Small business is where it’s at in this busy and growing economy. If you’re a new small business owner, you may be experiencing a flatline in your profits. Business is for profit (unless otherwise specified). You should be able to run a fully functional operation, and sit comfortably aside, knowing that you will be just fine financially. We’re here to help you grow. According to Weekly Growth, there are two phases to growth. Here are just a few tips to help you find room for that growth and build your profits for your small business venture.
Get rid of all the paper
Green is good! There’s no loss to suffer in going green with your business. Get rid of all the paper, and transform your customer communications to electronic platforms. This will save you time and money. Two very valuable things to any small business owner just so happen to be time and money. You probably won’t be able to cut out the paper completely, but try to work your operations in such a way that the need for paper is cut to the bare minimum.
Lead your customers to conversion
This should be a strong evaluation of your sales representative’s effectiveness. How capable are your employees of turning an interested customer into a paying customer? If you can manage to find simple ways to improve your employees performance, implement them as soon as possible. If your company is better at making the sale, then of course, your profits will rise.
Analyze and consider raising your prices
It may not sound like good advice, but it’s not always a horrible thing to increase your prices. McDonald’s has done it for years, and it’s working for them. Large companies have found throughout the years that increasing your prices by a fraction as small as one percent has the potential to raise your profits by almost eleven percent. Raising your prices will show almost immediate results. It may take a bit longer to really increase your sales volume, but studies have proven that price increases aren’t necessarily a bad thing for a growing company.
Provide complimentary add ons
This little business trick will help you stir up new business as well as make your current customers happier. A free little gift every so often, even if it’s small, will always boost customer confidence a bit. You could also add a small fee with the offer of an extra service. If you run some sort of car lot, for example. You could offer free air fresheners for the first year with every new car purchase. Maybe not that, exactly, but you get the point. Offer incentive. We are all a bit like Pavlov’s dogs. You have to appeal to your buyers in order to condition them to the necessity for your services or products.