Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our series, ‘Ask the Business Coach’.
Increasing profitability isn’t just about cutting costs; it’s about sharpening your strategy, optimising how the business operates, and unlocking new value from the products, services, and customers you already have. By examining pricing, productivity, customer experience, and growth opportunities, business owners can sustainably boost margins while strengthening the overall health of the business.
Three key takeaways
- Revenue is vanity, profit is sanity, and cash is reality.
- Be on the hunt for marginal gains and marginal erosion.
- Focus on profitable revenue growth, with ‘profitable’ as the keyword.
Episode timestamps
- [1.15] The opposite of marginal gains is marginal erosion. To begin, it’s important to systematically review your cost base item by item. This method can help you pinpoint areas for improvement and enhance your confidence in managing costs efficiently.
- [2.59] Focus on profitable revenue growth by maximising your existing customer sales through cross-sales and upsells. Also, consider your customer retention. These practical steps can help improve your business’s profitability.
- [4.08] Test your pricing strategies. Where can you apply a differential pricing model across your customer base to help improve your margin?
Do you have a question for the Business Coach?
Send your questions to [email protected]
Missed a previous episode? Catch-up and watch the series here.
