Let’s talk about how to make more Profit in any Business.
Business owners commonly struggle with profitability for a number of different reasons.
Before you focus on increasing profits, you have to know where you’re starting from.
So what do you need to fix first in your business to get it to bigger profits.
How do I make more profit in my business?
Today’s business message is about making your business a bit more like McDonald’s.
Now I am not suggesting you start selling £1 hamburgers to increase your profits. But McDonald’s have some incredible systems in their business that help keep them super profitable.
McDonald’s are willing to spend most of their advertising on getting someone in the door to buy a burger. Once they have you in the door their systems take over.
If most people came into a McDonald’s and just purchased a hamburger they would be out of business. However their systems start offering you upsells to drive up your order value.
They are world class at selling, when you buy a burger they offer you french fries and Coca Cola. Those upsells have huge margins and thats where their profits sit.
That’s what you need to do in your business, you need to be need to be selling your core offer. But then need to upsell people more and more stuff. That’s where your profits lie.
Most businesses get this wrong, they just have one product to sell their clients. Once that transaction is complete they just go looking for new clients which is super expensive.
Not every client you have will buy other products or services from you. But enough will and that will drastically increase your sales and profits in your business.
What is upselling?
Upselling is all about offering something that complements your product. It focuses on helping your customers ‘win’ by suggesting premium products, upgrades or add-ons that will eventually deliver more value.
The more value you provide to a client the happier they will be, also the faster they will get their desired result.
McDonald’s don’t stop with one upsell either. Once you’ve taken a meal, they will offer you a large meal. They don’t stop there, they offer you after that they’ll offer you a supersize.
After that they have ice cream or side dishes to increase your order value.
And each of those upsells pretty much are pure profit, there’s really little costs of producing those extra french fries and that little bit of extra syrup and water in those larger drinks.
If you sell more to your clients, that’s where the profits lie in business.
So think about that in your business. You’re spending all that money to get customers and keep customers. But what else are you selling to them?
👉🏻👉🏻👉🏻 Check out my 5 steps to getting customers here.