You have a business and you’re making more money, so that means you’re one of the lucky few. You have wandered out into the world without anything and built yourself a mini-empire that brings in enough riches to feed your family. You’re reading this because you’re not completely happy. You have a fire in your belly and you want more. You want to take your business up to the next level by making more money than you could ever imagine.
It’s not easy taking a small business and increasing the profits enough to make a considerable difference. It’s not easy, but you’re going to try anyway because it’s something you’re passionate about. If you’ve been thinking about taking it to the next level for a while there are probably a few ways you’ve thought about doing it. Let’s look at some ideas below that will help you reach your goals and you can see if you have already considered any of them.
Bring in new products
If you’re selling a particular product at the moment is there any way to expand into other areas? You ideally want your average customer to by buying both products. There isn’t much point in bringing out a second product if people are just going to choose between the two. If you can’t add anything else to your product line you might want to think about slowly increasing the price of what you’re selling at the moment and make sure you measure the results.
There is a great way to market your business and there is a bad way. Are you doing it the great way at the moment? I doubt you are because if it was working effectively you would know exactly what was needed to be making more money. You would just invest more into whatever was increasing your sales. Start looking through your marketing strategy very carefully and try to figure out the ROI on everything you do. That will tell you what you should be focusing on.
Get more work done
If your employees can find a way to work harder they will get more done. Lots of companies like to monitor computer usage and you should do it too. You will probably have a few people who like to sit around all morning looking for flights and praying for their next vacation. If they know someone is watching them it will mean they start doing work instead of messing around in your time. If you don’t monitor their computer they could be doing anything.
Find an easier way to do something
There is more than one way to do something, but for some reason companies seem to be stuck in their ways. You could be making more money right now if you found a quicker way to carry out a particular job. It’s time to change the way things are done and the best people to ask are your employees. Ask them to send you an email asking if they have any suggestions about ways to streamline any of the jobs they do on a daily basis.
Retain your customers
Can you imagine what would happen if someone kept coming back and buying from you? It would mean as time went on your profits would keep increasing because not only do you have the new customers walking through the door, but you have all the ones that return and spend money. You need to make sure whatever you sell is perfect so everyone will love it. Your customer service should also be great because that can be the difference between someone coming back or not.
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Sheldon Lewis is a business analyst by profession and works for Webwatcher. He has vast experience in this field and has worked on many critical projects. He often gives advise on matters of business and has written several articles explaining its various facets on his blog.