Three Success Business Formulas for More Sales and Profits (Quiz)

What is the first focus that a business owner should concentrate? Profit Margin Leads Revenue What is the most important element in this formula? Profit Revenue Customers None of the above All of the above What is the best logical method for building a profitable business? Margins, conversion rate, leads, average dollar sale, and number of transactions Margins, conversion rate, average dollar sale, number of transactions, and leads Leads, conversion rate, number of transactions, average dollar sale, and margins Customers, revenue, and profit None of the above What is/are the key performance indicator(s)? Advertising dollars spent, conversion rate, number of employees, and break-even point Conversion rate and break-even point Conversion rate Advertising dollars spent and number of employees The best way to build a business is to first increase your leads. True False Revenue is the most important element of a profitable business. True False A method of increasing your margins could include: Increase advertising dollars spent Hire more sales people Raise your prices Hire a CPA None of the above A method of increasing your conversion rate could include: Increase the number of leads Examine your expenses Building a comprehensive client/prospect database Increase your advertising dollars spent Break-even point is the amount of money needed to pay your federal and state taxes. True False The best way to increase your average dollar sale is to: Use sales scripts Hire more sales people Examine current expenses Offer more discounts for your best clients The best way to increase the number of leads is to: Increase your range of products and services Create a company website Train your customers Improve individual, team and store appearance Use school newsletter to promote your business The best method of building a business is to advertise to generate greater profits. True False The best method to increase your average sales is to increase the credit level for your prospects. True False The best method to increase your average sales is to: Release your C and D clients Train your sales team Up sell, cross sell, add on sell Increase your prices None of the above All of the above The best way to increase business leads is to: Create a brochure Advertise in a daily newspaper Create better network connections Create a catalogue that promotes your products and services Write a book Create an advertising campaign using blimps and plane banners Hiring commission only sales people can boost your sales. True False Testing and measuring is critical to maintaining a successful business. True False Conversion rate is the ability to convert more revenue to greater profits. True False The best way to improve your conversion rate is to: Define your unique selling proposition Entertain, wine, and dine prospects Create a company website None of the above All of the above What is the fist priority of a business owner to generate more business? Create a company website Hire great sales people Place an advertisement in a metro daily newspaper Seek referrals form existing customers For more information, contact Kenneth Brown at 678.520.8040 or via e-mail at Ken@E3CLink.com Page 3 of 3 Biz Quiz 2: Profit Formula E3Capital Resources, LLC Business and Human Capital Development For more information, contact Kenneth Brown at 678.520.8040 or via e-mail at Ken@E3CLink.com Page 1 of 2 Clients * Number of Transactions * Average Sales Leads * Conversion Rate Total Revenue * Profit Margin Clients or Customers Total Revenue PROFIT