A Million Dollars
[Conversation Between Myself and a Business Owner]
BUSINESS OWNER: I don’t have time to focus on the low dollar deals, or low profit margin products and services. To make it in this business, I have to dedicate my time to our highest profit services and products.
J Walker: I want to caution you that approximately 1/3 of your business will be high dollar profit situations. However, another 1/3 of your business is likely to be middle of the road profits, with the remaining 1/3 falling into the low dollar range.
BUSINESS OWNER: I have no interest in investing time in prospective customers that are not likely to result in a high dollar deal.
J Walker: Certainly that is your decision to make, and I am sure that you know what is best in your situation. I do want you to consider though, that the mid and low profit deals are likely to be 2/3 of your net profit. Are you willing to give up that percentage of your income?
BUSINESS OWNER: Ummmmm…
J Walker: A million dollars in quarters and dimes, still adds up to a million dollars. However, if you invest your time ONLY with high dollar profit situations, and then the deal falls through, 100% of nothing is still nothing. Perhaps the best approach would be to decide on a standard high level of service for ALL customers.
MORAL of the STORY: Sometimes folks are so busy looking for the high dollar deals, that they pass up ten times as much money in low dollar deals.
I WILL DEFINITELY SEE YOU AT THE TOP!
Small Business Marketing Consultant and SEO Training Specialist
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