Archive for May, 2007

There are a few ways to increase your sales (and profit…)

1. Find new customers to sell to.

2. Sell more to your existing customers.

3. Raise your prices.

Not making the profit you would like to be making in your business? The quickest and easiest way to solve this is to raise your prices.

You can increase your prices 10%, lose 20-25% of your Revenue (Sales) and still make the same amount of profit…

So, ask yourself a question: “If I increase my prices 10%, am I going to lose 20-25% of my sales?” I bet the answer is no…

(See this spreadsheet for the math behind the calculation above.)

If you enjoy reading business books, here is a list of recommended business books…from one of the greatest business writers of our time, Tom Peters:

His #1 book recommedation?

#1, no contender for the spot, Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, by Nassim Nicholas Taleb.

It starts this way: “This book is about luck disguised and perceived as non-luck (that is, skills) and more generally randomness disguised and perceived as non-randomness. It manifests itself in the shape of the lucky fool, defined as a person who benefited from a disproportionate share of luck but attributed his success to some other, generally precise reason.” “We underestimate the share of randomness in just about everything, a point that might not merit a book—except when it is the specialist who is the fool of all fools.” “Mild success can be explainable by skills and labor. Wild success is attributable to variance.”

Link to complete list of Tom Peter’s book recommendations. 

I think this list is incredibly interesting…it sheds light on where a great business mind has received a great deal of his education.