Five practical tips for developing a business profit

You build a business that already needs to be developed, by growing the business prospects and increase profits. Prijono Nugroho, Mentor ActionCOACH, says there are five pulse to cultivate business and your profits.

1. Number of prospects

You need to execute a strategy to bring in prospects. Prijono explain the practical steps. Started to open longer hours of operation. Also doing well as strategic partnerships with other related business fields. As a business owner, you still need to maintain the relationship, do it networking technology that can expand your relationships. One of them by attending various seminars that can unite you with the market. Another way you can do to improve the prospects is to conduct marketing programs through a variety of existing facilities, such as telephone, letter, referral structured, re-write the ad, making stickers, brochures, magazines also benefit even the walls in the school if their products according to market segments.

Expand your territory as well by opening a new branch of business or place of business moving into a more strategic location could also be a way to pick up prospects.

2. Conversion rate. The next step is to turn prospects into customers earlier. Internally, there are some things you need to prepare, such as:

• Define sales targets
• Make sales copy or a letter of offer
• Make a list of the uniqueness of the product or service you offer
• Make a written warranty
• Make a membership card

After doing this preparation, do the education to provide the value of your product or service. Focus on value not on price, including production processes and the way we work. Give an example not just theorized. Then, ask your prospects to buy products that you offer. Afterwards, make the testimonials from your customers for marketing and promotional needs.

3. The number of transactions. After successfully hook the customer, the next mission to improve business and your profits are increasing the number of transactions. How:

• Make customers feel special by giving more than promised, or a gift on the next visit. Your service also determine customer satisfaction.
• Create a system to remind customers about the promotion period and others associated with your product.
• Create a customer database that neat and complete.

4. Average sale. If the number of transactions increased, time to upgrade sales. To increase average sales, no doubt increase the selling price. This is where the time for you as the owner started to delegate the task of selling to people you trust. The portion of the business owners more to regulate the procurement system and beautify the appearance of your business.

Practical ways to increase sales of them:

• Provide a bonus for certain purchase amount.
• Simplify payments by debit or credit card system for example. This means you should have built this business affiliated with the bank.
• Selling wholesale system or program to buy three get one free.

5. Margin. Raising the margin would give a higher profit for your business. How:

• Focus more on sales and number of high margin products.
• Begin to focus on the upscale market segment with a higher purchasing power.
• Only accept payment in cash.