Sales, Profit Growth and Cashflow
Welcome back to our first BGS Your Business Success Group for their second session. This month we looked at how to improve your revenue, profit and cash-flow and introduced concepts and tools to help achieve this!
To get everyone in the right mindset of achieving goals we took some inspiration from Tony Robbins and looked at how to create a virtuous cycle of success.
Simple but effective. Identify potential, take actions to reach that potential, and create some results, that increase your belief in your ability to achieve potential.
With this positive attitude installed we moved on to how to improve sales.
In a brain storming we identified a ton of ideas on how to improve all three of these growth drivers. Upselling, cross selling, customer retention and reactivation, affiliate, referrals, loyalty and repeat business were all mentioned amongst the swathe of ideas.
We then looked more in depth using the 5 Ps of marketing at how all 5 interact in how you Price, Position, Place, Promote your Product.
Understanding what benefits your client has from your product is the first step to understanding your price objective.
We then used tools from the Maus software suite to help people utilise these techniques in their own business and give them an idea of how they could influence their own revenue and profit levels.
We then moved on to look at cash-flow and how to improve cash-flow with some debt collection , inventory management and pay terms management techniques.
At the end of the morning everyone left invigorated and ready to work towards the goal “Find your Business Freedom!
Here are a few links with members after the event.