10 Reliable Tips to Help You Increase Your Profits
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Entrepreneur Network partner Brian Tracy says you can't affect your profit directly — you can only adjust the variables that ultimately determine your level of profitability. Basically, you need a multi-pronged strategy to align larger goals and take important steps along the way. Some of Tracy's recommendations for increasing your profits might seem rudimentary or obvious, but sometimes we forget about what's right under our nose. They include:
- Increasing your lead generation.
- Converting your leads.
- Increasing your number of transactions. Increase your sales by at least 10 percent. Ask yourself what can you do to get your customers to buy more and buy more frequently?
- Increasing the size of your transactions. When you can, always look to upsell your customers.
- Reducing costs to acquire a new customer. By focusing heavily on advertising and promotion, you will have to spend less on attracting each new customer.
- Increasing your referrals.
Each of these steps can be used in conjunction with each other or separately to make more sales.
Click the video to hear more tips from Brian Tracy.
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