Think of a 911 Porsche. The Porsche 911, launched in 1963, traces its roots back to the 356 Porsche of the 1950s which actually shared a drivetrain with the Volkswagen Beetle. Similar underpinnings but a vastly different package. Which would you rather have?
Today vehicles like the Volkswagen Touareg, Audi Q7, and Porsche Cayenne also share a very similar chassis but again have vastly different packages. In fact, despite the similar chassis, they have significantly different performance and pricing levels. More and more we’re seeing even different vehicle manufacturers collaborating on the same chassis but creating their own branded vehicle on top.
Your business is no different. The chassis of every business is the same. It can be broken down into certain components, all of which are required to run your business. Yet although you have the same components as any other business the result can be significantly different. Every financial planner generally has the same products, services, and systems yet produce often vastly different results.
You as the business owner get to drive each component within your unique set of circumstances. If you want more performance from your business chassis you need to drive just five key areas, that compounded, will make a massive impact.
These 5 Ways are:
Number of Leads
No. of Transactions
Average Rand Value of Sale
Customers, Revenue, and Profits, whilst all-important, cannot be individually impacted. You need to impact the individual components which together get the final results which may be Customers (after impacting the Number of Leads and Conversion Rate), Revenue (after getting Customers to increase their No. of Transactions as well as their Average Value of Sale they do with you) and your Profits (after ensuring your increased Revenue is resulting in even better Profit Margins).
Small incremental changes on each of these 5 Ways will have a compounded effect on your profit. If you focus on just a 10% increase in each of the 5 Ways, you’ll have a net effect of 46% increase in revenue and a 61% increase in profits. When last did your business deliver that?
Start by testing and measuring your current reality on each of these areas and then use the strategies in the articles that will follow to ensure you drive performance through the chassis in your business. Your efforts dictate whether you’ll be driving a clapped-out old VW Beetle or a 911 Porsche.
To find out more about the ActionCOACH 5 Ways watch the short Doodle video here: https://bit.ly/3ehtaXH