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