Christo: Hi there! Welcome back to Basic Bananas TV. In this tip, I am going to share 5 ways to increase profit in just about any business. So these are the things we look for to help people increase revenue as quickly as possible.

The five areas are:

1. It‘s pretty obvious. Get more customers through the door. Now, that‘s what we work with people a lot on, getting more and more customers.
2. It‘s increasing the frequency in which customers buy from you. So, if you‘re selling anything at the moment to anyone, you should have systems or processes in place to make sure you promote something else and something else and something else. Everything we sell to generate the biggest return of the lifetime value from a customer is basically should be sold with a sequence in mind. So if you sell something now, maybe you‘re going to promote an autumn promotion down the track and then a winter promotion and then a summer promotion. There‘s always having the next sale in mind.
3. To increase the average sale amount. So this is kind of like the up sell. Would you like fries with that kind of offering? If someone buys something, what‘s something else that they could potentially be educated that you offer in that moment? So there‘s always something. Even if you don‘t sell anything else. You have a one-off product that people buy. Maybe you could be referring someone else‘s product and getting a commission. Some sort of kick-back on that.
4. Increase prices. It‘s pretty straight forward. Obviously, you have to be justifying your value in creating your perceived value which is also in terms of upscaling in marketing, that‘s everything we do at Basic Bananas, to create a perception, a bit more valuable than your competitors. So then we can justify putting the prices up because people see more value in you.
5. Reduce your expenses. So this is kind of the opposite. It‘s not selling more or selling more frequently and so on but it‘s reducing your expenses. So if you‘ve been in business for a long period of time, almost always, there will be some sort of supplier that supplies you with certain materials or products or something that you could go back and negotiate a better deal in terms of what you‘re paying. So if you‘ve got things that you‘ve just paid over and over for the last 5 years, being early in the year, it could be a good time to approach someone and say, “hey, look we are approaching our suppliers, we are looking for new suppliers for the next year and so we are reviewing all about our costs from suppliers, what‘s the very best deal that you could give us for this year moving forward? Because we are just approaching our suppliers and looking for who we are going to use at this point in time.” So, definitely, often in businesses that have been around for a while, it can be money savings right there, immediately. They might be your play money just approaching some of your suppliers and reducing cost there right away.

So, there are the 5 ways to increase profit, basically, in just about any business. What you might want to do is to start at the top and just look for different ways that you can work through each one of these 5 points to increase your revenue.

That‘s it for now, until next time. Feel free to share this with anyone who you think would benefit from this. Here‘s to creating ripple effects of awesomeness. Bye for now.