3 Steps You Must Take If You Want To Increase The Profits In Your Business This Year

Written by: Brenda Glover, Executive Contributor

Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.

There are many ways to grow and scale a business, and unfortunately, this exact fact is the single reason so many businesses… are out of business.

Yes, increasing your revenue is wonderful. It looks great on paper. It feels great seeing the money show up in your bank account, and it sounds great when you share your revenue stats with others.

But what ISN’T great, is the amount of time, money, and effort it took to increase the revenue. Most of the time it isn’t worth it.

At the end of the day, profit matters, not sales.

There’s nothing worse than knowing your business hit that million-dollar status, and yet there’s no money left over at the end of the day/month/year after the expenses are paid.

So instead of focusing on top-line revenue this year, it’s time for you to focus on PROFIT! Profit means cash flow, and cash flow is the most important thing a business can have.

If you want to increase the amount of profit you have in your business this year, there are only 3 steps you need to take.

Step 1: Only focus on the 5 areas of your business that yield you the most profits

You’ve heard of the 80/20 rule, right? In business, that simply means: 80% of your business profits are a result of focusing on only 20% of the things you do.

Said another way …

Out of the THOUSANDS of things you COULD be doing, only 20% of them will be responsible for 80% of the total profit you generate.

So what are the 5 areas of your business that make up the most important 20% you need to focus on?

1. Leads

2. Conversions

3. Transactions

4. Pricing

5. Profits

Yes, there are other areas in your business that need attention (operations, payroll, etc), but if you start spending 80% of your time only focusing on those 5 areas above, you’ll be amazed at how fast you’ll see your profits increase.

When you focus on growing your business from the inside out, things can change quickly!

Here are a few questions to consider in these 5 areas:

1. How can I get more leads without spending more money?

2. Is there a way I can change my process so the leads I do have are more interested in buying right away?

3. How can I get a buyer to spend more money? Do I have something else I can offer them when they’re in “buying mode”?

4. Instead of discounting, what can I do to add more value to the purchase, and actually raise my prices?

5. Where am I currently losing money in my operations, costs of goods, etc? Can I cut my costs anywhere?

Finding answers to those questions will absolutely help you increase your profits this year.

But even in those 5 areas mentioned above, there are countless possibilities you could take… This leads to the next step.

Step 2: Only Focus On The Core 12 Methods (Inside those 5 areas) That Are Proven To Increase Profits Fast

Once you’re focused on spending your time on the 5 main areas of your business that will increase profits fast, you’ll start to realize there are still hundreds of ways to grow each of those areas.

And that can cause overwhelm, which you absolutely don't want.

This is why we’ve broken the hundreds of possible options, down to only 12. These 12 strategies have consistently proven to be the most profitable over the past 10 years working with our clients.

So what are the 12 proven strategies?

1. Market dominating position

2. Lead generation

3. Alliances and Joint ventures

4. Digital marketing

5. Compelling offer

6. Drip campaign

7. Downsell

8. Additional products and services

9. Increase prices

10. Upsell &cross sell

11. Bundling

12. Cut costs.

For the sake of time, we won’t go into each strategy in this article, however, if you’d like to learn more about each strategy and how to implement them in your business, you can download our free guide that explains each one in detail here: https://www.profitaccelerationsystems.com/guide

Now, once you understand all 12 strategies, that’s just the beginning...

The next, and most important step, is finding which ONE or TWO strategies make the most sense for you and your business.

Step 3: Analyze Your Business To Find The Best Strategy To Start With

Now that you are familiar with the 12 strategies that CAN be used to double your profit. It’s time to narrow your focus down to the ones that are most relevant for you and your business and will have the biggest immediate profit impact.

You could guess, but there’s a much more strategic approach that will take all the guesswork away for you.

The Profit Acceleration Assessment is an interactive tool that you can go through on your own time, and after you input your information, it will run your business through its

algorithm, and create you a customized profit roadmap that you can immediately implement and follow along for the next few months...and it’s completely free.

You can take The Profit Acceleration Assessment here:

https://www.profitaccelerationsystems.com/go

Once you have clarity on your next steps, and you start focusing your attention on increasing your profit instead of increasing business sales, you’ll notice immediate shifts in your business.

And it’s a lot more fun to grow a predictable business that has cash flow, than one that has uncertainty and is strapped for cash! And when you systematize your business for profit, you can create any lifestyle you desire!

Follow me on Facebook, Instagram, LinkedIn, and visit my website for more info!

Brenda Glover, Executive Contributor Brainz Magazine

Brenda Glover specializes in helping established entrepreneurs structure their businesses so they can provide them with the level of lifestyle freedom they desire. As an entrepreneur, speaker, trainer, consultant, and coach, she has helped thousands of people transform their lives over the past 12 years.

In addition to giving her clients the tactical support they need to scale their business, she also teaches them to reprogram their subconscious minds and erase an invisible barriers that have been holding them back in the past. Her mission is to give entrepreneurs the tools and resources to truly thrive in every area of their life & business.

Beyond growing her business, Brenda has a passion for empowering people to step out of their comfort zone and stretch themselves to new levels. She is a mom to 3 awesome teenage girls and lives in Tampa, Florida.

Her favorite quote whenever she or a client is feeling stuck – “Action will take you out of doubt, Doubt will take you out of action