Many small business owners need to change their practices by focusing on creating more profit. To increase profits and boost your bottom line, here are five key strategies to consider.
- Focus on your existing customers – what many small business owners don’t realise is that the quickest way to reach new customers is to look after their existing customers. To stay fresh in your customers’ minds, use email marketing. This not only helps to drive repeat business but in turn will attract new clients.
- Encourage recommendations and reviews – there’s nothing better than positive recommendations and reviews. Why not ask satisfied customers to leave reviews on your business Facebook page? Customer endorsements are a great way to attract new customers, expand your business and increase profits.
- Stay visible and connected – in today’s cut-throat business world, you need to have an eye-catching website. Make your website a priority and an enjoyable experience for customers to navigate. Having a professional online presence will not only attract but convert potential customers, so invest time and money to get it right.
- Track your success – it’s essential to review numbers behind any type of marketing strategy. This can include anything from email click-through to open rates, website traffic and social media engagement. This way you can find out what is working and what is not.
- Profit margin for each sale – profit margin is essentially the gross profit made from the sale of a particular product or a service provided. Keep looking for ways to increase prices and lower costs without reducing the quality. This will increase your profit per sale margin and make your business more profitable.
Reputable accountants, Highwoods & Associates, can provide invaluable advice on how a business can become more profitable. Give us a call to see how we can help.