5 Ways to Boost Your Business Income
Featuring Tim Ong
The other day, a patient of mine asked me a question. By itself, asking your doctor a question is not unique, but what makes this question stands out is that this was not a question pertaining to health.
He asked me whether the economic downtu
ever affect the health industry in general, and my practice in particular. My answer was, "Yes, it does affect the health industry, but it does not affect my practice very much because I have taken additional steps to boost my practice." And I shared with him what I learned from Jay Abraham and Ray Sugar. These two consultants get paid thousands of dollars for their business advice.
5 Ways to Boost Your Business Income
The experts taught that if you own a business - any type of business - there are 5 ways you can boost your business income.
Profit in any business comes from your business turnover multiplied by your margins. In simple term,
Profits = Turnover x Margins
Turnover, in turns, is determined by the number of customers you have, multiplied by the number of transactions each customer had with you and the average dollar sale. Thus,
Turnover = Number of Customers x Number of Transactions x Average Dollar Sale
The number of customers you have depends on your lead generation and conversation rate of these leads. Thus,
Number of Customers = Lead Generation x Conversion Raten
By breaking down the process into small chunks, you will see that your business profit is governed by 5 variables, namely
1. lead generation
2. conversion rate
3. number of transaction
4. average dollar sale
5. margins
These experts worked out the formula and found that by doubling each of these factors, you can boost your business profits by an incredible 67%.
Putting Theory into Practice
When I first learned this formula, it seemed so simple that it was incredulous no one has taught me this before. Yet when I put the theory into practice, the result was truly remarkable. I started by making minor changes and adjustments to my normal practice and within 6 months saw a 20% increase in my turnover.
Summary
How much increased profit you can generate for your business depends on your ingenuity and creativity in improving your lead generation, conversion rate of your lead, the number of transaction per customer, the average dollar sale and your margins. Only these 5 factors, nothing else. Focus your energy on these 5 factors and you WILL definitely improve your business income.
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