When I ran big accounts for big companies, I'd often take over an account & find money just sitting there. Not because anyone was bad at their job. Because no one had looked.
Small businesses are the same. Usually more so, because the owner is doing everything.
Here are the signs I look for.
1. You're busy, but profit isn't moving
More work doesn't always mean more money. If revenue's up & the bank account isn't, something's leaking.
2. You haven't reviewed your prices in over a year
Your costs have gone up. Have your prices? Most owners undercharge because they're scared to ask.
3. You discount to close
A discount here & there adds up fast. If your team discounts by default, your margin is walking out the door.
4. Your best customers buy one thing
When did you last ask a good customer what else they need? It's far easier to grow an existing client than find a new one.
5. Old quotes just die
Quotes go out & no one chases them. Every one of those is a sale someone else might be getting.
6. No one reviews supplier costs
Contracts roll over. Prices creep up. No one checks. This is where I've found easy money over & over again.
7. You can't say where your sales come from
If you don't know which customers, products or channels make you the most money, you can't do more of it.
The good news
None of this needs a big shake up. It's mostly doing the basics better & doing them every time.
I've won plenty of business in my career just by doing that. You don't need to be the smartest person in the room. You need to be the one paying attention.
Think some of these sound familiar? I help small & medium businesses across Melbourne & the Mornington Peninsula find the revenue & profit they're leaving behind, then help them go & get it. Call 0434 522 983 or send an enquiry.