- Written by bill
- Published: 15 May 2020
Increasing your profits in any economic climate should be the goal of any business, no matter the size, and it is that goal which is the reason for Ron Sturgeon’s book “Salvaging Millions from Your Small Business.” The principles in that book are applicable to any business, in any economic time. This article will give a brief outline of the principles in that book. We strongly recommend that you buy the book and use the principles listed within it, and contact us for more information.
Increasing profits in your business can be achieved in three very general ways:
- Increase average sales per customer
- Increase the buying frequency of your customers
- Acquire new customers
How you achieve these goals is the key. Let’s take a brief look at each from our strategic planning information:
Increase the average sales per customer
You own a clothing store. Last year your average customer spent $154.80 per visit to your business. What can you do to increase that dollar amount per customer per visit? The ideas and suggestions outlined in this book will be applicable for any business in any corner of the world.
Increase the buying frequency of your existing customers
Your existing customers come to your business once every thirty-six days. What can you do to shorten that span between visits? What ways can you entice those customers to drop what they are doing and make another visit to your store? You dangle a big enough carrot and they will come.
Acquire new customers
You currently have a customer list of two-hundred and thirty-two customers. How can you add to that customer list? The ways in which you can attract new customers are practically countless in today’s high-tech world. Chances are you are just barely tapping into the marketing possibilities. Another of Ron’s books, “409 Small Business Events,” is a great addition to this discussion, containing quite a few ways to bring new people to your business.
About the author
The author . . .
Ron Sturgeon, whose rags-to-riches story began in the auto salvage business right out of high school, is a sought-after speaker and consultant for small business owners. In 2004, he was the keynote speaker at 3 international conventions, including two in Australia. His unique story of personal development and success is inspiring, and his motto is “mission possible.” He especially likes to speaking to students and other developing small business owners, sharing tips to his success, and challenging them to be whatever they want to be with his theme of “mission possible.” In addition, he has expanded his expertise to real estate development and is a noted collector of fine automobiles and antique toy cars.
Sturgeon seems an unlikely candidate to write the book, or even know the terms. His dad died when he was a senior in high school, and left to fend for himself with only a high school education, he went on to build one of the largest operations in his industry, the auto salvage business, which he sold to Ford Motor Company in 1999. He later founded and sold another business to a large public company, while building a small real estate empire, starting a small business consulting practice, and did two in-house over-subscribed stock offerings. Throughout the last six years, he patiently gathered the terms found in the book. Check this link for all of the MrMissionPossible books.
Posted in Strategic Planning