1MONEYBAGSEvery business has untapped or hidden profit areas that are just waiting to be discovered, realized or developed. Many entrepreneurs and small business owners get so bogged down with operations, customer service and managing daily tasks that it is easy to overlook revenue generating opportunities that are as plain as day. I often think of the up-sell strategy that McDonald’s used when they decided to add the line: “would you like fries with that?” when taking their customers orders. Later studies revealed how asking customers that one simple question increased their profits exponentially.

The question is how do you uncover hidden gold mines of profit in your business? What areas do you need to investigate or dig further into concerning how you provide your particular product or service? Here are a few tips to help you maximize untapped or hidden profit areas in your business.

1. Review what your ideal clients want versus what you already sell. Figure out if your current product or service list still meets the needs of your ideal clients and target market. Take a survey of how well your offerings are meeting the needs of your customer base. The easiest way to find out what your customers want is to ask them. Interview your current clients that you have a great relationship with and ask them what they like or love about your products or services and what if anything they would change. Your clients might just give you your next big idea or help you create a new product.

2. Review your connections. Consider your network. Who have you met in the last 60 to 90 days that you have not followed up with but need to? Make a list. Reach out to everyone on the list, reintroduce yourself  and make  new connections. Don’t worry about whether or not they have forgotten about you. Perhaps they have and perhaps they have not. But you can easily refresh their memory and  admit that you dropped the ball and are taking action to make it right. Ask your connections if they know someone who might need your products or services. Don’t forget to offer them the same courtesy.

3. Review the prospects who did not become clients. Call the group of people who are what I consider “low hanging fruit”. These are the people who considered hiring you or doing business with you but didn’t.  With this group of people you have two options: you can either take it personally that they didn’t hire you or (buy from) your company or you can contact them to get an update about what their needs are at this point. Perhaps they didn’t choose to work with you because the timing wasn’t right or they truly couldn’t afford it. You never know, if more than six months have passed, things may have changed. Your phone call could be the answer to getting an unexpected piece of business or a referral from this old prospect.

4. Review your joint venture partnerships or create new ones. Who can you partner with that needs a similar target market as you? Consider another service provider who compliments your offerings. Think about what services your ideal customers would respond to. For example: a lawyer could partner with an insurance broker. A virtual assistant could partner with a Financial Planner. The possibilities are endless. It’s important to think about all of the products or services that your ideal clients want and need at their fingertips. Then review your network for possible joint venture partnerships or promotions. Offering new things that your ideal clients are already in the market for could potentially be a hidden treasure for your business.

5. Review your old inventory. Consider unsold items currently in stock that you could get rid of at a discount price. How could you bundle these unsold items with something that is selling better and create a package deal? Offer a great promotion for the unsold item and create a campaign around emptying your warehouse. Even if you have a service based business, think of what program or option that you offer that isn’t currently selling, and create a special promotion to discount this service to increase sales. Selling 50% of something is better than selling 100% of nothing.

As you can see, the ideas of creating revenue in your business from untapped resources are yours for the taking. You simply have to brainstorm and get creative. Do you have examples of untapped profit areas in your business that have produced results and new sales for you? I’d love to hear your stories. If this post has been helpful to you, please click and share.

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This article is written by Lori A. Manns. Want to use this article for your website, blog or newsletter? No problem. Here’s what you must include: Lori A. Manns, CEO of Quality Media Consultant Group your marketing and sales success mentor, and founder of Marketing For Trailblazers TM & ABC’s of Successful Sponsorship Sales System;TM  that shows you how to get more sponsors and sales for your business, guaranteed. To purchase consulting  services on marketing, advertising or sales and, learn how to increase your revenue and grow your business; please visit www.qualitymediaconsultants.com.