12 Ways To Boost Profits
At Your Payroll/HCM Business
(Print And Share With Your Executive Team)
By Glenn Fallavollita - President, SellMorePayroll.com | Drip Marketing, Inc.
- Word Count: 353
- Time To Read: 1.4 Minutes @ 250 Words Per Minute
Over the past few months, many payroll/HCM businesses have taken a hit when it comes to their profits. And if your company has too, you need a sales, marketing, AND business plan to offset these losses. That being said, you and your management team need to focus on these core elements of your business:
12 Areas To Print And Share With Your Executive Team.
- #1: Look For Niche Markets Your Sales Team To Target (i.e., Long-Term Care, Building Supplies, Liquor Stores, etc.)
- #2: Give Your Staff Incentives To Improve A Process(s)
- #3: Focus On Employee Engagement (~66% Of Your Staff Is Either Disengaged Or Completely Disengaged)
- #4: Negotiate A Better Deal With Your Vendors
- #5: Look For Private/White Label Opportunities
- #6: Buy A CPA’s Book-of-Business
- #7: Outsource Core Functions (i.e., Marketing)
- #8: Run A Price Audit (Compare Your Prices To Your Competitions')
- #9: Restructure And Refine Processes And Procedures
- #10: Switch Up Suppliers, Back-Office Software, Or Payroll And HR Software
- #11: Start Cross-Selling Other Services To Your Clients (i.e., time and attendance)
- #12: Get Your Salespeople To Pick-Up The Phone More Often (50% Of All Salespeople STOP calling A Prospect/CPA After Their 1st Unsuccessful Attempt At Moving The Sales Process Forward - Your Salespeople Are Guilty Of This Too)
2 BONUS Tips. . .
- #1: Survey Your Payroll/HCM Clients To Ensure They Are Happy (And Aren’t Planning To Leave You For The Competition)
- #2: Build A Proactive Process To Generate More Referrals From Your Database Of Clients, CPAs, And Referral Partners
Here's The Bottom Line:
The COVID-19 crisis isn't going to get any better as winter is right around the corner. Because another shutdown/slowdown is right around the corner, it is essential to:
- Audit of your business expenses to determine if there are any costs you can remove or reduce.
- Focus on increasing sales via e-mail marketing and niche marketing.
- Get your sales team to be more proactive with calling clients, referral partners, and the prospects who have an open proposal.
- Take action!