It’s not secret, everyone who wants to keep scoring in business, wants to be more profitable. Many times, most simple idea can make you big profits, as it’s all about what you keep and not just what you make. There are many things you can do that will make your business much more profitable. When you buy someones business, you can always improve things that were not done better. There’s a big probability that previous owners didn’t make right things because otherwise they would be earning huge profits, and would not sell their business in the first place at all. When you sell products, put at least prices up by 3-4%. Think about how many customers you have in database? And how many of them are active ones? Go through their files, because it’s a gold mine. Also, reactivate customers that are not active. Try with method of sending postcard with attractive themes such as: we want you back, or something similar. You will get surprised when you see how many of them will call you back.
Ways to business make more profit
It’s important that you know what is your net profit per one hour before it’s divided by taxes. You must consider and include all working hours of your employees, but don’t count vacation and training hours. The rule is that for each hour you are producing revenue, so what is the final line profit that you will generate? If profit is lower than what you’d expect take steps in order to increase that. One of best methods for your company grow is through customers referrals. Put some kind of statements at the bottom part of proposals, invoices or business cards. If your work is good, you will get recognized and someone will tell their colleagues and friends about you. Your goal is to get 100% satisfaction from customers.
Include calling the person you sold product, after 30 days of sale. You should ask them if everything is okay. Depending of what type of business you’re doing you can even offer discounted products or free offers. Good idea would be saving 1% of each dollar that comes to you. This will serve as your emergency account of cash. Every time you make deposit in bank, transfer 1% of that amount into your account for savings. So when the time comes for having to pay taxes that 1% will be there. Try to learn some new skill and add it to the existing knowledge. Stop your existing customers from leaving. Create survey for them and talk to past or current customers, it will generate you more business.
All of this changes and methods will significantly make improvement and big difference to your balance. It’s great for your company if you can recognize what needs to be changed. So don’t just think of making business decisions but act on them. Create understandable and simple plans. Each time you communicate with customers do it with passion and clarity. It’s all about being bold not taking small steps.