Five Ways to Increase Profits Through the End of the Year

How do small business owners stay afloat during trying times?  Here are five ways to help increase profit and get your business humming funnel

Look Inside

  • Assess your current costs. Make sure that every dollar spent is absolutely necessary.  You may need to streamline staff or create more efficient processes and procedures.  Don’t be too arrogant as to think that you can’t learn something new.  This becomes an issue when a business hasn’t looked inside for a long, long time.  They begin to believe there is not a better way than theirs.  It’s worked so well for all of these years, why fix what isn’t broke?  Well, because times change – and so should we.  Always be willing to consider suggestions from your team.  They see things you don’t, which brings us to the next point.
  • Your team is your most valuable asset. The vision and passion that you bring to your company cannot be duplicated but it must be transferred as you build enthusiasm within your culture.  Even if you are a one-man show it is essential to stay motivated by being mindful of the bigger picture.  Get excited again about what you do and why.   Regardless of the work, having a sense of doing it for a greater good, a higher purpose, meets a fundamental human need.  You would be surprised what your team is willing to do for you and your vision if you make them a part of it. They will appreciate your trusting them. Don’t let old philosophies of management keep you from drawing the best out of the stewards of your business.
  • Maximize current business opportunities. Tap into existing clients for a greater revenue stream. Consider maximizing current opportunities to include social media. You have a virtual Rolodex of connections through Linked In, Twitter etc.   If you don’t know how to use these resources to their full potential, you should think about having someone on your team become your social media expert, or hire someone to train you.  Which brings us to our next point.

Look Outside

  • It is still true that it takes money to make money. Sometimes it is necessary to bring in outside help to evaluate our team and us.  Being willing to be honest that there are some things that need to be fixed can make or break your business by the years end.  Often it takes an outside observer, seeing through the lens of their expertise to expose an area of weakness, which can be remedied once it has been identified.  If your organization is in serious trouble, but you can afford to bring in a consultant before your forced to shut the doors, it may just keep you in business.
  • For some time we have been creating and requiring careers to be highly defined and specific. Now those same careers are becoming obsolete.  Adaptability is the name of this new game.  Looking outside may mean considering partnerships or a modified product line. It may mean giving up brick and mortar and strictly selling on line. It comes down to looking outside of our box to see who and what we might become to generate some revenue.

It’s important to know that people, relationships, are still the foundation of business. Remember we’re in this together; we need each other and that ultimately, is good for business.  ~Jennifer S.


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Filed under Business Strategy, Project Management

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