success - Turbo Coach, achieve breakthroughs - Brian Tracy

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Maximize Profits 191 one year. A marketing consultant convinced our client to mount an aggressive and costly direct mail campaign. Sure enough, within eleven months his revenues were up by an impressive 56 percent. Unfortunately, his year-end financial statements showed a loss—his first unprofitable year in over ten years in business. He had surpassed his sales goals, but the cost of acquiring this new business exceeded the profits generated by these additional sales. The return on his direct mail campaign was negative, and he immediately abandoned it. Before adopting a new marketing initiative, determine how you will measure not only its impact on sales but on profits as well. What is an acceptable rate of return on this marketing expense? What is an optimal return? How will you measure the return? Do not wait until the marketing effort has been completed. Establish a monitoring system whereby you can gauge the efficacy of the program throughout its implementation. Examine your existing sales and marketing expenses. Do you know the return on these dollars? If not, find out! Increasing sales is a wonderful goal but not at the expense of the bottom line. Product Profitability As we stated at the beginning of this chapter, every product yields a specific profit of a specific amount. When you offer more than one product, each will have its own profit margin. One of the most important things you can do is to determine the return on the investment you have put into each of your products.
192 <strong>Turbo</strong><strong>Coach</strong> Marathon and Associates, a niche consulting firm, receives enormous fees from Fortune 1000 companies to determine the exact cost of each of their products. This enables their clients to make product-offering decisions based on the profitability of each product, rather than simply relying on gross revenue figures. In today’s highly competitive business climate, such an approach is critical in ensuring their overall profitability and even their survival. This is no less true of your own business or organization. Eliminating just one losing product can make the difference between robust growth and mediocre performance or even the demise of your business. Examine your own product mix. In addition to the normal ‘‘cost of goods,’’ you must include all expenses incurred in delivering the finished product to the consumer, including research and development, promotion, associated sales and marketing costs, installation, customer service, product service, returns, proportionate share of general and administrative costs (overhead), and so on. Again, be sure to include the cost of your own time; apply your hourly rate to the amount of time you invest in the development, design, creation/manufacture, sale, and servicing of the product. Many individuals and businesses lump all their expenses together and then guess at how much is attributable to each product. Your job is to break your costs down so accurately that you know within a few dollars exactly how much you net from the sale of each product. When you have completed your costing analysis, simply deduct the actual cost of developing, selling, and delivering each product from the price to determine its profitability. Which products yield the highest return? The lowest? Do any actually lose money?
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Also by Brian Tracy Focal Point: A
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TurboCoach
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TurboCoach A Powerful System for Ac
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Contents Introduction .............
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Introduction In the last few years
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PART I GAIN CLARITY
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CHAPTER 1 Create Your Personal Stra
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YOUR SUCCESS IN LIFE is determined,
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Create Your Personal Strategic Plan
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CHAPTER 2 What Business Are You In?
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SEVEN KEY QUESTIONS AND THEIR ANSWE
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What Business Are You In? 17 viders
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24 TurboCoach whether your company
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26 TurboCoach 3. What are your area
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CAN YOU IDENTIFY YOUR CUSTOMERS? Do
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Know Your Customers 31 characterist
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CHAPTER 5 Identify Your Areas of Ex
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YOU HAVE SPECIAL GIFTS AND ABILITIE
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Identify Your Areas of Excellence 3
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CHAPTER 6 Remove Your Critical Cons
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ONE COMMON FEATURE of the complex a
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Remove Your Critical Constraints 43
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CHAPTER 7 Where Are You on the Sigm
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IF YOU OBSERVE THEM CLOSELY, you wi
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Where Are You on the Sigmoid Curve?
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Where Are You on the Sigmoid Curve?
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PART II INCREASE YOUR PRODUCTIVITY
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CHAPTER 8 Eleven Keys to Increasing
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PERSONAL PRODUCTIVITY IS A KEY DIFF
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Eleven Keys to Increasing Your Prod
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CHAPTER 9 Pareto’s Law ‘‘He w
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THE MOST IMPORTANT OF ALL productiv
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Pareto’s Law 69 your personal pro
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Pareto’s Law 71 daily work life,
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CHAPTER 10 Zero-Based Thinking ‘
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HABIT DETERMINES NEARLY 100 PERCENT
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Zero-Based Thinking 77 change. So d
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Zero-Based Thinking 79 a. Are there
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CHAPTER 11 Effective Delegation ‘
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TIME IS YOUR MOST PRECIOUS RESOURCE
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Effective Delegation 85 gate an imp
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Effective Delegation 87 Agree on Co
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Effective Delegation 89 person to w
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CHAPTER 12 The Power of Leverage
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IN THE WORDS OF THE GREEK PHILOSOPH
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The Power of Leverage 95 relationsh
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The Power of Leverage 97 7. Leverag
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CHAPTER 13 Ricardo’s Law of Compa
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A LONDON MEMBER OF PARLIAMENT and s
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Ricardo’s Law of Comparative Adva
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CHAPTER 14 The Parthenon Principle
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DURING THE PERSIAN WAR, the buildin
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The Parthenon Principle 113 Increme
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The Parthenon Principle 115 4. How
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PART III GROW YOUR BUSINESS
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122 TurboCoach Seven Ways to Turboc
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124 TurboCoach Consider the case of
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126 TurboCoach 7. Reduce your selli
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132 TurboCoach experiences are comm
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134 TurboCoach son ritual. Early in
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136 TurboCoach amazes his customers
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Page 151 and 152: 142 TurboCoach referred to you by a
Page 153 and 154: 144 TurboCoach cused on developing
Page 155 and 156: 146 TurboCoach Creating a ‘‘Gol
Page 157 and 158: 148 TurboCoach With each step, your
Page 159 and 160: 150 TurboCoach is meaningful to you
Page 161 and 162: 152 TurboCoach Application Exercise
Page 165 and 166: 156 TurboCoach These seven elements
Page 167 and 168: 158 TurboCoach People The third ele
Page 169 and 170: 160 TurboCoach type of program duri
Page 171 and 172: 162 TurboCoach Price 1. What is the
Page 177 and 178: 168 TurboCoach signing computer she
Page 179 and 180: 170 TurboCoach For many years, IBM
Page 181 and 182: 172 TurboCoach 3. How might you alt
Page 187 and 188: 178 TurboCoach qualities, and attri
Page 189 and 190: 180 TurboCoach The Whole Package Pa
Page 191 and 192: 182 TurboCoach must be busy and act
Page 197 and 198: 188 TurboCoach ally be losing money
Page 199: 190 TurboCoach There are several qu
Page 203 and 204: 194 TurboCoach What will you do wit
Page 207 and 208: 198 Appendix Helpfulness Meticulous
Page 213 and 214: 204 Index belief(s) (continued) and
Page 215 and 216: 206 Index Drucker, Peter on commitm
Page 217 and 218: 208 Index Law of Correspondence, 10
Page 219 and 220: 210 Index products (continued) prof
Page 221 and 222: 212 Index thinking (continued) ques
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