- Sell more
- Sell bigger: larger accounts or large profit margin
- Spend less: strategically and intelligently
- Invest in your business
There are numerous of articles, systems, podcasts, videos, infomercials, webinars, books, and schemes all designed to show you how to do just that. In addition, friends and family members are sharing the latest and greatest multilevel marketing organization, it’s someone showing you how to quickly buy and flip real estate, buy and sell stocks…etc.
In profitable business, the hard truth is that there are not many shortcuts. Business success and growth usually takes hard work and persistence. Let me suggest that if you are in business for yourself, there are really only four ways to make more money:
The bottom line is that you need to sell more of something to make more money. If you are a business owner, you don’t need someone to tell you that or to try and sell you his or her wares: You already have products and services to sell.
So the first trick is to expand the business you already have. There are a couple of ways to do just that:
- Acquire more traffic/customers: They key to getting more traffic in the door is to expose your business to new people. Market more, make more, it is (almost) as simple as that. We pay for Facebook’s advertisement creating new prospect clients.
- Create a new profit center: All great businesses figure out new products to sell and new services to offer. GE sells dishwashers yes, but it also sells jet engines and real estate financing. If you want to grow, you need to expand your offerings too. Our products and service page just adds an Amazon Corner to serve more to our clients.
It’s in two ways:
First, you can sell to bigger clients and customers – in other words, those with bigger budgets. For instance, if you primarily sell to consumers and other small businesses, you might find that selling your wares to corporations and government entities will yield bigger revenues.
Second, you can sell products with a bigger profit margin. Even selling the same amount of such products will result in more net income. For online business, you can start with selling someone else’ products which can be found on Amazon Corner; then later you create your own products. The business did the same work, but made a lot more money.
The important thing to keep in mind when cutting your overhead is to do so strategically and intelligently. You certainly do not want to cut back too much on those areas that generate revenue – advertising, for example.
From your annual budget review, there are probably many areas where you could cut some costs. If you haven’t done an audit of your business expenses recently, consider doing so now. Please contact us for a free budget analysis.
- Office supplies
- Product line
Invest in your business:
Naturally, investing is always a smart individual wealth-building strategy, but in this case, we are talking about investing in your business.
Our physician client took an “expensive factoring” in an amount of $650,000 against his cash flow, $40,000 a month for 12 months. This calculated risk generates more than $2 million revenue for his practice. Please contact us for free consultation and business analysis.
In addition, our physician client invested in his office building. He purchase entire building with 6 offices for $750,000. He used to pay for his lease approximately $6500 a month. After his acquisition, his net operating income (NOI) is approximately $8000 a months or his capitalization rate is about 12.8%.
In fact, by investing in your business, acquiring a commercial office building, be it remodeling the premises, paying off debt or buying new equipment, you increase its equity value. Eventually, that equity will become even more valuable down the road.
In conclusion, if you want to make more money from your business, you’ll have to do it, in the words of the famous commercial, “You will have to earn it.”
Please contact us for free business consultation
Review our book Building a finance plan geared for Growth at Amazon