Business success and profitability are synonymous. Stagnant sales each year will not grow a business. In order to be a successful business owner, one must increase profits each year. Increased sales lead to financial security, growth and even a lighter work load. You can hire more people, invest more money into the business and take a family vacation every once in a while. There are certain crucial steps that should be taken to experience financial stability and growth in your business.
Improve online visibility and stay connected
According to the analytics firm Flurry, consumers spend up to 5 hours per day browsing online or on mobile devises. Majority of that time is spent shopping or looking for service. Whenever a consumer stumbles upon your website, it may be your first and only time to make a good impression. It is important to ensure that your businesses services are clearly stated and you can also engage the customer on why to choose your business over others that may offer similar services. Use your internet presence to stand out! Accreditations, licenses, and certifications—for your business or individual employees—can set you apart from your competition.
When was the last time you read your company’s reviews? Take your reputation online seriously. Always respond politely and in a timely fashion to reviews, whether negative or positive. Also use using social media, your website, and a blog or email newsletter actively and regularly to connect with existing and potential customers.
Maintain steady cash flow
Every business experiences a slower season and it important to plan ahead. One of the best ways to achieve a stable cash flow is to offer pre-paid retainers or ongoing payment plans for your clients. While the monthly payments may be lower than one-time payments you’ll be billing for a greater total dollar amount and locking your client into a longer-term arrangement. Maintenance contracts for service-based businesses are another way to create a new revenue stream.
Make every employee your Salesperson
Every employee has the opportunity to spread your company’s message and engage in potential sales-generating behavior. Everyone needs to pitch in to help, whether by networking on the web or marketing or cross-selling other services when customers call in for support.
If you can get your employees invested and motivated to sell your message by encouraging self-development, through roundtables, conferences, lunch meetings, and webinars you’ll be well on your way to creating an organization that’s built around increasing profits.
Remember, it pays dividends to reward your employees that seek continuing education, or who make an extra effort to represent the company inside and outside of work.
Generate more sales
You need to generate more sales while reducing expenses. To increase your sales, try cross-selling—offering new services or goods that complement your current offerings. Switch to a relationship-based sales model that gets customers coming back to you offering monthly or yearly service plans, or a bundle services at a discounted price. Another operational change that can increase profits is incentivizing new customers to try your product with specials deals, discounts, or short-term giveaways.
Become an expert in your market
Becoming an expert in your field brings credibility, business and referrals. But you’ve got to work at it. It takes more than simply listing your credentials on your website; you need to be out there positioning yourself as a trusted advisor.
Examples of great ways to promote your expertise are hosting complimentary workshops, giving away technical resources, and getting featured in articles and podcasts related to your business.
Contact Falcon Project Consultants if you would like more information on how you can increase your businesses’ profits.