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 Naira sale. Thus,
Turnover = Number of Customers x Number of Transactions x Average Naira 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 Rate
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 Naira sale
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. It’s a tested formula!
How much increased profit you can generate for your business depends on your ingenuity and creativeness in improving your lead generation, conversion rate of your lead, the number of transaction per customer, the average Naira 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. And you know what? You will thank us later.