Getting right into it this week, here are the 7 pieces of low-hanging fruit that’ll actually transform your business.

#1. Pricing

Pricing is the lowest-hanging fruit there is, especially if you:

• Sell more than one product or service

• Have never strategically priced before

• Add 10+ features and still try to lower prices

You can easily raise prices by 10-25% without issue.

#2. Hiring a Bookkeeper

Bad or no bookkeeping is one of the costliest mistakes owners routinely make.

It hurts you in three major ways:

• Poor strategic decisions

• Financial problems down the road

• Lower valuations when exiting

Hiring a bookkeeper will save you money in the long run.

#3. Acquisitions

The easiest way to 2-3x your revenue is to buy a business.

There are two primary ways to go about this:

• Buy a competitor

• Buy an add-on service provider

When done right, the additional revenue will more than cover the cost of debt and boost profits.

#4. Upsell Current Customers

It’s much easier to upsell your existing customers than to find new ones.

Here’s why:

• They already trust you

• Zero acquisition cost

• Potential for high ticket sales

Focus on increasing lifetime value over growing your customer count.

#5. Timing Your Hires

This is the most underrated piece of low-hanging fruit, hands down.

Most businesses tend to:

• Take on work

• Struggle to deliver

• Then hire in a frenzy to catch up

A much better approach is to run the numbers and hire just ahead of time. In essence, treat hiring as an investment in the business.

#6. Working Capital Management

Most owners don't understand working capital.

You should aim to:

• Recover aged receivables

• Pay bills when they’re due

• Improve terms with existing vendors

The focus should always be on cash flow efficiency.

#7. Business Investments

Most owners have no clue about the numbers beyond the basics.

For instance, which segments:

• Drive max returns?

• Are most profitable?

• Have growth potential?

Answer these questions in detail, then allocate resources accordingly.

Where you allocate today is where you'll be in 5 years.

Putting It All Together

Here are your top takeaways from this week’s post.

1. Pricing is the lowest-hanging fruit there is in your business. You can typically get away with a 10-25% increase without issue.

2. Hiring a bookkeeper will pay for itself.

3. The easiest way to double or triple your revenue is to buy a business. You can either buy out a competitor or acquire an add-on service provider to accomplish this.

4. Prioritize upselling your existing customers over acquiring new ones.

5. Instead of taking on work, struggling to deliver, and hiring in a rush to catch up, hire just ahead of time.

6. Identify which segments drive maximum returns, are most profitable, and have growth potential. Then allocate your resources accordingly.

Hungry for More?

1. Follow me on Twitter and LinkedIn for daily content to take your business to the next level.

2. Shoot me an email with your questions or requests for what you’d like me to write about next.

‘Til Next Time,

Connor