Are you alert to the opportunities for growth that exist in your business? Many business owners aren’t, and they are missing out on the benefits of potential quick sales growth.
When it comes to growing your business, it’s easier to do that by selling more to an existing customer than going out and getting a new one. In this article, we’ll focus on the opportunities that already exist in your business to increase revenue.
How do you identify those business opportunities? A simple Windows Of Opportunity (WOO) chart can help. To create one, set out a table with customers in the left-hand column and the services/products you offer listed across the top, each in its own column, starting in column two. Below your service or product, show the profitability level of each.
That done, you just need to indicate the status of each customer regarding each product or service.
Here’s an example WOO Chart:
Add ‘Customer’ where you currently supply the product or service, ‘Potential’ where it would be an easy/quick upsell, or ‘Not relevant’ where it’s irrelevant to that customer. The result is a clear overview of what you offer, who buys what, and where the potential for increased sales exists. When you see your current business opportunities, you’ll know where to focus your attention and concentrate your effort.
When contacting customers to explore those opportunities, start with your customers cross-matched with your most profitable offerings. You’ll get the maximum return when you sell something new.
Here’s how the WOO Chart can help
Systemisation can help a business gain a competitive advantage over less organised competitors. Systemising your offering like this helps you identify higher profit options, so you invest your time selling more profitable services and avoiding loss-leaders.
When you are considering offering a new product or service, you can add it to your WOO Chart and assess how well it’s likely to match your customer’s needs. That helps you understand whether it’s a good idea and identify quick-win sales potential. Also, if you intend to offer two new options, this will help you decide which to focus the most attention on or to introduce first. It can help you establish budgets and estimate cash flow too.
Alongside the WOO Chart, establish a system for regular contact with your customers to allow you to sell a new product or service to them. Remember, selling to customers who already know, like and trust you is easier and cheaper than acquiring and pursuing new leads.
What next?
A WOO Chart will help you see business opportunities quickly and easily. Spend a little time creating your chart. Don’t put it off – start now, and you could see your revenue increase very quickly.
If you’re unsure of the profitability of each service, let’s talk. Our team can help you to understand your business numbers and spot opportunities for growth. Call us on 0191 374 0300
Further reading
Chris first shared this tip in his book Reflect, Dream, Do. To get your free copy visit > https://mullenstoker.co.uk/get-your-book/
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