As you grow your business, your profit should increase.
Check out these strategies for ways to improve your profit and get your creative juices flowing! As your business grows, your customers get more value and you ought to be earning more money. It's a win-win!
If you're not sure how to increase your profit, these 4 simple strategies can give you some inspiration!
Watch for ways to improve profitability...
In this video, I’m going to cover 4 strategies for increasing your business profit.
#1 Mindset and Thinking Outside the Box
I have to mention this first because all the strategies in the world are only as useful as you make them! Thinking outside the box is something that even MBA programs teach as the biggest influencer in large corporations being successful. Ultimately, thinking outside the box is just being creative. To be creative you have to be in a positive state of expectation. Otherwise, you’ll only see more of the same.
#2 Increasing Prices or Rates
Now, if you’re struggling with this one and you’ve considered it; look around at other businesses providing the services or products that you provide and find ones that are charging more, and look at why. Customers want to pay you. If they’re enjoying your products and services, they want to pay you enough so that they can continue to enjoy purchasing from you. Also, the more people pay, the more they can receive value, which is also an important aspect.
#3 Provide More Value Through a Package (& charge more profit)
You can do this with products and/or services. You can start by asking your clients or customers what they’re other needs are, related to what you are already providing. You don’t tend to charge the same rate in a package, because customers are getting more value overall, there should be more profit built into the price.
#4 Using Numbers, and Accounting, to Plan Your Strategy
Planning your sales, income & expenses is super important for success. I meet business owners all time, who are struggling with their profitability. It’s always interesting to me how often business owners will think they should be more profitable than they are, but when they tell me their business plan, they have the profit I would have expected their plan to produce.
Since they never ran the numbers, they didn’t realize this was the profit they were planning for. However, they could have known the undesirable profitability was exactly what they were really planning for. So, if you’re not currently planning with your business numbers, I can guarantee that you have opportunity to grow your business by starting to form the habits of planning your business strategy and money. Evaluating your strategy and money data is an important step for turning your work into an actual business. In fact, it’s the CEO’s job; to plan the business strategy and evaluate the data.
If you have no clue, how to actually use your accounting reports, I have a free checklist just for you! ‘The Exact 4 Reports You Should Be Using To Increase Your Business Profitability & Grow Your Bottom-Line’ Download it below!
If you enjoyed this, I’d love to hear from you! Hope you have a beautiful day!
Cheers to your business!