Let’s cut straight to it.
Profit is what you and your family take home at the end of the month.
Profit gives you the ability to live life on your terms.
The more profit, the better.
Here are 10 lessons that have helped me make a lot of profit over the last couple of years. Take note:
1. Focus on Retention Over Acquisition
Most business owners are obsessed with getting more leads. Very few focus on keeping their current clients happy. But here’s the reality: it takes significantly more effort to acquire a new client than it does to keep an existing one.
Imagine if you never lost a client. How much wealthier would you be?
Double down on serving your current clients, and you’ll become more profitable. If they keep staying and paying, your business will grow exponentially. The worst business model in the world is one that constantly chases new clients while losing them just as fast.
2. Get Better & Faster Results Than Anyone Else
Results drive retention. If you deliver life-changing results, clients will stay, pay, and refer others. But if you can get them those results faster than anyone else, your clients will turn into your biggest advocates.
For example, if you help a client achieve an incredible transformation in their first 30 days, they’re far more likely to refer others and stay long-term than if it took six months to see the same progress.
Always ask yourself: How can I get my clients better and faster results than anyone else?
3. Become the Most Relevant Option in the Market
If you’re not the most relevant option, you have no positioning.
Your job as a CEO is to make your business the most relevant thing in your clients’ lives. If you’re not relevant, you’re not needed. And if you’re not needed, your marketing, sales, and service will struggle.
The more relevant you are, the cheaper your ad costs, the faster your lead generation, and the higher the quality of your clients.
4. Raise Your Prices
If you haven’t increased your prices in the last year, test it.
Higher prices attract more committed clients, increase perceived value, and boost profitability. Too many entrepreneurs undercharge and overdeliver. If you’re getting strong results for clients, you should be charging more.
5. Leverage Strategic Partnerships
Look at the additional services your clients are already buying and forge partnerships where you either take a referral fee or an equity stake.
For example, in my fitness business coaching company, I hold equity in an ads agency and an accountancy firm. Why? Because my clients are already investing in those services, and I want to ensure they’re getting the absolute best. By partnering with the top providers, I know my clients are taken care of, and I get compensated through equity and referrals.
Also, people don’t leave accountants—unless they stop doing business altogether. Strategic partnerships like this increase your revenue while adding long-term stability to your business.
6. Train Your Team More Than You Train Your Clients
Your team builds your business. If you’re not training them, you’re not developing them. And if they aren’t growing, your business isn’t either.
You can train them yourself or outsource their development, but if your team doesn’t have a personal development plan, it will cost you—because every bad decision they make is a direct hit to your business. Decisions drive your business forward. The sharper your team, the better the decisions, and the faster you grow.
7. Stay Mission-Focused
Why did you start your business?
For most entrepreneurs, it’s either because they didn’t want others to go through the struggles they experienced, or because the business was their path to freedom. Either way, the mission came first.
Chasing big revenue months or massive wins gets exhausting. A high month is always followed by a low one. Screw that. Stay focused on your mission, and you become immune to the emotional rollercoaster that most business owners go through.
Do it for the mission, not for the wins.
Let me know if you find this useful—shoot me back a quick email and share your biggest takeaway.
Until next week,
Love and respect,
Phil Graham
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Also, make sure to check out my latest podcast episode this week—I think you’ll get a lot from it. Listen here:
