Tweet

Plugging Up Revenue Leaks

Written by:

Article Overview: If you are like 97% of other business owners, your business is probably “leaking”. Not leaking water or fluids. But rather leaking REVENUES”. That is, your business is gaining revenues in the front end AND losing them in the back end. Regardless of whether your leak is a small crack or a gaping hole, it is costing your business revenues. Learn the simple solution to plugging up the strategic leak in your business and realizing a 100%, 200%, even 500% increase on revenues ... without spending a dime.

Plugging Up Revenue Leaks

If you are like 97% of other business owners, your business is probably “leaking”. That’s right ... leaking.

Not leaking water or fluids. But rather leaking REVENUES”. That is, your business is gaining revenues in the front end AND losing them in the back end. Regardless of whether your leak is a small crack or a gaping hole, it is costing your business revenues.

The GOOD NEWS is:

Plugging up your “strategic leaks” is THE EASIEST, QUICKEST way to grow your business ... WITHOUT ever spending a dime. So what is the #1 strategic leak in your business?? The leak that ,if plugged up, can double or triple your revenues in no time??? (Hint: It starts with the letter “A”.)

Give up? The #1 “strategic leak” in your business is ATTRITION ... customer ATTRITION.

The cause of this leak??? No infrastructure in place to do SYSTEMATIC CUSTOMER FOLLOW-UP.

OK, I know that this is boring stuff. Not as glitzy as talking about your future visions or goals. BUT (and this is a big “but”) systematic consistent follow-up is CRUCIAL to your business survival and growth. As Mary Kay put it so succinctly ...

************************************************ “Don’t spend million dollar time on penny tasks.” ************************************************

It is absolutely your **responsibility ** and your **opportunity** to bring the highest value to your current customers. You are doing them a disservice to not follow up about additional products or services that can add value to their businesses and their lives.

Now that you know the critical “why”, how do you get started? Below are recommended action steps for “plugging up your strategic leaks” . Remember: This is QUICKEST, EASIEST way to grow your business ... without spending a dime. Happy plugging!!

************************************
PERFORMANCE MASTERY ACTION STEP
***********************************

STEP 1: Setup your follow up system and identify a follow up strategy. My recommendation is a technology- based follow-up system, like the software program ACT, to save time and handle a large customer base. The most important action is to just get started. The longer you wait, the more revenues you are leaking.

STEP 2: Analyze your customer base for last year. Make a list of your “lost," non-repeat customers and contact them. Ask for genuine feedback regarding their lack of recent purchases. As many as 40% stop ordering due to life circumstances and will be thrilled to become an active customer again. For dissatisfied customers, give them an incentive to buy again - such as free products - and make good on their dissatisfaction.

STEP 3: Plug up those strategic leaks once and for all. Stay in touch with your customers on a consistent basis. Let them know you care. Thank them for their business. Reward them for being loyal. Get their feedback about your products, services and customer service. Your customers are THE single most valuable asset in your business. They are the life blood why you exist.

Related Articles
  The 10 Minute Way to Boundless Energy
  How to stop money drains: 4 Step Formula
  How to Evaluate a Mobile Home Park
  Increase Revenue Ideas,Increasing Revenue
  Advanced Energy Audits

Article Tags:



Related Forum Posts
hiring an employee - You may want to consider contracting out instead of actually hiring. Some factors to think about if you hire someone as an employee and you put them on payroll you will be required to pay CPP and EI, as well as deducting CPP, EI and Taxes from their paycheck and remitting them to Revenue Canada. So you will need to 1. Register with Revenue Canada so you can make the remittenances 2. make sure you keep really good track of these deductions 3. it you don't have the time to do payroll you may need to hire a bookkeeper. or you could contract out the hours that you would need an assistant. The would be able to work from their space or your office. There is another option that you might want to consider some of the community centers offers training programs for new immigrants or anyone wish to change professions some of these programs require that they offer their services for 6 or 8 weeks (no charge to the employer). If you need someone short term this may help you and provide extra training for someone else. Microskills is one of the Community Centers that offer such programs. they train customer service personal, bookkeepers.
Ad reveue sharing - Hi Evan, I see a new link for Ad Revenue Sharing - on Firefox this is killing the layout.
Setting up Revenue Sharing Program - Hi Martin I know it must be confusing going through the process of setting up an advertisement when you're not actually going to use it, but it's how it seems to work. For anyone else who has problems with this process, simply follow these instructions courtesy of magnify.net and make sure you have created your Adsense Account and it has been approved. To create a [i:1b5dm29n]new channel[/i:1b5dm29n], go the main AdSense web site, login and click "AdSense Setup", then "Channels", then "Add new custom channels". You can call your channel anything e.g. evancarmichael.com To discover the [i:1b5dm29n]channel number[/i:1b5dm29n] (so you can paste it into the Evan Carmichael Revenue Sharing Program) that has been assigned to your new channel, click "Products" and "AdSense for content", then create an ad (Just hit next, next, next until you reach Get Ad Codes) using your new channel and copy the number from the line that says "google_ad_channel = ". Now enter that number into Evan Carmichael Revenue Sharing Program and you'll be setup.
AdSense revenue sharing - Hi Andy - it's the Google AdSense ads. If you click on the Setup Revenue Sharing button at the top beside your profile button you can access it. The ads are shown at the top and bottom of almost every Forum page.
2007 Goals - 1. Web site complete, fully operational 2. Revenue stream from both individual and corporate 3. Business Plan complete 4. Full marketing strategy complete and implemented


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

The Neglected Art of Receiving

Attracting Passionate Employees

Ready for a Fresh Image?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.