7 levers to double your profits

Growth Faculty speakers are among the best in the world. So, it’s always worth revisiting their gems of advice. Today we share the 7-levers framework from Pete Williams, author of the award-winning Cadence: A Tale of Fast Business Growth.??

The premise is that incremental improvement in lots of areas can lead to big profit gains. Try to find 10% wins in 7 areas of your business:???

• Suspects: Find more searchers who are actively interested in purchasing your product or service?

• Prospects:? Determine which action shows they’re ready to be sold to?

• Conversions: Be active, not passive, in engaging with them. Help them find what they need?

• Items per sale: Organise so customers find other things they might need from you?

• Average item price: Raise perceived value with extras that justify the cost increase?

• Transactions per customer: Get customers to return to your business. Stay in touch?

• Margins: Aim for better. Cut business costs. Eliminate expenses you don’t need??

REFLECT:??

What are some strategies we can use to lift performance in each of these 7 areas by 10%????

TAKE ACTION:??

Continually cycle through the 7 levers to continue increasing profits. Schedule time each week to work on your 10% wins.??

BE INSPIRED:??

"To all the entrepreneurs, small-business owners, managers, and marketers, I acknowledge the sleepless nights, stressful mornings, risks and rewards. It’s because of you that the economy grows, and the world turns!” – Pete Williams, author of Cadence??

Let's keep learning together,?

Karen Beattie

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