Optimizing Your Costs [Business Lesson]

Business lesson by Chinonso Ogbogu on optimizing your costs.

Dear Entrepreneurs,

One of your primary jobs is to constantly look for innovative ways to grow revenue and cut down costs.

Talking about costs…

There are subtle ways your business incurs increasing costs that you may not know of.

One of such ways is failing to incorporate basic profiling into your sales prospecting or onboarding framework.

Profiling helps filter prospects to know where each one falls in your customer buying process.

The key to profiling is for you (and your team) to clearly understand the power of questioning.

It’s an art and a bit of science.

One of the ways my team and I have learnt to do this in our organization is to have a list of basic questions we ask a prospect right from the beginning of the sales communication.

For example, if you call any of our official lines now, my staff knows exactly how to throw in various subtle questions that help them make an estimate of where you fall.

This has helped us to keep our costs down, managed our energy, while focusing on growing revenue with clients who really need and can pay for what we offer.

Now, this concept is not carved on stone so we allow room for certain vicissitudes but then we are very clear with our base point.

Do you know how much costs your business is generating when you prospect to people that don’t need or are not really, really serious about what you offer?

Learn to pay attention to this thing.

And also teach your staff.