One of the most valuable yet overseen and under-utilised assets in your business is leverage that can be attained through your existing business processes. In their haste to make the sale, the vast majority of business people oversee the importance of optimising results at the micro level. Improving the micro-level elements of a business process can improve results by 5, 10, 100 times.

It’s important to remember that a business making $50,000 per annum has exactly the same business processes as a business making $250,000 per annum. What’s the difference? The difference is that the business making $250,000 achieves upside leverage in nearly every micro element of every business process.

Successful business people ‘chunk down’ their business processes, leverage each section, and then rebuilt it for maximum effectiveness. For instance, the common ‘$50,000 Business Paradigm’ approach to selling is to identify it as 2 stages:

 

 

 

 

 

This is how most businesses operate. They place an advertisement in a journal or newspaper, wait for the phone to ring, then try to convince the enquirer to purchase their product.

This approach produces poor results.

Successful business people chunk down the processes and optimise results at each stage. This in return creates a compounding affect on results. Let’s chunk down the sales process above.

The ‘$250,000 Business Paradigm’ could look more like this:

  • Create highly targeted client profile.
  • Develop comprehensive list of mediums target client uses.
  • Identify optimum hard copy medium for advertisement.
  • Develop salescopy and artwork to optimise conversion to enquiry.
  • Write telephone sales script.
  • Implement Customer Relationship Management software to store and manage enquirers.
  • Develop sales process for optimum conversion.
  • Follow Up.

Most business people operate in the first paradigm, never recognising that improvement at each ‘chunked down’ stage will compound results. In this scenario, an improvement of just 10% in 6 processes compounded the results by 300% (assumes improved conversion).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reality is that upwards of 100% improvement can be achieved in every micro element. Just changing a headline on your ad can improve your enquiry rate by 3 to 10 times. And improving your call to action in the same ad can multiply results by the same amount.

Introducing Risk Reversal and Social Proof strategies will again multiply results. The end result… you can realistically improve the results you achieve from the same size ad by 10 to 100 times with little effort.

The Greatest Gains

The greatest gains can be made in 2 areas: Strategy and Process.

Once your strategy is in place, the greatest gains you’ll achieve in your business is optimising every aspect of every process.

The successful business operator flow charts each and every micro process and identifies ways to improve each one. The effort to perform each process remains the same, but the results are multiplied.

Here are some processes you have in your business, chunked down for compounded results:

Advertisement

  • Identify target market.
  • Identify media used by target market.
  • Develop advertisement (Headline; Body copy; Offer; Call to action).
  • Risk reversal.
  • Test & refine.

Telephone script

  • Manner of answering.
  • Means of gaining details.
  • Active questioning and filtering.
  • What information is provided?
  • Channelling to call to action.
  • Call to action.
  • Overcoming objections.

Call to action

  • Free report for email address.
  • Invite to teleconference.
  • Newsletter subscription.
  • Free exploratory session.

Referral

  • Letter at 7-days.
  • Email promotion.
  • Wine and cheese information session for friends of clients.
  • ‘Invite a friend’ workshop.

Conversion

  • Limit coaching spots by number.
  • Invite to exclusive ‘platinum member club’.
  • Make prospects ‘pre-qualify’ themselves.
  • Package products with added-value incentives.

Quantified Results Don’t Lie

The best way to know if your micro-level optimising is working is to quantify results. You must track your changes and measure results. It’s a trap to get emotionally attached to the effort you expend in trying to improve processes. If that occurs, you can ‘assume’ results will be better simply because you’ve expended more effort.

Your prospects and clients are your most effective and truthful barometer. Test, test, and re-test each and every process. And track results!

This article is an extract of Module 26 of Coaching Club’s Ultimate Business Building Program (UCBBP). As a member, you can also access action and assessment sheets, six topic-related articles and audios, and much more. Step up on your development and join CoachIQ’s 30-day free trial today at www.coachingclub.com.au.