3 Sure-Fire Ways to Increase Revenue Without Increasing Overhead
The financial success of your business depends on your profit – the amount you keep at the end of the day after paying all your expenses.
In the beginning of your business, you are pretty much entirely focused on revenue because you are already spending as little as you possibly can.
Once you’ve got revenue going, you’ll start to notice that your expenses slowly start to creep up.
And it might feel like for every dollar of revenue you bring in, you add another two dollars of expenses.
That is not a winning proposition.
So, today I’m going to share with you three sure-fire ways to increase your revenue without adding any more overhead.
Way #1: Engage More Prospects
One of your biggest expenses is very likely to be marketing. You are either spending a lot of money on it or a lot of time on it or both. If you are marketing and not engaging at least 75% of the prospects calling your office, you are losing a whole lot of profit because getting your phone to ring is where all the cost is.
You’ll increase your revenue without increasing overhead if you just start hearing yes from more prospects.
Way #2: Offer More (Expensive) Services to Your Clients
You can add more revenue to your office without adding any additional overhead by offering those clients who do say yes additional complementary services.
I did this with the Kids Protection Plan – adding a more comprehensive form of planning for parents with minor children at home added $1,000 to my fees.
And then I found other services I could provide that my clients wanted and were happy to pay me for.
Once I figured this out, I was collecting an additional $1,000-$3,000 on each engagement with no additional overhead.
Way #3: Get More Referrals
Every time one of my clients sent me a client, I was increasing my revenue without adding any overhead.
So, I built systems into my office that resulted in more referrals.
I always made sure my clients knew how valuable referrals were to me because I worked that into my client engagement process. I developed a system in which I could comfortably ask for the referral without feeling strange. And I was always publicly thankful for all referrals – whether they turned into clients or not – by acknowledging the referrer with thanks in my monthly newsletter.
Try one or all three of these and let me know how much additional revenue you make without increasing your overhead.
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