Concerned about meager profits or even losses? Small business owners can get out of the hole they’re in and significantly boost profits with a few steps that give a lift to their daily routines.
New plans with the right preparation will motivate employees and entice prospective customers to your business. Running a small business is challenging enough with the risk-taking involved, but it only takes some simple moves to rev up your company.
Here are eight ways for small businesses to bolster their profits and keep growing:
Offer new services — Create bundle plans, such as a series of services or a number of products, at discounted prices, The Balance recommends. Business owners benefit in the long run from specials and giveaways.
Get employees involved in sales — No matter what department they are in, have them spend time contacting potential customers through meetings, email campaigns, sending out newsletters, or networking to help generate sales.
Online activities — Enhance the business website with blogs that connect to clients and take full advantage of social media outlets, as well as using online marketing tools available to attract new customers to the site.
Cash-flow strategies — Aim to have at least three to six months of cash on hand to handle expenses while keeping operations functioning during slow times, Entrepreneur points out. Keep a list of necessary and ongoing expenses so you know how to maintain a healthy business day to day.
Keep employees happy — You maintain enthusiastic workers by trusting them and encouraging new ideas. Always show your appreciation for their input and be available to listen to their suggestions or concerns.
Expand your marketing area — Perhaps you’ve exhausted efforts in the local market. Expanding into other geographical markets promises to bring new customers and contacts with related businesses, according to Intuit QuickBooks. It may also trigger new ideas for more profits.
Continued follow-ups — Don’t stop after following up on leads once or twice. Potential customers might not be ready for your business at particular times, but they’re ready to buy at another time, Business Know-How explains. Develop a follow-up plan to stay in touch with them.
Contracts and warranties — An ongoing maintenance program for people who bought your products or services helps them feel secure. They’ll continue to provide more profits for your business. Make sure the numbers work out in your contract or warranty plans to keep you financially stable.