This content was created by Mike Andes. This content was uploaded by Mike Andes. This is a YouTube video titled "Most Business Owners Don’t Know THIS!!!" featuring Mike Andes, created on February 3, 2023. In this video, Mike Andes discusses the importance of the close ratio for businesses with under $500,000 in annual revenue and provides strategies to improve it.
If your business is doing under 500,000 in annual revenue, there's only one number you really need to know and focus on. Let me explain. The number is called close ratio. Your close ratio is simply what percent of estimates that you give out to customers are accepted by the client. This is the only number you need to know because if you're doing 30% close ratio, which means 30% of the estimates that you give are being accepted, you can literally double your business simply by moving that number to 60%. How do you do that? Do a better follow up process. Call the customer back the day after you give them the estimate and make sure that you close the deal. Don't just let it go stagnant where you never hear back from the customer.
