February 17, 2018
Here’s something you may not know what you can do to find hidden revenue in your
business, knowing where to look and small shifts in operations can lead to extra dough!
I’ve been working with one of our clients over the last 5 years dialing in their financials
and educating the owner along the way. There have been many different projects we
have worked on together to assist in driving down the % of labor to sales, and even adjust
some job descriptions to optimize ROI on wages spent.
A project we are excited to work on is to find hidden revenue from inactive customers.
I sifted through all of their customers ‘spend report’ then indexed it least to greatest so
could best identified the top 20% customer base that support 80% of their base revenue.
This is powerful knowledge to be aware of in your own business.
Then working through some systems I’ve created for this process I was able to view all
customers have not been in for service in the last 90 days. Perhaps they only had been
there once to try them out or had become inactive for whatever the reason.
I will be working with them to implement a campaign targeted to re engage the customer
measuring the results in both created revenue and by engagement. There is so much hidden
opportunity just waiting to be discovered in your financials if you know what and where to
look for it.
Whatever your business goals are this year, you may not have to look farther than your
own bookkeeping to get the information you need to grow sales, or clarify ways to
improve the customer experience and measure it to the purchase frequency and total
value to your 20% customer base that drives 80% of your company’s sales.
One of the best areas to help your customer/client is to help them achieve their goals.
It’s a unique and special responsibility if you choose to accept it.
If you have questions about this post, or would like to schedule time to speak with
me click here.
Chief Experience Officer
“Know Your Numbers, Know Your Business”