Recently I was explaining to our Inner Circle and AIM SmartEQP members about how to maximize their revenue within the 3 areas of customer contact, and more specifically, within the 9 focus areas that ensure profitability. Most distributors don’t even know what the 9 focus areas are, let alone how to maximize them, which gives my clients a tremendous competitive advantage in the form of a high value, profit-focused business.
Much of the work I do with my distributor clients relates to operating a profit-focused business. That probably sounds a lot more mercenary than it is, so what do I mean by a profit-focused business?
Well, many businesses are geared toward production or distribution. They’re geared toward finding products, sourcing products and delivering products. Essentially, this means they’re focused on the operation side of things, which is important, but it’s not where the money is.
When I talk about a profit-focused business, I’m referring to one that is conceived, built, designed and focused relentlessly on achieving the maximum profit margin for the purpose of serving more clients and growing a scalable company.
Without profit, you have no money to grow, build, or hire help. You have no cash to reinvest. In fact, most businesses stagnate because they’re building a business that barely covers its own day to day expenses.
Many distributors find themselves overworked and stuck on a hamster wheel, because they’re doing just enough business to eke out a living, but not enough to hire help. One of the questions I get all the time is, “when is the best time to hire?” Generally, my answer is as soon as humanly possible, because if you’d like to build and scale a profitable business, without flying solo, it means hiring other people. But you can’t hire other people if you don’t have a profit-focused business.
So here’s the thing: If the sales you’re generating right now don’t produce significant enough profit to allow you to hire others to help you, it’s a screaming indicator that you are not operating a profit-focused business.
But let me clarify something. Some people think that operating a profit-focus business is about being greedy or selfish. But that’s not what I’m talking about at all. Because the only way you can build and sustain a profit-focused business is if you are consistently creating exceptional value for your customers. People have lots of options from which to choose, including lots of low cost options in nearly every market. So the only thing that will allow you to differentiate yourself and to become a profit-focused business yourself, is if you are able to significantly outperform your competition within the 3 key areas of customer contact and the 9 focus areas.
So being a profit-focused business is not about being selfish at all. It’s about providing the very best value for the people you serve. It’s about being able to sell confidently, even when you’re up against lowball competition.
It gives you the cash you need to be able to grow, scale and better service your existing customers and to target, attract and convert as many new customers as possible.
If you’re already an Inner Circle or AIM SmartEQP member, be sure to log into the members area and review our material on the 3 areas of customer contact and the 9 focus areas that ensure profitability. If you’re not a member, at least start by asking yourself, “What can I do right now, today, to significantly increase the value I create for my clients?” How can I improve every interaction I have with them, before, during and after the sales process? And how can I better position myself to sell effectively and confidently, even when I’m going up against websites, local competitors and price-based competition. ‘Cause if you don’t know how to do that, you’ll never be as profitable as possible and every day will remain a struggle.
If you’re new to the industry and need to get grounded in the essentials of promotional products sales, visit us online at topsecrets.com/gettingstarted. If you need to get clients now with no distractions and no excuses, visit topsecrets.com/tsca. Or, if you’re a smart, focused, independent distributor doing a reasonable volume of sales, join the AIM SmartEQP community today at SmartEQP.com that’s SmartEQP.com.