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GTA Consulting
Oct 18 2018
The Most Important Secret that Can Help Increase Your Business Profits in Any Economy  E-mail

By David C. Rich

Have you ever wondered what it takes to build a million-naira business Or a million dollar business?

As a business owner, you may look at successful entrepreneurs and envy their lifestyles and accomplishments. “If only I know their secrets,” you say to yourself. “Why isn’t my business as profitable or growing as fast?” The secret is simple: It’s not hard work or long hours; it’s acting like a CEO, no matter the size of your enterprise.

CEOs expect a payoff for every project. Millionaire entrepreneurs focus on the business practices that create the biggest results. When you choose how to invest your time, money and resources, you should ask “What’s the payoff?” Once you make the investment, if the return is unsatisfactory, find a way to make that project more profitable, or get rid of it.

There are many secrets to guarantee an enviable payoff and increase your business’ profits, but in my opinion this is the most important.

Marketing: Everything Is Marketing
The success of a company is based more on the marketing of the product than on the product itself.

Let me say it again; the success of a company is based more on the marketing of the product than on the product itself. Everything is marketing, from the way you say “Good morning” to the contacts you make on an airplane, to your company name and brand, your wardrobe and vocabulary, to your adverts. Here’s how to approach each aspect of your business like a marketing genius.

See every opportunity as a marketing opportunity. The waiter at your favorite restaurant might introduce you to a new client. A stranger in the elevator or at your bank is a prospective client or referral. You always create where your next client comes from.

Understand that not all marketing opportunities are created equal. Sticking business cards or fliers under 30 windshield wipers in a parking lot isn’t as effective as speaking to 30 people at a luncheon. Speaking to 30 people at a luncheon isn’t as effective as exhibiting at a national convention attended by thousands. And exhibiting to thousands (who don’t know or trust you) isn’t as effective as being endorsed by an important personality or person of influence to his list of hundreds of clients.

Be your own number-one fan. That simply means announcing your accomplishments. This is hard for many people, but if you don’t do it, who will? With humility, let people know when your business wins an award, when you have an upcoming speaking engagement or when you add a new product or service. Announcing your achievements also lets your clients know that they’re dealing with a frontrunner.

Know that your existing clients are your best prospects. It costs much more to get a new client than it does to increase the cash flow from an existing client. The best client is a loyal one.

Never stop marketing, no matter how successful you become. When you get busy, or there seems to be a downturn in the economy, you may be tempted to cut down on marketing, but that’s the time to actually push it up. It’s always time to send out more promotional packages. It’s always time to call on new prospects. It’s always time to update and optimize your website. It’s always time to place adverts in ad letters, and other print media. It’s always time to engage in various forms of productive marketing. Don’t wait until you’re going hungry to replant the garden.

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David C. Rich is a business growth and marketing expert specializing in helping business owners improve profits and grow their business. Get more free business growth resources from www.smartbusinessbigmoney.com.