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We often talk leverage. In business, how you leverage each function of your business will differentiate whether you just scrape by or make massive profits.

If you can make an advertisement generate 100 leads instead of 20; get clients to purchase 5 times per year instead of 3; upsell clients to a $3,000 ‘package’ instead of the standard $1,500 offer; develop a referral process that generates 1.5 new clients per client.

These are examples of leverage. And this is where massive hidden profits exist in your business. How well you leverage your sales is critical to your success.

Advertising and marketing is one of the biggest cost bases in small business. The money you spend to aquire new clients directly impacts your bottom line profit. If it costs you $1,000 to acquire to new client worth $1,500, you make $500 bottom line profit.

If you can reduce the cost to acquire that client from $1,000 to $500, you have effectively DOUBLED your bottom line net profit.

If you extrapolate that across your business you can effectively double your net income almost immediately. You can easily move from $30,000 income, to $60,000, to $100,000. Simply by improving this one stage in your sales process.

This is the power and importance of selling. Consider the evolution of experts in their field. Think of Anthony Robbins, Brian Tracy, Wayne Dwyer, Jay Abraham, Stephen Covey and Michael Gerber, for example.

How did these experts become experts? How did they become so successful? What’s their greatest point of distinction? There’s no doubt these experts have high technical competence.

But their technical competence was NOT the driver behind their extraordinary success. They each started at a level of technical competence comparable to their peers. It was their ability to SELL their service that was (and still is) their greatest point of distinction and key business growth driver.

Being highly proficient at selling their services allowed them to:

·         Build their client numbers;

·         Identify the challenges, needs and desires of their clients;

·         Grow in technical competence in areas desirous to clients;

·         Develop niche services and products aligned to client needs;

·         Build brand recognition;

·         Sell more effectively.

This growth cycle is underpinned by the differentiating ability AND WILLINGNESS to master selling. Only by selling effectively were they able to identify the needs of their niche; expand their technical competence in these areas; and develop highly desirable services and products. You’ll find it very difficult to build a successful business if you attempt to lead business growth with technical competence.

Taken from the LCIA e-zine

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