Unless you’re really lucky then at some time or another, your business will get into trouble.
Whether it’s through no fault of your own or a bad decision sooner or later you will be sitting there with bills to pay and no money to pay them with.
Bankruptcy may even be on your mind.
Nearly every business owner I know has had one of those periods.
In fact it is what sets you apart and makes you a better business person.
It’s the ability to come back from the brink of disaster.
Ok sometimes there is nothing you can do and bankruptcy is the only options.
But often there is another way.
I know I have been there…
I have had a company that was on the brink of bankruptcy, £1000’s in debt and still having to find the money to pay five staff.
And at that time I asked myself the very same questions you may be asking now…
“How am I going to survive?”
“Where can I get the money to save my business?”
“What happens if I lose everything?”
You may even be asking…
“What am I doing wrong?”
“What am I missing?”
In my case I could have blamed the economy. I could have blamed bad luck. I could have even blamed the weather and just given up.
But instead I decided to see if I could figure it out.
It is when I decided to do just that….
I came up with what I now call my “eBiz Life Line” system.
Because it was the life line I needed in order to save my company.
I found that actually it wasn’t the economy or something else. It was how I was working at my business was the issue.
I finally realised I was going at this “Business” thing the wrong way.
I was concentrating on the wrong things and making bad decisions because of it.
And I would like to share with you exactly what I did to turn my business around.
It worked so well I actually did this within 90 days!
The eBiz Life Line system all starts with one simple question.
“If we were having this conversation 90 days from today. What would have had to happen to your business for you to be really happy with the progress?”
Over the years I found there are generally 3 answers to this question.
Or just get profitable again!
If you would have asked me this question before I discovered the eBiz Life Line system I would have said…
“Double my sales”.
In fact I used to be known for screaming it to my staff….
“We need more sales!!!”
And that was the problem.
I was concentrating on the wrong thing!
“What the hell are you on about Malcolm”…I hear you say.
Of course you need more sales to make money and turn around your business.
Yes you do. The same as you need a higher turnover and more profit.
But here is the issue.
You can’t just get more sales.
You can’t just get more turnover.
And you can’t just get more profit…
Because all three of those figures are consequences of something else.
What do I mean?
You see the problem is when you concentrate on those 3 things you lose sight of what is really important.
Your focus is on the wrong.
Yes you want to set targets for Sales, Turnover and Profit but once you have set the targets put them to one side.
Because once you shift your focus away from them and to the other 4 things you must concentrate on. You can now seriously start to build your business again and even turn it around from disaster.
I know I have done this for my own company and clients.
So what are these 4 main things you are now going to concentrate on?
Well just before I show you I want you to understand one other important thing which could be why you are struggling at the moment.
Let’s us say you had answered my earlier question by saying “Doubling Turnover”.
Just saying that can seem like a mountain just to high.
Or just two big a target.
Yes you will know that you should break down targets into smaller chunks…But even so that could still be a big target.
When you concentrate on the 4 main things I am about to reveal to you don’t have to worry about doubling anything.
In fact increasing each one by just 20% in many case will double your turnover.
So what are these 4 important targets?
Average Order Value
Average Number of Orders Per customer.
I know…You knew these already…Didn’t you?
But do you really know them.
If I was to ask you right now the following questions could you answer them?
How many new and unique leads have you had over the last 90 days?
How many unique leads did you convert to customers in the last 90 days.
What has your overall conversion been in the last 90 days?
What’s has your average order value been over the last 90 days?
How many orders on average has a customer placed with you over the last 90 days?
Can you answer all of those questions?
Why are these figures much more important than Sales, Turnover or even Profit?
Let me explain.
Sales is a consequence of leads x conversion.
So to get more sales you either have to get more leads or convert more of those leads to sales or both.
Here is an example.
Let’s say you got 10,000 hits to your website over a 90 day period.
And in that same time you took 1000 sales.
1000 / 10000 = 10%
You’re converting sales at 10%.
But what if you wanted to double sales to 2000.
You have two choices.
Double the leads to 20000 or double conversion to 20%
Both of these are big ask, so what would happen if you concentrated on both figures?
Ok so now to double sales we have actually only had to increase the two figures by around 42%.
Maybe a little easy to deal with than just concentrating on your doubling your sales figure.
But it gets better if you look at turnover as your target.
Here is an example.
Here we have the same company with a £30 average order value.
Their customers place on average 2 orders every 90 days and they have a turnover of £60,000
Which we want to double to £120,000.
How does that look using the eBiz Life Line System.
So to double your turnover in the next 90 days you only have to increase each of these figures by 20%.
You have to find…
2000 more leads over the next 90 days. That’s the equivalent of just 22 new leads per day.
Increase Conversion from 10% to 12%.
Increase average order value from £30 to £36.
And get your customers to order .40 times more than they are at the moment.
How do you do that?
Well I have created a PDF showing you some of the exact techniques I have used with my company and my clients.
Click Here to sign up to get your copy.
The PDF uses an example from a company I helped to get to where they wanted.
And includes the suggestions I made and the ones they actually used to make the transition.