Seven Strategies to Double Your Revenue In The Next Twelve Months

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Seven Strategies to Double Your Revenue in the Next Twelve Months

Episode Summary

This week we cover the seven strategies you can implement immediately in your business to double your revenue in the upcoming year.

These strategies include:

Providing additional service to existing clients

When and how to raise your rates

How and why to eliminate the worst four letter “F” word in business

The best way to contact past clients to develop additional business from them

Establishing relationships with referral sources

How to gain more visibility

The keys to developing recurring/passive income

If you are serious about growing your law firm, your professional practice and your business you must listen to this episode multiple times.

Transcript

Seven Strategies to Double Your Revenue in the Next Twelve Months

Hi there, workplace warriors. This is Dave Lorenzo, and I’m back with another edition of the Valtimax Podcast here this week to give you the seven strategies that will help you double your revenue in the upcoming year. That’s right. We’re going to double your revenue in the upcoming year using these seven strategies. These are the time-tested strategies I’ve used with my clients over and over again that have resulted in massive improvements in income, massive improvements in revenue, and massive improvements in profitability. Let’s talk about specifically why we’re focusing on growth right now.

We’re recording this podcast right now, and it’s the change of a calendar year. We’re recording it just two weeks before a new year, and this is the time when everyone is focused on doing things differently, doing new things. If you’re listening to this and it’s June or July, or any other time of the year, you can still implement these seven strategies and you can still enjoy the benefit that they produce, but what’s interesting about this time of year is this is the one time of year when people seem to accept change. You hear about New Year’s resolutions, you hear about things that are going to be done differently in the upcoming calendar year, and this is the time of year when people really embrace change and things that are occurring that are new.

My company, Valtimax Consulting, puts on several events right after the turn of the New Year because people are focused on doing things differently, and that, in my mind, and in your mind, should be, too, half the battle. That is really half the battle. You have to focus on the need for change in your business. Think about this for a minute. You’ve done [inaudible 00:02:07] work this year, you’ve really worked hard, and maybe you’ve doubled the amount of meetings that you’ve gone on, you’ve doubled the amount of effort you put into your business, but you’ve only grown maybe 10%, 15%, or 20%, and you think that’s great. You think that’s outstanding. I’m going to tell you that the reason that there’s only 10%, 15%, 20%, or maybe even no growth or negative growth in your business is because you’re focusing on doing the wrong things.

If you work hard at doing the wrong things, it’s totally possible that you still don’t receive the results you deserve, even though you’re putting in more effort. Think about it, you’re putting in more effort, maybe twice as much effort, and you’re just growing only 5%, 10%, 15%, or you’re not growing at all. It’s because you’re not putting your effort in the right place. What we’re going to do is we’re going to talk about the seven strategies that allow you to make your effort really pay off. It’s going to provide you with great leverage so you put in double your effort and you will actually double your revenue because you’ll be focused on the right things.

Before we get to that, I do want to remind you to subscribe to the Valtimax Podcast on iTunes. Make sure you go to iTunes, type in podcast, and you’ll be able to download a podcast app to your iPhone, iPad, or iPod. If you’re on an Android device, you can also subscribe to the Valtimax Podcast. Once you download the app, you want to search for V-A-L-T-I-M-A-X and make sure you subscribe. Click okay to subscribe and you’ll be given the updates each and every single Monday morning when a new podcast comes out. If you’re on an Android device, if you’re on a device that is not an Apple device, you can subscribe using the RSS feed, the really simple syndication feed for this podcast. We distribute the podcast through a number of different venues so you can always find it. Just go to Google, type in Valtimax Podcast, and you’ll be able to subscribe regardless of the device that you have.

All right. Now that you’ve subscribed to the Valtimax Podcast, let me give you the first couple of ways that you can double your revenue in the upcoming year. The first way is to add a new service to your existing clients. Think about that for a minute. Existing clients already know you, like you, and trust you. They’re already in communication with you and they’re very receptive to what you have to say. Adding a new service that your existing clients can partake in is a phenomenal way to improve the revenue that you drive to your business. Think about if you’re a lawyer, and you’re currently servicing your clients in one area. Perhaps, just perhaps, you can add a new service bringing a lawyer into your firm who can provide an additional service to those clients. If you’re a store owner and you carry a line of products, figure out what your clients need and provide them with a different line of products that fills that need.

This is a key element. Immediately pick up the phone and call 20 of your best clients and find out what they’re struggling with. Find out what’s keeping them up at night. Once you find that out, create a product or a service that helps alleviate that fear or that pain, and you will be off to the races. That will be a massive hit. The first way to grow your business exponentially in the upcoming year is to provide a new service to existing clients or a new product to existing clients. Very easy to get existing clients to take your call and start a conversation with you. Once you do that, introduce them to a new service and they will be thrilled if the service provides them with value, if the product provides them with value, if it’s something that they need and want, they will be thrilled to hear from you and to partake in that new service.

All right. The second way to grow your business exponentially in the next 12 months is to raise your rates. Raise the investment people must make to do business with you. Even if you take your rates up 10%-15%, that’s going to result in a significant amount of profit to the bottom line because servicing those clients still requires the same amount of effort. If you’re an attorney and you charge $2,500 to do a will and a trust and estates package for your clients, what you need to do is you need to raise your rates 10%, 15%, 20%, you can even go higher than that if you’d like, but raise your rates 10%, 15%, 20% and begin to charge $3,000 for that same package. New clients will not know the difference, and you will still be able to provide them with ample value, ten times the value, if not more, and these folks will still do business with you.

Raising rates is something that most people, whether they’re a service professional or in a product-based business, are very hesitant to do. The reason that they’re hesitant to do it is because they think they’re going to scare away all their customers. If you raise your rates 20%, you can do business with 50% less customers, and over the course of a year, still make the same amount of money. You’ve reduced your labor intensity and still made the same amount of profit, because any time you raise your rates, all of that money falls to the bottom line because it costs you the same amount of money to service your clients. The second way to grow your top line, your revenue, in 2013 or in the upcoming calendar year is by raising your rates.

All right. The third way to grow your revenue in the upcoming calendar year is to eliminate the most awful, heinous four-letter word in business, and it starts with the letter F, and that four-letter word is the word free. Eliminate free in your business. No free consultations, no free trials, no free anything in your business, even if it’s an industry standard, because people value what they pay for. If you are the kind of guy or you’re the kind of girl who promotes a free consultation, you’re essentially devaluing your service. If you meet with people and give them advice for free, you are devaluing the amount that people will pay for your services. If you charge a consultation fee, you have immediately elevated yourself above everyone else who does what you do.

Now I do this in the toughest market in the world, that’s in legal services. I help my clients eliminate free consultations even if everyone else is giving them. The reason I do that is because you cannot meet with people who are at the pinnacle of their career for free. Their time is just way too valuable. If I’m charging for a consultation, you buy into the fact that my time is that valuable, too. Eliminate the word free, and that’s the third way to grow your business in the upcoming year, to grow your revenue in the upcoming year. You may be saying, “Okay, so I eliminate free consultations and I charge $250 for a consultation, I charge $100 for a consultation, or I stop giving away free samples of my products. Maybe I’ll make $5,000-$10,000 more, but that doesn’t double my business.” No, that alone will not double your business, but what it will do is it creates a mindset in your clients, it creates a mindset, more importantly, in you that your service is so valuable, that you will not even sit down with someone to discuss what’s going on in their lives or in their business without being paid for the value you’re going to provide.

Every conversation with me provides someone with value, so I don’t meet with anyone and provide value for free. In fact, my consultation fee is $250 for 20 minutes. I charge $250 for a 20-minute consultation because in that 20-minute consultation, I can completely transform your business. There’s a pretty good chance in a 20-minute consultation, if I ask you the specific focused questions that I ask everyone else, your business will improve as a result, and your business will improve 10, 15, 100 times the amount that you’ve paid me for that consultation. You should have that same attitude, you should feel that same way.

All right. We’re going to take a short break now and we’re going to come back with the final four things that you can do to grow and improve your business, and double your revenue in the upcoming calendar year. Hi, this is Dave Lorenzo, and I want to tell you now about a way that I can work with you directly to help you implement the seven ways to double your income in the next calendar year. That’s right. We’re going to talk about a way that I can work with you, personally, to implement these seven strategies that will help you double your revenue and, by way of double your revenue, double your income in the next calendar year. Our focus should be on improving your thinking and getting you to embrace new ways to develop business.

This podcast is a great start, because it’s introducing you to seven things you’re probably not already doing, or you’re probably not doing effectively. One of the things that I tell my clients all the time is my biggest value to you is in holding you accountable for doing things differently that you’ve already done. I’m going to make a special offer to you right now that’s only going out to listeners of my podcast. What I’m going to do is I’m going to invite you to give me a call at 888-444-5150. That’s 888-444-5150, that’s my private line, and you can sign up for my personal accountability service. What this is, is this is a phone call that you’ll have with me for the next three months that I will use to help hold you accountable for taking action in your business.

The best part about this is it’s a fraction of my normal fee. 888-444-5150, we will have one phone call each month for the next three months, and I’m going to charge you peanuts for this service. You will get a ten times return on your investment or I will refund your money. Call me now, 888-444-5150, to talk about my personal accountability service over the next three months, where I’ll hold you accountable for implementing what you’ve learned on today’s podcast. Remember, if you don’t change, nothing in your business or your life changes, so make the call now. 888-444-5150. I’m waiting for you to call me right now.

We are back and I’m glad you’re with me, and we’re going to talk about the four ways that remain that you can double your business in the upcoming calendar year, and I’m excited to reveal these to you. I want to let you know that if you want to reach out to me at any time and ask me a question in 140 characters or less, you can find me on Twitter. My Twitter name is @TheDaveLorenzo, @TheDaveLorenzo. That’s my Twitter handle, you can reach me there and ask me a question in 140 characters or less, and I might just feature your question here on the Valtimax Podcast. This Podcast, in fact, is as as a result of several people asking me ways that they could grow their business in the upcoming New Year.

All right. Let’s talk about the four ways that remain for you to grow your business, grow your topline revenue, in the upcoming calendar year. First and foremost, I want you to reach out to all your past clients during this time, whether it’s the holiday time or whatever time of year it is. In fact, I prefer that you do it outside of the scope of the holidays, and I want you to do that in three different ways. Number one, I want you to send a card to your clients each and every single month, and I want you to invent a holiday if you have to, to reach out to them. Many of you have heard me mention this strategy before. It’s a phenomenally effective strategy for growing your referrals.

Current clients are the best clients to refer business to you, regardless of whether you’re a lawyer, doctor, CPA, or even a corner store owner. If you want referrals, send your clients a greeting card every year. This isn’t something I just invented in order to grow my business, it’s something that has been used over and over again by a number of professionals, but it was developed by a guy by the name of Joe Gerard, who is the top car salesman, you heard me correctly, car salesman in the world. In fact, I think he holds the record for most cars ever sold in a calendar year. What he did was every month, he would reach out to his past clients with a greeting card, and in the greeting card, it would say something to the effect of, “This is the time of year when we celebrate Groundhog Day. If you don’t see your shadow, why not come in and take a look at a new Cadillac?” The way he would sign the cards, he would just say, “I like you, Joe Gerard.”

Now that is a very simple way to keep in touch with people, but what would happen is he would get hundreds, and I mean hundreds, of referrals as a result of keeping in touch with folks each and every single month through a card. Now, what you can do is you can send out these cards, and I encourage you to make them physical cards, so there’s going to be an expense associated with it, but it will pay off ten times over, because you will stay top of mind with people who can refer you business. The other thing I want you to do is at least once a year, maybe in the summertime, have a picnic, or in the wintertime during the holidays, or any time of the year, have a client appreciation event.

Bring in clients and referral sources who have either given you business or who have shared your name with other people during the course of the year, bring them in your office, spread some good cheer, say a few words of thanks, and socialize with them. I know one attorney who has a wine tasting in his office once a month. I know other attorneys who simply throw a party during the holidays where they invite everybody to a pub and they celebrate the holiday season. I know other firms, law firms and CPA firms, that have summertime picnics where you can bring your kids, and they have rides and games, and it’s phenomenal. Offering people the opportunity to get together with you where you’re not selling them anything, you’re just doing an appreciation event, you’re just saying thank you, is a phenomenal way to keep top of mind with folks, and to remind people to refer business to you.

All right. The next way I want to talk about helping you grow your business is through what I call mealtime marketing. Each week, you eat 21 meals. You have breakfast, lunch, and dinner each and single week. Now I know you may skip breakfast, you shouldn’t, it’s the most important meal of the day, but each week, you have 21 meal periods, which is 21 opportunities to sit down and break bread with someone who can refer you business. What I’m going to ask you to do is just take two of those meal periods, breakfast, lunch, or dinner, each and single week, and sit down with a potential referral source. Not a client, not a past client, not a current client, I don’t want you to sit down and use that as a sales opportunity. You’re going to use separate meal periods for that. I want you to dedicate two of your meal periods each and every single week to a potential referral source.

What this means is you’re going to meet, if you’re an attorney, for example, you’re going to meet a CPA one week, and you’re going to have breakfast with the CPA, and you’re going to encourage this CPA to refer business to you by telling him about the value you provide. If you’re a CPA, meeting an attorney is a great idea. You’re going to meet with other folks who are in your “wheel house,” who are great potential referral sources for you, and you’re going to go to breakfast or lunch with them, even if you don’t know them, you’re just going to reach out, pick up the phone, and invite them to go to a meal with you.

Here’s how you’re going to determine with whom you will be breaking bread. You’re going to look at the last ten referrals you received, and you’re going to determine who sent you those referrals, and then you’re going to look at the profession that they’re in, and the first thing you’re going to do is you’re going to take the person who sent you the most referrals to breakfast, lunch, or dinner as a thank you, and you’re going to ask that person if they know other people who are in their business to whom they can refer you. Now you’re going to do this in a nonthreatening way, you’re going to say to them, “Listen, I really appreciate the referrals that you sent me, I send as much of my business to you as I possibly can whenever I have the opportunity, I’d like to meet other people who are in your profession because I’d like to establish a referral relationship with them that’s different from my referral relationship with you.

If your relationship is strong, these people are not going to have a problem with this. Now another way to do this is simply to look at the profession of the person who’s referred you business in the past, and meet other people in that profession, and then go to lunch with them. This is a surefire way to develop new referral relationships, and if you do this twice a week, that’s eight meetings a month, one or two of them will stick, and you’ll have 12 to 24 new referral sources over the course of a year. Think about that for a minute. 12 to 24 new sources of referrals, sending you business over the course of a year. Could you use 24 new people sending you two, three, four clients during the course of a year? You absolutely could, so you can’t resist doing the strategy. Believe me, it will work for you, reach out to people and set up two meetings a week where you just go to breakfast, lunch, or dinner with two people who can potentially refer you business.

All right. The second-to-last way that I’m going to discuss with you to grow your business, to double your revenue next year, is through increased visibility. Most of us are not as visible as we should be, we’re not out there enough, or we’re visible to the wrong people. What you have to do is you have to specific targeted audiences and do more speaking, do more writing of articles, get into earn media more, and do more advertising and more seminars. Those five things, speaking, article writing, being a go-to person and a resource for the media, doing more advertising, and giving more seminars over the course of the next year will help you grow your business exponentially.

Let me tell you what I want you to do. First and foremost, I want you to do a seminar for ten people, just ten people, invite them to come and see you at a restaurant for breakfast. These are people who are your ideal clients. I want you to invite them, I want you to pay for the breakfast and have them come in and sit down with you, break bread with you, and have you facilitate a discussion of these folks. It could be considered a CEO round table. I need you to do this at least once a quarter, so four times a year, invite these folks in. This is a phenomenal way to develop business.

The second thing I want you to do is I want you to advertise in a publication where people who do business with you are the primary target audience. If you are looking to meet CPAs, advertise in the local CPA association’s newsletter. By advertise, I mean take out space and write an educational article, put your name, phone number, and contact information at the bottom, and ask them to call you for your free special report on five ways to do X, something that they need to do, but write an article for CPA magazines that, if you have to pay for it as advertising. The other way is to also write articles that people will publish for free, and do something very similar.

All right. Earned media, be an expert for the media. Look for people in your local paper who write articles in your area of interest, or your area of expertise, and send them an e-mail. Just about everybody includes and e-mail address these days on an article, and offer to be a go-to person for them to do research on whatever it is they’re writing on. If you’re an expert on taxes, you have to find out who writes about taxes for the local paper, send them an e-mail and say, “I’m happy to be a resource for you when you discuss taxes in an article.” Speaking, you can reach out to anybody who’s having a convention in you area, and offer to be a speaker at that convention for free. People love to have qualified speakers. You can be the guy who speaks at local conventions for free and gets incredible visibility as a result.

All right. The first way, the last way, actually, that I want to tell you about to double your business in the upcoming calendar year is to develop a recurring or passive income offering. That is to say, instead of selling new clients over and over again, you should develop an offering that allows you to sell a client one time and you to get paid each and every single month. This can be a newsletter that you charge $10 a month for, or it can be a seminar series that you charge a subscription fee for people to attend. It can be any type of offering that educates people in your area of expertise that you get to bill monthly for. In my business, I have a consulting business where I go out and I help people create new strategies for large firms. I coach people in a one-on-one setting if they’re lawyers, attorneys, CPAs, I also do offerings where, in fact, you just heard about an offering where it’s $10 per week and you can avail yourself of all the resources I post on my website, and I post multiple resources each and every single week, and you can ask me questions by posting them online.

This is a recurring revenue stream for me and my practice. You can do the same thing regardless of whether you’re a doctor, a lawyer, a corner store owner. Think about a way you can offer a service to people that they will pay for month in and month out, and it provides them with extreme value. Recurring or passive income is the number one way for you to boost your revenue in your practice while lowering your labor intensity. This has been an extended edition of the Valtimax Podcast, and I hope you grow your business to double its size in the upcoming year. I encourage you to reach out to me if you want to discuss ways that I can help you personally grow your business in the upcoming calendar year.

That will do it for this week’s episode of the Valtimax Podcast. My name is Dave Lorenzo and I’d like your feedback and comments on this week’s episode. You can call me at 888-444-5150 or e-mail me at [email protected] Here’s hoping you make a great living and live a great life®. Bye-bye.

 

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