How Your Business Can Make Money Without Spending it – Kent BillingsleyFebruary 13, 2021
Do you want to know how to solve the toughest challenges that entrepreneurs and business owners like you are facing right now?
Kent Billingsley delivers tools to grow your profits with the money you didn’t know you had. Following both of the traditional business philosophies will never allow you to obtain optimum business growth. In his book, Entrepreneur to Millionaire, Billingsley discusses a business philosophy for all times, not just the good and the bad.
The Business Model for Every Time
Most businesses follow the two business philosophies that help you in the “good times” and the “bad times.” Instead of simply focusing on these two beliefs, change with the times and commit to one business model for any time your business needs growth. The first model is based on the business mantra “spend more money to make more money.” This model makes you spend more money you didn’t need to in order to achieve your top goal. It ultimately wastes cash and does not gain overall business wealth. The “cut spending to save money” approach is the second business philosophy that is normally utilized when times are tough. The problem is that when the business starts to cut its resources and only spending to survive, your business will eventually run out of money and resources to use and re-invest for profit. It is simply a scale problem.
According to Billingsley, it is essential for business leaders to master the core competency of “creating business wealth.” Business wealth is all about a generally optimized growth process instead of simply measuring incremental achievements.
Do you want to create business wealth with what you already have?
The key is to focus on creating new client demand by analyzing assets and counterintuitive scaling. Be sure that all areas of your business are helping the turnover rate from demand into profit and new business. This model and more on the roadmap to find all of the cash you need is described in his book Entrepreneur to Millionaire.
How to Optimize Sales Performance
What is sales optimization and why is it important for your business? Sales optimization is when your business is generating all of the sales that are possible while using the fewest available resources. There are four key approaches to boost your sales growth:
Step 1. Raise Your Average Contract Sizes
The goal of this strategy is to discover your average-sized contract over the last year and plan to double or triple that in a certain amount of time. Then, use basic sizing strategies such as up-selling, packaging and subscription, cross-selling, or ad-on selling to maximize sales growth.
Step 2. Shorten Your Cycle of Sales
If you are willing to re-strategize your enterprise and sales system, it is possible for you to cut your sales cycle in half. In order to shorten your sales cycle time, you need to calculate your sales time over the last two years and plan to cut that average time in half by the next year. It is important to establish your strategy early to knock out the competition to eliminate buying choices.
Step 3. Cut Sales Costs
Sales activities take up more than two-thirds of your time and money that could be used in a more effective way. This is the area in your business that can be most beneficial to maximize profits. After finding your cost of sales, then, identify opportunities that you feel are unattainable and pursue them. If you cannot sufficiently grow that sale by the desired time, then do not continue.
Step 4. Multiply Your Sales Win Rates
It is common to overestimate sales wins and losses, but it is important to be honest in order to make a real change. Emphasizing quality over quantity is so important for any business when striving to dramatically increase your win rates.
“These strategies have helped clients achieve three to ten times sales growth and profitability – while not spending more money on marketing and sales.” – Kent Billingsley
These four strategies, when used effectively, has lead companies like yours to sell even before desired because of the rapid growth that skyrockets your business valuation. The key to increasing the growth and valuation of your company is to increase sales with less. If you can maximize your time and business resources, you will be successful in your sales.
To learn more about Kent Billingsley and his work and his company, The Revenue Growth Company, visit his website for more information.
Madeline Pernecky is a Dallas based writer for Global Leaders Organization. She is also an undergraduate student at Southern Methodist University, working towards a bachelor's degree in Business Marketing as well as minors in Advertising and Spanish.