4 Steps To Cash In On The Hidden Profits In Your Business

by Charlie Cook

Imagine you struck oil in your backyard, and it was a gusher, with a huge pool of liquid cash underground just waiting to be pumped to the surface.  At the current price of $70 a barrel you’d be rich. You’d have more money than you ever imagined.

No, I can’t help you find oil in your backyard but every business I’ve ever reviewed had enough hidden profits, just waiting to be tapped to make at least 87% more. More qualified prospects just waiting to be contacted, clients who’d be happy to spend more and simple ways to cut costs while making more.

What’s the biggest bottleneck to tapping the hidden profits in your business?

When my son and I head out for our annual week out West to explore a new ski mountain, I always ask the locals where to find the hidden powder stashes and the best trails. And then once we find them, I count on my son to show me the best way to ski them.

To tap the hidden profits in your business, you need to know two things: One, where they are; two, how to unlock them.

The Keys To The Hidden Profits In Your Business

1. Create Your Profit Map

Every ski area I’ve ever been to has a trial map that shows where the green, blue and black diamond trails are. Now I like diamonds, and the more the better as far as skiing is concerned. From the map I can get a rough idea of where the best powder stashes are and with a bit of local knowledge I can find how to get to them quickly.

Your business is the same. With a simple map of where the profits are you can identify where to spend your time to maximize your profits.

My friend Tom is a turnaround COO for hire. According to Tom the most common problem he finds it the struggling companies he goes in to fix, is that they are spending 80% of their time and resources on the parts of the business that are only bringing in 20% of their profits. And in turn, spending only 20% of their time and resources on the part of the business that brings in 80% of the profits.

Imagine how much more you could be making if you cut back or eliminated the time you spend on non-productive parts of your business and instead focused on what was already working.

I know in my business, it’s easy to get side tracked by SEO placement, individual sales, and a host of daily administrative and operational issues and not focus on where the money comes from. In my case, affiliates bring in large portion of my profits and when I focus my time on bringing them it, revenue rises.

Action A: Create Your Profit Map

List your sources of revenue and identify which brings in the most income.


Action B: Focus Your Efforts

Using the above, take your calendar out, and allocate your time according to where the profit potential is.

2. Profit From Underutilized Resources

When I go skiing at Alta in Utah, it always amazes me on a powder day, most skiers rush to the far side of the mountain to ski the fresh snow. What they miss, and my son and I take advantage of, is the fresh snow in the trees right under the main lift.

Most people do the same thing in their business. They struggle to deal with long shots and fighting fires when there is often a goldmine just waiting to be tapped that only requires a minimum of their attention.

I have one client Bob who has written hundreds of articles yet has hardly any information products to sell. I’m sure you can figure out what he should be doing.

I have another client, Steve, who is highly successful in the flood and restoration business in British Columbia. He and his partner have all the systems down pat to bring in the business, deal with claims and are highly profitable. With a little documentation, they could license their systems throughout North America and make hundreds of millions.

Action C: Identify Your Underutilized Resources

List the knowledge, systems or services you have that you could be selling for increased profits with minimal effort.


3. Make Better Use Of Your Best Sales People

Speaking of underutilized resources. Here’s a couple that almost every company I’ve ever worked with are sitting on.

For most companies, generating leads and then building a relationship with these prospects until they know you and trust you and are willing to buy from you, is hard work, takes too long and costs a bunch.

I’m not suggesting you stop your lead generation activities but here are three easy underutilized resources you have that could easily double your sales.

a. Your existing customers
They’ve already demonstrated their trust and bought from you once. Do you have a strategy to train them to keep coming back and buying from you again and again?

When I just bought 4 new tires for my Audi Allroad at Mavis Tires, the salesman reminded me to come back every five thousand miles for a free tire rotation service. A good idea to prolong the life of the tires and a good idea so Mavis can put the car up on the lift and see what other services they can sell me.

Your existing customers are already sold on you, your products and services. With a little bit of effort you can train them to keep coming back and buying again and again.

b. The people your existing customers know
Every sales transaction hinges on trust between you and your client and customer. The trust that your product or service will do what it’s supposed to and if it doesn’t you’ll fix the problem.

The hardest part of the marketing process, is earning the trust of your prospects. Now imagine if someone could instantly get other people, other prospects to trust you. You’d be able to help a lot more people with your products and services and make a lot more money.

What am I talking about – giving trust?

That’s what referrals are, when a customer in essence tells a friend or colleague to trust you and buy from you. And I don’t know anyone who doesn’t love getting referrals. But I hardly know anyone who systematically asks for them.

Your customers are your best salespeople. Tap them and you could make this year your best ever. That’s what one of my clients, Kris did, tapped his existing clients, systematically asking them for referrals to go from near bankruptcy in 2008 to making it his most profitable ever.

c. Partnerships with other businesses

I don’t have to do a lot of direct marketing and selling, because most of my business comes in through my network of marketing partners. These are businesses whose target market overlaps with mine and are willing to regularly promote my products.

My lawyer has a friend who is an investment advisor. A couple times a year I get a letter from my lawyer about the investment advisor and a great free seminar I should attend.

Partnering with other businesses to provide referrals and access to their target market is the fastest way to increase your marketing reach and instantly generate more sales.

Action D: List at least 3 ways you can tap your best sales people.

1. How can you train your existing customers to increase repeat sales?


2. What you can do to systematically get referrals from customers?


3. What two companies would make great marketing partners?


4. Maximize Conversion

In skiing when you get to the top of a trial, the simple goal is to make it to the bottom without falling and if you’re ambitious, get there as gracefully as possible, avoiding any trees or other obstacles on the way. My son makes it look like dancing on snow.

In business the objective is to convert as many prospects as you can into high paying clients, and when you know how it’s as easy as sliding downhill.

One of the most common mistakes most business owners make is fixating on the sale. Big mistake. That’d be like just aiming for the bottom of the ski slope and ignoring the trees, boulders, other skiers, etc.

The first step to maximizing your conversion rates and our sales is to identify each of the bottlenecks and or obstacles in your sales process. Let’s take a look at any email campaign for example.

  1. The Subject Line
    Boring or uninteresting subject line and hardly anyone will open your email. Good subject line and 15-50% will open it.
  2. Compelling Email Copy
    Once your prospect has opened your email the next task is to get them to read it and click on the links you’ve provided to go to your sales page. Boring copy and you’ve lost the sale. With good you should be able to get 30% of your readers to your sales page.
  3. Sales Pages That Sell
    You’ve don it, gotten your prospect to your sales page, now the goal is to get as many as possible to make a purchase, or at least 5%. If you’re not getting this many, then it’s your sales page that’s the obstacle.
  4. Order Pages That Support The Sale
    All to often business owners assume that if they’ve gotten their prospect to the order page, the work is done. Yet, over 60% of sales are lost at this point.

    Prospects reach the sales page and then hesitate and don’t place the order. In part, the reason is that most order pages are just that forms to fill in information.

    Now imagine you were buying a car. Once you’d made your decision to go ahead with the purchase, would the salesman walk away and just point you in the direction of the cashier?

    Of course not. And a good order form, includes information keeps on selling too. It includes information about what the customer is getting and it includes information about additional products they should be interested and works to cross-sell and up-sell them.

  5. Follow-Up
    Once the customer has completed the transaction, entering their credit card information, you still can provide them with a post-sale upsell offer. You can use the order thank you page to give them a one-time chance to get the perfect companion product at a great price.

In any email marketing campaign there are 5 steps. To maximize your conversion rates and your sales you need to optimize each. The same is true with any sales process.

Action D: Create a map of the sales process for one of your products or services. Make sure to include each step and your current conversion rates.


Action E: For each step in the sales process, list 2-3 ideas you can test to improve your conversion rates and help more propsects spend more money with you.


Identify where the greatest profit opportunities are your business, leverage underutilized resources, make better use of your sales assets and maximize your conversion rates and every step in the sales process. 4 steps to maximize your profits.

Take one step at a time, be systematic about testing, and soon you’ll be making at least 87% more if not 250% more.

Additional Resources

• Scott Hallman’s site www.scotthallman.com

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