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Double Your Business Results Using the Penny Model
Author: harjeetkaur  | Posted: 10-03-2008 | Comments: 0 | Views: 9 | Rating: (62)  (?) 
Doubling your business results is much easier than many you realize. Especially, when you can implement a simpler process, you CHANGE how you THINK. Before explaining how to double your business results, I would like to share with you the penny model. Using this approach YOUR business results DOUBLE in 30 days.
Beginning on Day 30, you now have a penny. By Day 60, your one penny has grown to 2. Within 3 months or 90 Days, you have 4 pennies. Are you starting to get the picture?
Continuing on with the Penny Model, your fortune starts to look something like this:
Day 120 – 8 pennies
Day 150 – 16 pennies
Day 180 – 32 pennies
Six months have now flown by and you have increased your penny 32 times. Wow! And you thought doubling your business was not possible.
Day 210 – 64 pennies
Day 240 – 128 pennies
Day 270 – 256 pennies
Day 300 – 512 pennies
Ten months later your efforts are now securing a 512 return from that initial first penny. Yet, the best is still to come.
Day 330 – 1024 pennies
Day 360 – 2048 pennies
A year has now passed and that one, single penny now has the value of 2,408 pennies, far more than doubled. And even if for some reason, you didn’t achieve 2,408 pennies, would you complain if you only had 128 or even 32? I think not.
Okay, “So what does that mean for my business?” you may be asking yourself right now? Plenty and let me explain why.
Let the penny represent your daily actions or activity. For example, you call 100 people, speak to 20 of them, schedule 5 appointments and receive one sale. By increasing your calls on a daily basis for the next two weeks to reach another 10 people each day, you will have another sale at the end of two weeks.
Or maybe you currently schedule only 3 appointments per week and it took you 50 dial ups (number of time attempting to contact a potential sales lead) from the previous week to secure those 3 appointments. By doubling your dial-ups to 100 per week, you would now have double the appointments to 6. Given your close ratio, you could easily double or triple your business within a very short time.
Even if you believe that you can’t double your phone calls (your belief system may be another reason why you can’t double your results and that’s an entirely different article), consider what would happen if you increased your performance by just 10%. A 10% increase in effort, which isn’t that much more, can be compared to a penny to a dime or a dime to a dollar.
If I am currently averaging $52,000 in sales per year, 10% would mean an additional $5,200 or just $100 more per week. Using your sales and tracking numbers, which I am sure that you have, you will know exactly how many calls you will have to make to increase your weekly sales. Maybe it is just a case of up-selling or even asking a good client for a referral.
The Penny Model is a very simple way to see how quickly your activity cans double your business results. All you need to do is to keep an open mind and look to the possibilities instead of limitations. Of course, a proven goal setting and goal achievement action plan probably wouldn’t hurt either.
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