"How To Fix The Unknown Holes In Your Business & Stop Leaking
Did You Know That There Are 100% Free Options That Can Literally
Boost Your Business Overnight?
By Michael Maven
When we start work with a new client, they usually want to know how to get more customers as quickly as possible. They are always surprised to learn that we never start there.
You only add more customers once your business system is optimised, and all leaky holes are plugged.
Here's an inside look at the inefficiencies inside companies today...
Most businesses today run with poor systems and do not focus at all on optimising their processes and their profitability. In fact, entrepreneurs are AWFUL at optimising revenue.
We've worked with small companies and much larger companies. And we can tell you that 95% of them all run the same way. They just don't ever work on improving their profitability with a more efficient sales process.
The reason is that most of the companies we work with are actually trying to add new customers and clients to their businesses.
They don't spend any time on increasing conversion rates, optimising their processes or testing their advertising. And this results in boatloads of money constantly being left on the table.
The secret to finding hidden revenue is that there is almost always optimisation in every business.
The diagram below, shows a water bucket which represents most
companies today. The water represents company profits.
Is this your business: 96% of companies we work
with have unknown
'profit leaks' when we first start working with them.
You can see the main areas of income in most companies come from new customers, followed by a lower number of returning customers. The three main areas which allow profits to leak out of a company are, slack optimising of company processes, poor marketing (and sales methods) and bad advertising.
The first thing to do is perform an overall audit of company processes. We need to learn exactly where the business weak spots are. These are areas where you're not optimising your income and losing potential sales by not focussing in on simple, but key processes.
These usually fall into three categories...
It's important to look at the processes in your business objectively. This is often very hard to do if you're part of the business already. Certain processes will just be invisible. As the saying goes - you simply can't see the forest through the trees.
So that's one of the benefits of using our services - we're not connected to the company in any way so we can see the problems very clearly. This means we can find any friction points quickly.
Let's look at a simple example of optimising a process. We like to use conversion rates as an example. Your conversion rate is the percentage of users who take a specific action (opt in, sale etc).
Let's say your business is currently at a £900k revenue. Your prospect to customer conversion rate is 9%. If you were to identify and work on improving the conversion rate by 1%, then your new conversion rate would be 10%. This would take your company to the £1M revenue level.
But not many business owners have the time or the knowledge to do this. It's simply far more exciting, fun and glamorous to advertise and bring in more customers, instead of fixing a company profit leak like this.
What's that you say?
You work online and your conversion rates are not as high as 9%? Well that's actually better news!
Now, every percent you increase you conversion by, is an even higher improvement in your overall business. For example, an 1% increase in conversion rate from 1% to 2% is the equivalent of a 100% boost in revenue.
Another way we optimise processes is to remove friction points from within your business. For example, we once worked with a software company who wanted to improve revenues.
They had a free download available - but it was a limited version of the full software. Further investigation showed it didn't convert very well to paid users. But once people bought the full version, they carried on paying the monthly fee to use it.
Remember, this was not guesswork - it was data from customers
along with our team's own analysis. Improvements could definitely be
The friction point was not being able to access the full version at a low cost. So we removed that barrier of entry, after researching it.
|The secret to finding hidden revenue is that there is always optimisation in every business.|
If they didn't want to be charged, they simply cancelled their free trial.
This worked so much better and revenues were instantly boosted by 31%. This was a strategical change we made, and the data already showed us it would have a positive impact.
Are you this strategical with your business?
We often find many companies paying good money for advertising, in multiple locations. The ads will often drive people to a website.
But when a prospect arrives on the website, there is nothing to keep them there. The site is plain, boring, and nothing stands out to the prospect. Why should they do business with you and not your competitor? That should be clear within 5 seconds of arriving on your site.
As if that wasn't bad enough, 99% of the time there is no method to ACTIVELY capture any prospect details and remarket to them in any way. And we don't mean a plain-Jane, boring old 'contact us' form either.
Those business owners probably aren't aware they paid for a 'silent' prospect to arrive on their website - then let them quietly vanish, forever. That's lost money right there.
Why would you pay to have a prospect come to your site, but when they get there, you just let them leave, silently..!?! The profits are leaking away 24 hours a day when you could be collecting those prospects and turning them into valued customers.
That's actually the reason we built the Catch And Retain System - we often boost business revenue very quickly, just by fixing this one single problem.
It doesn't cost much to re-market to previous prospects and encourage customers to buy again. Yet not many businesses do this at all. And even those who do it, probably aren't doing it systematically - leaving loads of money on the table...
Poor marketing can also involve what you say to prospects in order to turn them into customers.
All of the above are examples of poor marketing. They can be the reasons your company is leaking out untold amounts of money - every day.
If you're not fixing errors like these, you should be.
Advertising is the one area of business that everyone in the company wants to get involved with. It's seen as the glamorous and fun part of business. Everyone thinks they know how to make a good advert.
But when you see the quality of most advertising today, you see a bunch of generic ads with no specific benefit and no reasons why your prospect should spend their money with your company instead of your competitor.
On top of that, companies spend so much money on bad advertising! Someone within the company just chucks something together. They make it look pretty then send it out of the door, hoping and praying it works.
No one is held responsible for the results. It's complete spray and pray marketing. And it's the same as flying whilst blindfolded.
That's not how to do it.
When we send an ad out, we track it's performance like a hawk. If we send a finalised ad out in a media buy with £20k in ad spend, it better come back with £30k attached to it.
We're not in the business of throwing away good money - you shouldn't be either.
That's something to think about. Also think about the following 6 questions:
The reason so many companies have all these leaky profit holes is because these are usually hidden issues within a business. No one is focussing on these profit holes. It's no one's job to mend and close these holes. Most businesses can't even see the holes - until we point them out.
The only thing that many business owners care about is that they are profitable overall. So they don't see the profit holes.
The really scary part is that most business owners are simply unaware that they don't know about these profit holes. It's like they don't even know that, 'they don't know'.
And if that's the case how will they ever start to fix holes like this? Can you image all the collective millions being wasted, as you read this?
The ultimate tragedy here is that in most cases, it doesn't cost anything to fix these leaky profit holes. That means if we save you 10% in leaky profits, your revenue just got boosted by 10% - with zero extra costs.
So how do you start fixing holes like this in your business?
Unfortunately, most business owners never take time to invest in themselves… and they spend their whole lives WISHING that they could take their business to the next level.
W used to be like that. Now we
can pretty much look in to any business and figure out how to find more
revenue and systemise the business so you get more free time as well.
How did we do that?
WE TOOK THE TIME TO LEARN.
It's taken us a long time
and lots of effort and energy to figure this all out. But now we've made
it so you don't have to learn everything that we did. It simply gets done
We want to personally invite you to check out our information. In a short matter of time you can be learning how this all works and watch it being done for you - in your very own company.
Start off with the limited time 'Lost Profit' Finder: Diagnostic Session. It's a real, customised report for your business.
It will tell you how you can improve your business in weak areas and will even reveal certain weak points you may have never even considered before.
Learn more about it right here:
'Lost Profit' Finder: Diagnostic Session