How to become a more profitable small business owner

How to become a more profitable small business owner

by | Blog, Business Plan

As a small business owner, turning a profit is paramount to keeping your business above ground and feeling comfortable and satisfied as an entrepreneur. If profits drop, it leads to stress, overtime, and a depleting savings account.

Today I’ve pulled some tips together for you on how to make your small business more money! It’s not about what you bring in, but what you keep. Take a look these strategies for increasing your profit without increasing your effort.

#1 Connect With Inactive Customers

Your inactive customer base is a goldmine. They already know your product, many of them like your product, and they are familiar with your brand. It is much easier (and cheaper!!) to sell to an inactive client than a completely new client. Find creative ways to connect with your inactive customers. Send them a message letting them know you noticed they’ve been absent, and you would love to see them again. Send them a special, rockin’ discount. Shoot them a newsletter detailing new products/services you are now offering that they might not know about.

You’ll likely find several people who need your service/product but needed a nudge or reminder that you’re there. You’ll find others who thought you might have gone out of business because they haven’t heard from you. Get connected with your list!

#2 Organize & Know Your Numbers

For some business owners, numbers are scary or overwhelming. But it is important to have an organized spreadsheet of your company budget, income, and expenses. You should be updating this monthly or even weekly. You want to budget SMARTand EFFECTIVELY so that you are not losing profit. Every employee, expense, contractor, etc. should fit nicely into the budget OR be cut loose. Know your profit!!

#3 Have A Referral Program

Referrals are one of the absolute best ways to grow your business. Referrals save you hundreds or even thousands on marketing efforts. Don’t be shy to approach your loyal customers about referrals. Make it a win-win for them by offering a nice discount or something for free if they refer a paying customer to you. Put reminders at the ends of emails or in product packaging encouraging buyers to share with their friends. It’s important that they also know you want them to be 100% happy with your service/product and have an open line for anyone who is dissatisfied. An unhappy customer who is heard, validated, and accommodated can become your greatest advocate and long-term buyer.

#4 Be An Active Learner/Evolver

One of my favorite books about turning a long-term profit as a small business owner is called Profit First by Mike Michalowicz. If you’ve never read it, I highly recommend it. He teaches you a fantastic method for ensuring your business is always profitable and stable while also making your customers/clients/employees happy.

They say millionaires are reading all the time. Having a book on audible or kindle every month/week is a great way to expand your knowledge, learn new skills, see what other people are doing and just become a more well-rounded business owner. If you make this a habit, you’ll likely come across new ideas or skills that seriously improve your profits!

#5 Surround Yourself With Smart People

It’s hard to admit but sometimes, you don’t know everything! Running a business is hard work and it’s important to surround yourself with smart, skilled people. Find mentors, employees or contractors who have strengths in areas you are weak. Network and make friends with entrepreneurs with whom you can share ideas and brainstorm. Don’t be afraid to outsource projects to someone who can do them better than you or find a mentor to help you learn to do them. Be humble enough to ask for help.

BONUS TIP

A key element to your long-term success as an entrepreneur and business owner is effective PLANNING! We are almost at the end of 2018…did you reach your goals? Did you stick to a consistent plan? Are you pumping your fists in the air or wiping away tears??

It’s not too late to set up your next year for success. Using my 12 month marketing plan, you can create a personalized short and long-term business plan to keep you focused, increase profitability and build your business the way you want!

I know how important planning is and I want to make this very accessible for you. For the price of a fancy dinner, you can get my complete 12 Month Marketing Plan!!

>YES, I want to optimize my business and have a killer 2019 for $97!!

This affordable course includes 4 straight-forward modules to help you:

  • Work smarter, not harder
  • Plan effective, profitable programs
  • Create successful promotions on social media and other platforms
  • Plan early in order to maximize earnings
  • Fix any leaks in your current marketing strategy
  • Free up your time by increasing efficiency
  • Decrease stress and overwhelm
  • Increase empowerment
  • …and more!

Sometimes to achieve results you’ve never reached, you’ve got to do something you’ve never done. Use my ultra-affordable marketing plan to create the best year yet for your business.

Have a great week!

Robyn Bennett

 

PS: Imagine having the next 12 months mapped out >Click here to get the 12 month marketing calendar and optimize your business for $97!!

Common Reasons Your Business Isn’t As Productive As It Could Be

Common Reasons Your Business Isn’t As Productive As It Could Be

by | Blog, Contributed Post

Any business owner will tell you that they want their business to be as productive and successful as possible. However, it’s an unfortunate fact that the majority of businesses fail these days. This can be down to a few things. One of the most common reasons businesses fail is because they just aren’t productive – and this means they aren’t moving forward and growing the way that they should be.

If you feel like this could be the reason your business is lagging, read on to find out why your business may not be as productive as it could be.

1. You Haven’t Got A Business Plan

A business plan isn’t compulsory, and there are businesses out there who have found success without one. However, it’s a rare occurrence. If you really want your business to succeed and remain productive, a business plan is vital. Creating a business plan can help you to secure funding if you need it, and it can help to keep you focused. In your plan you’ll lay out back up plans for when an approach doesn’t work, your projected profits and other numbers, and where you’d like your business to be in a few years. It’s not only beneficial if you want to get funding, but if you tend to lose sight of why you’re doing something. 

Use a template to create your business plan ASAP, and take your time! 

2. The Workplace Is Unsuitable

Working in a suitable environment is key for you and any employees you may have. It should be clean and tidy, and you should have enough space and the right equipment to get things done. Here are a few ways you can make the workplace better: 

  • Hire a cleaner
  • Let in natural light
  • Include plants
  • Make the company culture clear
  • Aim to inspire
  • Have an open door policy
  • Let employees customize their work space
  • Make sure it’s safe and free from hazards
  • Get insurance

3. You’re Not Automating Certain Tasks

Automation will save you both time and money in the long run. If there are tasks that you complete every day, chances are, they can be automated in one way or another. You can look at software, for instance, that posts to social media for you. You could even look at a place like Mills CNC that creates equipment to automate the quality control process. Your goal should be to save as much time as possible so you can use this on other things effectively. 

4. Your Staff Are Feeling Unmotivated

Good leadership is the key to motivated staff. Below are a few ways to keep your staff motivated: 

  • Work on your leadership skills, e.g. your listening and communication skills
  • Learn how to praise and recognize your staff for their hard work
  • Reward staff
  • Create a great environment and company culture
  • Don’t micromanage 

5. You Haven’t Got A Solid Marketing Plan

A solid marketing plan will help your business to gain custom and grow at a steady pace. Ideally, you won’t be doing it yourself; you’ll be allocating a portion of your budget to marketing and working with an experienced marketing team.

How to Be More Effective and Super Boost Productivity In Your Business

How to Be More Effective and Super Boost Productivity In Your Business

by | Blog, Systems and Procedures

There are two kinds of people in the world: those who love to plan, and those who don’t.

Which one are you??

The thing I’ve learned about people who hate to plan is that most of them don’t actually hate planning…they just never learned how to plan effectively!

Once you figure out how to plan in a way that works for you and that improves your business (and your life), it will completely change the way you run the day-to-day operations of your business.

Not only that…but it will seriously increase your productivity (and your profit!!), and you’ll be able to work LESS and get MORE done!

Isn’t that why most of us wanted to be entrepreneurs in the first place?

So, what’s the secret to effective planning in life and business?

I’m going to drop 6 of my top tips for becoming more effective below, as well as offer you a spot in my exclusive 12-Month Marketing Plan Training! If you’re serious about scaling up your business and improving both profit and productivity, this is for you.

Without further delay…6 Tips On How to be More Effective & Super-boost Your Productivity!

  1. Build effective routines to help you get working. i.e., when you wake up, exercise, and then have a filling breakfast and your favorite coffee at your desk. Take regular breaks throughout the day when focus wanes. Stay hydrated. Personally it’s easier for me to focus when I’m drinking water as opposed to any other beverage.
  2. Measure your day’s productivity by results, not time.
  3. Every night, write your to-do list for the following day. Decide ONE thing that absolutely must get done tomorrow. Then choose the next two most important things (only two!).
  4. When you start work in the morning, work on your ONE important task without distraction until completion. Then work on your next two tasks. If you still have time to keep going down your list, great! If not, you got the most important things done for the day and can rest easy.
  5. Identify time-suckers. i.e. scrolling social media, watching YouTube, binge-watching Netflix. Set boundaries around your time-suckers. Deprivation is not necessary but set up good rules for yourself so they don’t waste your time. For example, delete social apps off your phone and only view them on desktop and try to watch Netflix on the weekends only etc.
  6. Schedule a stop-time for each day. If you want to only work four days a week, great! Block off your schedule Friday-Sunday and be firm about saying no to commitments and project deadlines. If you don’t want to work past 3pm, make that your habitual stop time.

These six tips have really improved my business, and also left me more free time to spend with my family and doing things I love.

Do you keep making plans for your business that crash and burn? Do you keep trying new strategies and methods only to end up overwhelmed and underachieved? I hear you! I’ve created a 12 Month Marketing Plan to help you build a profitable business while not getting overwhelmed by the details!

This affordable course includes 4 straight-forward modules to help you:

  • Work smarter, not harder
  • Plan effective, profitable programs
  • Create successful promotions on social media and other platforms
  • Plan early in order to maximize earnings
  • Fix any leaks in your current marketing strategy
  • Free up your time by increasing efficiency
  • Decrease stress and overwhelm
  • Increase empowerment
  • …and more!

YES! I Want To Optimize My Business With A 12 Month Marketing Strategy!

Have a great week!

Robyn Bennett

 

PS: If you’re ready to grow your business to the next level, then you need a workable plan. This course includes every step you need to take to make this year your best business year. Click here to enroll now

 

How Does A Small Brand Start Making Big Waves?

How Does A Small Brand Start Making Big Waves?

by | Blog, Contributed Post

***Contributed Post***

How Does A Small Brand Start Making Big Waves?

That’s the question every new entrepreneur wants to answer. Your small business might be moving along at a steady and promising pace, but you still feel as if your brand is being overshadowed by the big names in your industry. However, the important thing to remember is that you have some advantages over the towering competition. Small companies are still grounded, and that’s important; it means you can really connect with your client base. You need to make the most of this fact and use it to grow your empire. How does a small brand start making big waves? These are just a few potential answers. 

Start making targeted investments.

The first step to making big waves in your industry is to grow. And if you want to help your business expand then you need to invest in it. You’ve probably already got plans and strategies to help your business rise up and make more of an impact in the industry, but are your investments well-targeted? That’s the question you need to answer. As a small business, you probably don’t have huge profit margins to put towards investment. Every expense needs to be carefully considered to ensure that it’ll promote the growth of your company. Start thinking about the goals you want to achieve and the way in which your business will need to grow to achieve those goals. For example, if you want to increase your output then you might want to outsource work rather than hiring new full-time employees; this will save you money whilst achieving the same result as expanding your team. 

Of course, if you’re struggling to make the necessary investments then you might even want to consider getting financial support. Many small businesses get loans to help them fund their projects and advertising during the early days. You need to spend money to make money, but that’s difficult when you’ve yet to make any significant profits, even if you have some clients. You might want to start by getting a free business credit report to assess your situation. You need to do your research to figure out how you can build up your credit. It’s important to have good credit if you want to convince lenders to trust your business. In turn, you’ll get the funding you need to really grow your business. And you’ll be able to use those profits to pay off your debts. It’s a progress through which many businesses end up going. 

Engage with existing and potential customers.

This might sound like a relatively obvious piece of advice, but ask yourself whether your business is effectively engaging with target consumers. Is your content as exciting as possible? You might be advertising yourself extensively, but you have to ask yourself whether your brand is going to capture the attention of the target market. Your brand needs to be tailor-made to the preferences of your intended audience. Maybe you could present yourself as an eco-friendly business, for example. That’ll help you to engage with consumers. You need to make your brand feel human and relatable.

 Build loyal relationships with customers.

Finally, you need to focus on your existing client base. You should be chasing new customers, obviously, but you need to focus on client retention. Securing new leads will help you to increase sales, but building relationships with customers will help you to increase your client base and ensure long-term sales for your business. If you want to build a reputation, then you need to be aiming to steadily grow your client base. This will help your small brand to become well-known in the industry. You might want to offer rewards to loyal customers as a way of thanking them for their continued custom. For example, discounts and promotions could really encourage your customers to return to your business in the future. It’ll make your clients feel valued.