Duncan MacPherson’s Post

From setting practice growth goals to identifying your client's future needs – myprosperity has helped countless firms increase their profitability and serve their clients better. The best way to move forward towards your business goals is to help your clients hit theirs. Mutual business progression strengthens your client relationships and fuels the expansion of your business through positive referrals, improved industry reputation and increased revenue. Read our latest blog post to learn more: https://buff.ly/3ZrAUgT #DreamsComeTrue #FinancialJourney

🎯💼 Behind the scenes: $76k in a month, 35% profit margin! 📈 Here's how: lean teams, efficient systems, and client engagement. 🏡💰 Business growth isn't instant, it's strategic! #BusinessSuccess #EfficiencyWins

Why Measuring Your Client Profitability is Key to Business Growth Most business owners focus solely on their revenue numbers, assuming that the more you earn, the more successful your business will be. However, the truth is that revenue is not enough of an indicator of business growth. If you want to grow your business sustainably, you need to measure profitability and that includes client profitability too! Understanding What Client Profitability Is Client profitability measures the net profit margin of each client. It's calculated by subtracting the costs associated with serving the client from the revenue generated by that client. By tracking the profitability of each client, you can see which clients are driving your business's success and which are not. Identifying Your Most Profitable Clients Measuring client profitability can help you identify your most profitable clients. By analysing your client base, you can see which clients have the highest profit margins. Focusing on these profitable clients can help you grow your business. Alternately, identifying low-profit clients can help you make adjustments to increase profitability or make difficult decisions about whether to continue serving them. Improving Customer Retention Measuring client profitability can also help you improve customer retention. By identifying which clients are the most profitable and which are not, you can allocate more of your time and resources towards finding new, similar clients. Additionally, if you identify that your business model relies too heavily on low-profit clients, you can make changes to improve retention rates or pricing structures. Setting Revenue and Profit Margin Goals Measuring client profitability can also help you set revenue and profit margin goals. By analysing the profitability of each client, you will have a better understanding of your current business structure. You can use this information to forecast revenue and profit margins based on client acquisitions or changes to pricing. Having these goals set can help align your team towards a common vision of growth. Improving Service Efficiency Finally, measuring client profitability can help you weed out inefficiencies in your service delivery. By identifying low-profit clients or those that consume excessive resources, you can better allocate resources towards more profitable clients. Measuring and managing client profitability is essential to business growth. Ultimately, measuring profitability at this level can help you drive long-term growth and create a more sustainable business model. Want to understand and grow your client profitability? Call me today and let's brainstorm your client profit plan!! #profit #clients #businessmodel #businesscoaching #techandtradiecoach

Business is like dating—you can't expect a long-term commitment if you're not putting in the effort Read the full article: Master Attracting High-Value Clients: 6 Steps for Service-Oriented Businesses ▸ https://lttr.ai/AH83k #clients #business #marketing

Trying To "Do Everything Under The Sun": A Focus on What Really Matters To Grow Your Business As the owner of a small service-based business, it's critical to understand the pitfalls of overextending and the value of focusing on your differentiated, most profitable services. It's easy to fall into the trap of being all things to all clients. While diversifying services might seem like a route to increasing revenue and providing value to clients, this strategy often spreads resources too thin and dilutes a business's core strengths. So, how can small service-based businesses avoid the pitfalls of trying to do everything under the sun? 4 Steps To Evaluate Your Services 1. Focus on areas that are both profitable and highly rated by clients. 2. Invest in becoming the best in specific services rather than mediocre in many. This might involve further training, acquiring certifications, or investing in specialized tools. 3. Communicate clearly with your clients about your core services and expertise. This transparency helps build trust and sets realistic expectations. 4. Consider strategic partnerships where it makes sense. If a client needs a service outside your focus area, referring them to a trusted partner can enhance your value without diluting your brand. Concentrating on what you do best streamlines your operations and enhances your market positioning. This strategic focus leads to better financial outcomes, improved client satisfaction, and, ultimately, a more robust, sustainable business model. In the world of service-based businesses, less can be more. #everythingunderthesun #overextended #smallbusiness #businessconsultant #businesscoach #professionalserevices #growyourbusiness

Agree or disagree? In a world where businesses often shy away from charging what they're worth, successful organization embrace a premium pricing model. When a business undercharges, it not only undervalues its services but also attracts the wrong clientele. These clients often demand more for less, draining resources and hindering growth. Ultimately, this is a lose-lose strategy for both parties and impacts the success of others customers as well. You can see where I'm going with this... Premium pricing model isn't just about padding the bottom line; it's about committing to and investing in excellence. By charging what you're worth, you can reinvest in enhancing products and services, ensuring they remain at the forefront of innovation. This is the win-win mentality. Your capacity to operate at the optimal level of efficiency, catalyze innovation and experience year-to-year revenue growth perpetuates. Clients see the value of your service and benefit from the consistent improvements. Premium pricing attracts discerning clients who understand and appreciate quality and are equally invested in your success. Value comes at a price and the right clients are willing to pay it for exceptional service and expertise. #WealthBlock #PremiumPricing #Sustainability #Success