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This article covers part 2 of 4 of the 4 building blocks of Profit Mastery.
The second driver to higher profits is Conversion Rate. This is what we might call Sales. It’s calculated as a percentage of leads to jobs.
You focused on Generating Leads and got the phone to ring, but the money still isn’t flowing. It is time to turn that lead into a job. Most individuals will have the perception that they are very good at converting a lead into a sale, although having a positive attitude is a nice attribute to have, tracking the number is the best way to improve this area. If you haven’t started already, now is the best time to start keeping track of the amount of leads each day that you receive and the number of jobs you generate from those leads. You can only conceivably manage what you can measure. Focusing on your conversion target may increase your businesses sales levels by 20%. Why not also identify who is most responsible for converting a lead and establish for them a target to reach so they know when they are winning. We all like to hear that we are doing a good job and are an important part of the team’s overall success.
Once you have gotten a handle on your Conversion Rate you need to also understand your Average Dollar Sale. Next week I will be talking about how to be sure you are receiving the highest Average Dollar Sale and how it plays an important part in your profit.
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Nick Sharp
Nick Sharp has worked with Jeremy Reets for nearly 2 decades. He started in carpet cleaning and mitigation before moving to the construction side as a project manager. He then was the senior estimator for Champion Construction for over 8 years. Since its inception in 2015, Nick has been an instructor of our Restoration Estimating & Negotiating course. His most recent venture is as a restoration estimate consultant. Nick is an Xactware Certified Trainer and also has his Levels 1-3 Xactimate Certifications. He’s a bad boy on that sketch but better at finding where you may be losing money!
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