4 small changes guaranteed to increase profits
Boosting your bottom line doesn’t require a big budget or even huge amounts of time. You’ll be surprised at how these little tweaks can effectively increase profits.
One of the quickest ways to determine whether or not your business is thriving is to look at your profit margin. Is it higher than when you first launched your business? If it’s not, then some changes are obviously in order.
Happily, these changes don’t need to be huge. Today I’d like to offer you four very small tweaks you can make to your business operations that will enhance the growth of your business and increase profits!
1. E-mail your past customers and contact your older sales leads
You’ll be surprised at how many of these people are still interested in purchasing your products or services. You just need to remind them that you are still selling them and would appreciate their business again. Additionally, previously cold sales leads may now be ready to make a purchase.
2. Find products or services that wealthier customers will purchase
A higher priced product typically equates to higher profit margins. Remember, it can’t be just any product. It must answer a need or solve a problem if you want the customer to purchase it. With a new, more upscale product or service in the mix, you could increase profits significantly.
"Is your profit margin higher than when you first launched your business? If it’s not, then some changes are obviously in order."
3. Select products or services that you can deliver on a continual basis
If you are selling a particular product, consider ones that customers will re-order on a monthly or quarterly basis. If, on the other hand, you are selling a particular service, then consider selling ongoing monthly contracts or retainers.
4. Work on growing your client or customer base early in the day
Most entrepreneurs start their day with the intention of growing their client or customer base and increasing sales. Unfortunately, unforeseen urgencies and unexpected surprises have a way of derailing those intentions. As soon as you arrive at work or sit down at your desk in the morning, mandate to yourself that, pending no truly major emergencies, you will spend the first hour of the day focusing on your sales endeavours.
So there you go. Hopefully at least one of the points above has resonated with you and hopefully it’s now abundantly clear that you don’t need to set aside huge amounts of time or money to boost your bottom line. Small efforts can also be an amazingly effective way to increase profits.
Do you set aside a certain amount of time each day to grow your business?