Having a successful business is not just about numbers and Income. Sylvia Inks educates small business owners on how to manage their finances and also how to make sense of their incoming numbers with her One Big Tip.
Sylvia started her career with a business degree and a love for finances. However, her passion was not for taxes and accounting, but instead for helping small businesses understand and manage their money successfully.
Managing your business finances is crucial to your company’s success, “if you could make $100,000 a year,” she says “if you don’t make if you don’t manage your money well, then there’s no money left over.”
Her One Big Tip in this situation is to raise the average order value per client. By this, she means that, “instead of working with more clients, you’re getting more from one client.” Plus, by providing incentives to purchase more of your service or product, such package deals or access to additional content, the client may be inclined to take the offer, thus raising their order value.
Through this process of raising the order value, a business owner must also consider how they are reaching their clients, specifically in how many clients they can serve with the least amount of effort.
Having a large number of clients may not be a bad thing in itself, but in order to keep up with the demand, you may have to hire other people to help you keep up, or as Sylvia notes, you may have to sacrifice your sleep. In order to maximize their profit from client interactions, a business owner must have a change in mindset from focusing on one-to-one consultations to mass communication.
To accomplish this, Sylvia recommends a sort of batch processing approach by first, noting all of the things and pieces of information you find yourself repeating to clients. Taking that information and putting it into a video format or PowerPoint using technology that can be consumed in mass quantities will save you time that you would have spent talking to each individual client, while still making the client feel as if they are getting personalized service.
Sylvia educates these business owners by, “walking them through that mindset shift and by going through the process to experience the transformation that you help them achieve.” Having a tangible transformation goal will help you stay focused as you continue to learn and make changes in how you interact with and provide for your clients in new ways.
Sylvia states that, through the results of this valuable training, she has seen business owners “being competent, knowing exactly where their numbers are, knowing exactly what they need to do to achieve their income goals, and also being able to pay themselves.” To learn more about Sylvia and her business coaching, you can visit her website at www.smifinancialcoaching.com and also receive her free course about “5 Unconventional Ways to Earn More Money” at www.smifinancialcoaching.com/onebigtip.