One of the best perks of my job as a CPA to successful business owners and real estate investors is that I learn a lot. Over the next few blog posts, I’m going to talk about the most significant business growth strategies I’ve seen that actually work.
These are business success stories from real life people. Names have been changed and some of the details have been obscured.
I talked to one of my clients this past week. He has built two ecommerce sites. He signed up some affiliates and paid them a higher than normal percentage (as much as 80% in some cases). He sold through his website. He sold through Amazon. He sold through eBay.
He only had two products.
His first company has been around for a little over 2 years. It will net $500,000 this year. The second company started half way through 2015. It will net $200,000 this year.
Each company sells one product.
Why did he make money so much faster? That’s because he got better.
He didn’t constantly reinvent the wheel with a product. He found a way to manufacture it efficiently and maintain quality. And then he focused on selling.
Selling with affiliates. He sought out high functioning affiliates and gave them great splits to get his product moving.
Selling with Amazon. He did what he needed to do to rank with the product on Amazon and let them do the fulfillment. That’s because he was focusing on just one thing – selling.
Selling with eBay. In this case, he did have inventory he kept in his garage. He and his girlfriend packaged up the product that sold and mailed it out. He quickly realized that wasn’t his highest and best use so he hired a student to help in his part time.
Selling through his websites. He used SEO techniques and paid online advertising to increase exposure. He watched his traffic and conversion numbers and focused on selling better.
Selling through his list. Oh, yeah, don’t forget the power of the list. This is basically the only way I sell products and services and I’ve made a good living (over $15 million since I started online). I think how much that would be if I’d run some of these other strategies too!
Do you sense the strategy here? He focused on selling. Multiple ways. If there was a task that didn’t involve selling, he got rid of it as soon as he could.
I see other clients who build more slowly because they are handling too many tasks – fulfillment, R & D, bookkeeping…usually things that they are not trained for and that take them away from their core competence. Those are the type of things that reduce profit and increase frustration.
Focus on the one thing you can do today to help your business the most. Every day, ask yourself “What is the one thing you can do?”
It could be a phone call to a possible affiliate or connection. It could be creating a better opt in offer to build your email. Or it could mean increasing your connection with prospects.
Remember to build your “don’t do” list as you add to your “to do” list.
That’s how my client did it. That was the secret of his business success story.