Change your focus, from making more money to serving more people. Serving more people makes the money come in – Robert Kiyosaki
In last weeks post we examined how we can raise our current client’s cost of service in order to increase revenue. This week we’ll devise a way to increase our number of clients and boost earnings capacity in return.
Before we get into it though, lets take a look at the pros and cons of increasing our customer base:
- Business growth
- increased revenue
- increased visibility through social media, referrals etc.
- Morale may drop if staff cannot cope with the extra work
- the quality of your products and services could drop
- work life balance may become unstable.
With this in mind, I revisited the time tracking data from week 1 and week 2 and identified gaps in my schedule to accommodate new client’s. I’ve found that I can comfortably take on two additional commercial clients and two domestic clients.
In order to find new domestic clients I put the word out on social media and it wasn’t long before both of these spots were filled with a home ($90) and apartment ($70) adding an additional $230 per month.
I was referred and successfully quoted an office ($120) and monthly window cleaning ($55) in a nearby suburb on a fortnightly basis, adding $295 per month.
Let’s now add the $76 per month from increasing our prices and the $92.88 per month from reducing our operating costs to the above domestic and commercial cleans of $230 per month and $295 per month respectively, we’ve increased out profit by a total of $693.88 per month or $8326 per year.
So again we’ve proven that by collecting relevant data on our operation, we can significantly increase the value of the business for very little extra work.
Feel free to share your thoughts in the comments section!