You're in business to turn a profit, otherwise you could go work for someone else and make them money. So what steps can you take to increase your bottom-line?
Budget: Make sure you have a budget and review it monthly to see where you stand with your spending. Things can creep up on you if you wait too long to take action.
Change Operating Procedures: Is it possible to generate more sales while reducing operating expenses? It sure is! Cross-sell to your customers. Have a "relationship" based sales model that will have your customer coming back to you. Offer bundle discounts or prepayment discounts. Audit your audit your administrative functions to see where you can trim expenses. Outsourcing is a growing trend for both HR and Accounting Departments. Ask yourself, what routine functions could outsource to save money? and would it be more cost efficient to hire part-timers to do these tasks?
Be Visible and Connected: In this age of technology and social media the one who's out there is the one that gets noticed. Does your company have a website? Blog page? What about social media, like Facebook, Twitter, and LinkedIn just to name a few. Taking you reputation online will enable you to connect with clients and make strategic alliances.
Everyone's a salesperson: Now I don't mean your accounting department is going to be cold calling potential customers. But whether it's telephone call, email or face-to-face meetings, every employee has the opportunity to spread your company's message and engage in potential sales-generating conduct. All staff needs to pitch in to help cutting costs, selling, networking on the web, marketing, and so on. Motivate your staff to sell your message by encouraging self-development, conferences, lunch meetings, and webinars. Reward your employees who take continuing education classes or who go the extra mile to positively represent the company inside and outside of work.
How will you grow profits at your business this year?
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