Eliminate Costs for Increased Profit

“The check is in the mail is not always a good thing!”

Eliminate Costs for Increased Profit image shutterstock 85341775 200x300Saving Money from ShutterstockWhile many anxiously await the mail for a desired check or notification of having won the lottery, receiving a check is sometimes a bad thing and reflects very poor business practices. In fact, entrepreneurs may take many lessons from giant corporations who waste inestimable amounts of money by dispensing useless checks.

The abbreviated scenario is, checks were sent to individuals because they seemingly overpaid their account. These individuals were stumped as to why that might be so they spent time on the phone speaking with appropriate employees. Being assured they could cash their check, they followed their instructions. Several days later, these same individuals received notification by mail that their account was terminated due to lack of payment. Interestingly, these scenarios all stemmed from a variety of insurance companies.

Monetary wastage stems from multiple employees spending their time cutting a check, sending the check, answering the telephone, getting their manager involved, hours spent on the phone with many experiencing the same, re-establishing the account and correcting accounting errors. Even worse is the real possibility of upsetting their clients to the degree that they may then seek other providers.

Have you recently checked your processes in place, particularly if you have employees? Are your systems meeting the proverbial, “a mean machine”? Are they efficient, and do they get the job done? Are your employees well-trained on the systems so that everything is flowing effectively?

Examine your profit center too. Where do your better streams of revenue stem from? Is it possible to create complementary venues to your top producing streams? By so doing, you will reach larger audiences thereby potentially increasing your clientele. However, just as you should keep an eye on the operations side, so should you on the customer satisfaction area too.

Have you recently examined the level of satisfaction your clientele has with services provided? Do you have a system in place for checking in? Many companies rely on surveys, but these become an annoying time waster in the eyes of some. Vary the methods for connecting with your clientele. It is the caring attitude that will further increase sales. This is a key point should you encounter an unhappy client. Checking in becomes your opportunity to correct the situation quickly and in time to avert any negative messaging that might otherwise be promoted to their connections. Once you adeptly resolve problems, those you help become your most loyal clients.

By monitoring all of your processes in place, you will undoubtedly find areas in which money may be saved or better utilized. Taking care of your business versus going on automatic pilot builds your personal brand as a dedicated entrepreneur. And accordingly, profit increases allowing for a long-term business. These actions bring about repeat business, referrals and testimonials, and will put you on the wave of the Smooth Sale!

Author:

Elinor Stutz, CEO of Smooth Sale, (800) 704-1499; authored “INSPIRED Business A New View for Building Business and Communities”; “Nice Girls DO Get the Sale: Relationship Building That Gets Results”, and “HIRED! How to Use Sales Techniques to Sell Yourself On Interviews“. Elinor was designated as a “Top 25 Sales Influencer for 2012.”

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