenses of changing more of the fixed costs to variable ones is a great start but if you need to be more ruthless take a deeper look.
If you need to reference that last article because you missed it, here it is now before you read on today.
The title of that last article was obviously a metaphor for managing your expenses to suit your turnover but what if you fixed your turnover challenges instead of dropping your expenses – or even better, did both.
What if you had a growth in sales and also trimmed some of the ‘fat’ out of your expenses which have been ‘coasting’ along happily because your sales were buoyant up until we got locked down – or for that matter had any unforeseen event that had a negative knock-on effect to your sales.
As that first article talked about trimming out some of your expenses of changing more of the fixed costs to variable ones is a great start but if you need to be more ruthless take a deeper look.
E.g. #3: I recently decided to let go of a domain name I have never used but had in case I wanted to mirror my website with a slightly different suffix. GONE. $38 odd less per year, not much but it adds up.
E.g. #2: I am an audible subscriber but I have allowed my monthly credits to accumulate so much I had 6 waiting for me to cash in on a book that I am not yet ready to read. I have put that on hold for 90 days saving me approx. $48 (3 months x$16)
E.g. #2: I am an audible subscriber but I have allowed my monthly credits to accumulate so much I had 6 waiting for me to cash in on a book that I am not yet ready to read. I have put that on hold for 90 days saving me approx. $48 (3 months x$16)
It’s not much but it all adds up and over time can make the business super lean when I want it to be, just by taking a magnifying glass to the small things. I once had a boss – actually he was my bosses, bosses, boss! He said, “take care of the little things and the big things will take care of themselves.” He was kind of right, if you manage the little things in your business the larger things will by default be taken care of…it stuck with me.
Back to the sales ideas to boost your topline (sales) now you have taken care of the expenses.
In no particular order:
1. Send an email to 5 prospects asking what it would take to close a sale
If you’re not sure why someone’s not signing on the dotted line – ask them. Often it’s an easily fixable issue that opens the door.
2. Ask an existing customer for a referral
Good customers refer good customers. Ask a customer “What is the primary benefit you got from using our product? Do you know anyone else who would benefit from it?
3. Upgrade a customer
Would you like fries with that? Small, medium or large? They want what you’ve got now is your opportunity to add more value to their experience and your sale.
4. Go back over messages/emails
There may well be lots of leads you have let go of or clients who have slopped through the cracks over time. Now is the time to follow up and see where they’re at. You’ll be surprised how many just ‘got busy’ and never bothered to come back to you. ‘There’s gold in them there hills!’
5. 10 cold emails
“Cold” anything is a numbers game. Do it often enough and you will get something out of it. Cold email (or Linkedin) messages need to be super valuable to get any cut through and they are still worth it if you can scale it
6. Package your knowledge and give it away
It gives people who could use your services a small taste of what it would be like to work with you and has been extremely effective in attracting new clients.
Collect old blog posts, customer correspondence – anything that can help your prospect. Package it up, give it to them and make sure you have a method to follow up
7. Test a new product on an existing customer
Those ideas for a new product or service that are swimming around your head? Call an existing customer and ask “If I did this? Would you pay this?” The idea isn’t validated until they’ve paid you.
8. Approach a partner
Who’s got your customer? I’m working with the local physio that recently changed hands I approached the owner and am presenting to the whole team in their October monthly education meeting. Approach someone who has your ideal client, and you can bring complimentary skills to the relationship. Make sure it works both ways.
9. Pitch a journalist
Getting covered in the media is far easier than most people think. Look at who is writing about your industry and get in touch with them. If you can provide an interesting angle, stats or insights that the journalist can’t get themselves you will get covered. Media will not explode your business by itself, but it can be used to build credibility with customers and partners.
10. Run a trade in offer
This tactic isn’t just for car dealers. Contact a customer who has had your product or service and offer to trade it in for the newer/bigger/faster version you can provide now. You are in the incumbent supplier and in most cases it’s harder to move away and change but you need to keep adding value.
With these in place and a diary appointment to remind you to do them over a week or even 10 days you will find some opportunities to either boost your bank balance now or certainly over a period of time with consistent effort.
Go for it…
Back to the sales ideas to boost your topline (sales) now you have taken care of the expenses.
In no particular order:
1. Send an email to 5 prospects asking what it would take to close a sale
If you’re not sure why someone’s not signing on the dotted line – ask them. Often it’s an easily fixable issue that opens the door.
2. Ask an existing customer for a referral
Good customers refer good customers. Ask a customer “What is the primary benefit you got from using our product? Do you know anyone else who would benefit from it?
3. Upgrade a customer
Would you like fries with that? Small, medium or large? They want what you’ve got now is your opportunity to add more value to their experience and your sale.
4. Go back over messages/emails
There may well be lots of leads you have let go of or clients who have slopped through the cracks over time. Now is the time to follow up and see where they’re at. You’ll be surprised how many just ‘got busy’ and never bothered to come back to you. ‘There’s gold in them there hills!’
5. 10 cold emails
“Cold” anything is a numbers game. Do it often enough and you will get something out of it. Cold email (or Linkedin) messages need to be super valuable to get any cut through and they are still worth it if you can scale it
6. Package your knowledge and give it away
It gives people who could use your services a small taste of what it would be like to work with you and has been extremely effective in attracting new clients.
Collect old blog posts, customer correspondence – anything that can help your prospect. Package it up, give it to them and make sure you have a method to follow up
7. Test a new product on an existing customer
Those ideas for a new product or service that are swimming around your head? Call an existing customer and ask “If I did this? Would you pay this?” The idea isn’t validated until they’ve paid you.
8. Approach a partner
Who’s got your customer? I’m working with the local physio that recently changed hands I approached the owner and am presenting to the whole team in their October monthly education meeting. Approach someone who has your ideal client, and you can bring complimentary skills to the relationship. Make sure it works both ways.
9. Pitch a journalist
Getting covered in the media is far easier than most people think. Look at who is writing about your industry and get in touch with them. If you can provide an interesting angle, stats or insights that the journalist can’t get themselves you will get covered. Media will not explode your business by itself, but it can be used to build credibility with customers and partners.
10. Run a trade in offer
This tactic isn’t just for car dealers. Contact a customer who has had your product or service and offer to trade it in for the newer/bigger/faster version you can provide now. You are in the incumbent supplier and in most cases it’s harder to move away and change but you need to keep adding value.
With these in place and a diary appointment to remind you to do them over a week or even 10 days you will find some opportunities to either boost your bank balance now or certainly over a period of time with consistent effort.
Go for it…
