UWR 021 9 tips for maximising revenue in your business

Published: Sept. 6, 2019, 5:46 a.m.

When it comes to business growth we all want to make sure that we are maximising the revenue in our business. Well, here are the nine tips to do just that. One, create a client assessment chart. You can do this on a piece of paper or an Excel spreadsheet that will detail every single client you have. If you have less than a hundred clients you'll want to do this for every single client that you have and you'll want to write down their names in a list. Then beside that list you'll want to write down how much revenue each client generates for you every single year. Have a number of columns that go across the page or the spreadsheet and grade each of those clients. Ask a few key questions to each. So, across the top I want you to have the headings of client name, annual revenue. And then the next column I want you to have is the cringe factor. Grade every client. I want you to rate them on a basis of how much you love working with them or you don't. Are they the type of person that when you see their name pop up on your phone or in your inbox you go, "Oh cool yeah, I want to interact with that person, I want to help them." Or are they the kind of person that when you see their name come up on your phone or email you go, "Oh crap, there they are. I have to speak to them again." Which type of person are they? Put a one against the cringe factor for that individual if you love them, if they are awesome, and you love working with them, and then I want to scale that up to a five if you cannot stand working with them, you really hate them as a client in reality. And you put something in between if it's an in between. But I want you to do that for every single client. Go down that list and write the cringe factor for that client. Do you love them? Do you hate them? Are they a one, two, three, four or five? Put that number against the client. Then in the next column along I want you to head that up speed of payment. So are they somebody who pays by direct debit on time? Are they someone who the minute the invoice drops in their inbox they're paying you straight away, they pay super, super fast? Or are they someone that you have to chase, and chase, and chase, they're always in arrears, they are always behind? You have to threaten to stop service for them. You have to send them to debt collectors. That would be a five. The one who pays straight away that's going to be a one. The next column is four repeat revenue. Are they a repeat? Are they paying you month, on month, on month, year, on year, on year? Are they coming back regularly to buy from you or not? Are they just somebody who's just a one off and then it feels like they just disappeared? So put a one for yes they are repeat client and two for no they are a one off. Then the next column after that is referrals. Do they refer people to you? If the answer is yes they do refer people put a one and if the answer is no they don't then put a two. And the next column I want you to have is history. Are they an established client with you? Do they have an established history? Do you have a longterm relationship? If the answer to this is yes we put a one in the box and if the answer is no we put a two. At this point you now have a client assessment chart. Each client would basically have a score. Sort each client based on that score. So, add up the scores along the way and then have a look and see who's got the lowest score and who has the highest score. The ones with the lowest score are the ones that are great clients for your business. They are the ones who pick quickly, who give you repeat revenue, they offer referral opportunities, you have a great history with them, you love working with them, those types of people. Take a closer look at the set of people. Their score gives you really good insights into the types of services that you're offering those clients and you can dig deep to find out what commonalities that type of client has and the types of services they're buying fr...