Last time we talked about packaging, billing, and collections.

Today I’m going to cover something to plus your sales right up front.

POS is short for Point of Sale.

In the retail business this refers to the checkout counter where you pay for stuff on your way out of the door.

This is a really important topic, because I’d say less than 10% of the clients we work with ever take advantage of this in their business.

And even fewer, maybe like 3%, fully maximize this opportunity to it’s full potential.

You’re crazy not to implement this… because it’s basically free money.

Not only that, but every time you sell something to your customer (and they buy) they are voting with their wallet that they love doing business with you.

And that’s your job as a business owner. Develop more hyper-responsive customer relationships that will support your business (and you) for life.

This is how LCV (Lifetime Client Value) goes up.

You make more money… regardless of adding any new clients to your business.

Let’s say your business has 50 clients. And they spend an average of $300/month with your business.

50 clients X $300 average sale X 12 months = $180,000

Now what if by implementing simple POS systems, you increased that average sale per month by $100 or $200 dollars (something that’s pretty easy to do between nutritional products, clothing, equipment, or even a cross-sell service like massage therapy).

What does that do to the math? Let’s take a look…

50 clients X $450 average sale X 12 months = $270,000

You just increased gross sales by $90,000!

AND YOU DIDN’T ANY MORE CLIENTS TO YOUR BUSINESS.

Now there are different margins on various products and services you offer, and all of that needs to be understood.

But generally the margins are pretty decent (like in the 50% or higher range on retail sales) and there are virtually no additional COSTS to your business by adding the POS transaction.

You’re already taking a moment to say goodbye to a client, schedule their next session, etc. And you already have to invoice them, take their payment for services, etc.

So without any additional labor costs, no additional square footage needed or rent for your facility… you just added significant bottom line net profits to your business.

In some cases I’ve seen this DOUBLE net profits for the owners.

And now if you add more clients to the front end of that equation… you’ll see the numbers multiply and grow exponentially.

It’s simple math.

And I’m laying out some pretty conservative figures for you here.

I’m still shocked that more business owners don’t take advantage of this opportunity.

I guess the sad fact is that most folks are too busy running around like a chicken with their head cut off just trying to manage the basics.

And this is kind of an overwhelming thing to look at for them.

Everybody’s got excuses. And they all sound like this…

“but my business is different”.

That kind of thinking is what we call head trash.

It’s garbage that has to be taken out because it’s not serving your growth and advancement.

I would challenge them (and you) that you’re just not thinking clearly. And if you want to change things you’ve got to start by getting your head right and eliminating excuses as to why you ‘can’t’ be successful.

If you’re struggling with tougher times in your business right now because of a soft economy, it costs you more time and money to get a client than it used to, your rent and other costs of running the business have gone up…

…then this is exactly the kind of strategic move on your part that can and will tilt the economics back in your favor.

EVERYBODY CAN BENEFIT FROM THIS.

Ok, so let’s cover some simple things you can do to put a POS system in place.

1. Survey your clients

I think one of the fundamental things that hangs people up in the head trash department is that they think this is just about selling more crap to your clients.

That’s incorrect thinking.

This is about discovering how you can continue to better serve and support your clients.

In fact, I believe that if you truly care about your clients… it’s your moral obligation to learn more about them and find ways you can continue to meet your commitment to serve them.

Remember the famous Zig Ziglar quote “You can get anything you want in life, if you help enough other people get what they want.”

That’s what we’re talking about.

Learning more about your clients so you can better help them get what they want.

2. Look for what products and services you can offer your clients that will continue to support them.

Where do you see your clients still struggling?

Where are they struggling in solving their problems and achieving their goals?

What would help them?

What additional products and/or services would be beneficial?

Or what would be something fun that you know they’d enjoy investing in?

3. Put together a limited ‘menu’ of additional offerings to begin with.

Don’t get it twisted and think you’re opening a Sporting Goods store or Vitamin Shop.

Yes, the possibilities are endless. They are only limited by the depth of the desires of your clients (which are really endless).

But begin by putting together a limited menu of things you can add on to your current offerings.

Here are some ideas:

- Nutritional Products: (multi-vitamin mineral, meal replacement bars and shakes, post workout recovery) are great ones that make up bulk of sales. And we’re not talking about becoming a drug or pill pusher. We’re talking about basic things that everyone uses and are helpful. Sure you might eat dried berries, dry your own beef jerky, and purchase bulk nuts you bag yourself. But recognize you’re not your client. And most folks would rather just take a bar out of their pocket and eat it to refuel with a bottle of water and keep moving.

- Clothing: everybody loves T-shirts! And you can rotate in new ones all the time. In addition to that you’ve got shorts, sweatshirts, gym bags, etc. Plus you can brand this stuff with your facilities info and it’s like free advertising. Your clients where this stuff with pride because it represents the community they’re part of and love.

- Equipment: Are you clients doing anything when they are not training with you? What about when they’re on the road away from home? Do they have a home gym for times they can’t make it in for a training session? I know sell clients of ours that sell jump ropes, ab mats, Concept 2 rowers, pull-up bars, and more.

- Information Products: This can take the form of Recipe books, workout journals, technique and training DVDs, and more. It’s also an easy way to get into the info game without having to learn copy, create a website, and all the crazy e-book stuff that so many get sucked into as a business opportunity… and then end up losing money and wasting a bunch of time that could have been better spent just continuing to expand the business they already have.

I could keep going here. And I haven’t even gotten into additional service offerings like a technique training camps, massage therapy, nutrition workshops, nutritional counseling, additional high end client assessments, and more.

But I think you get the idea.

4. Get some inventory and add this to your existing sales process.

Ok, so define your limited menu. And invest in some inventory. You can start with a few hundred dollars or a few thousand depending on what you’re selling.

If your working capital is tight, start small with your investment and you can reinvest profits to expand the store as you grow.

You can add this to your sales process in a few ways:

- Launch a marketing campaign or simply start talking with your clients about what you’ve now got available. Invite them to purchase with an introductory offer, discount, or coupon.

- Incorporate it into your upfront consultative sales process with new clients. Either as an ‘add on’ after you’ve sold your services, or bundle some of these offerings into your current packages and simply raise the package price to accommodate the costs of the additional items.

- Client re-assessments and retests are a great time to identify holes in where you’re clients are struggling, and then present your new product or service offering as a supportive solution.

- Hold a seminar or client appreciation event and introduce your new product/service offering at the event

- What else?

This is by no means a complete list. But ALL of these methods I’ve used myself with great success and we’ve helped the top 10% and top 3% I talked about implement into their businesses.

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Now you’re in the know and have no more excuses for not making the most out of what is right in front of you!

Opportunity is everywhere, including right in your own backyard with your existing client base and implementing POS systems.

All you’ve got to do is follow the steps and take action.

That’s the freedom you have as an entrepreneur and business owner.

YOU get to decide the paycheck you will write yourself!

If you don’t like the one you’re currently writing- change it!

To your success,

Sean