Ways to Improve Your Bottom Line
Running a successful business is sometimes a daunting task that requires many sleepless hours and devotion. However, in the end, the efforts you put forth will provide rewards in the form of business income growth.
While you may have “prevent cyberattacks” on your to-do list, it’s probably not at the top when it comes to growing your business. However, it’s a necessary component in the puzzle. Keeping your business secure by having the right software and programs in place will prevent the competition from gaining access to your clients, prevent hackers from gaining personal business and client information, and help you keep customers. For instance, if your business is a financial institution and your location is in New York, the NYDFS Cybersecurity Regulation is required. Following these measures and securing personal data will keep your name in high regard.
Running a successful marketing campaign requires a carefully executed plan that involves realizing the end game, accessing your budget and making the decision ahead of time as to what channels you will use. The good news is that there are many. You can use social media sites to direct traffic to your website or acquire a comprehensive list of people within your area and use email as an effective and relatively inexpensive tool to reach a large population quickly.
Unfortunately, if you remain hidden from the public, you will never achieve the golden status as a high-standing member of the community. Thankfully, you can change your current status. Having a presence in the community takes you from being just a name to having a face. Sponsor a local team or pitch a tent at the fair. You can even host a barbecue and a music festival during the summer. These things are well worth your time and monetary investment.
Your staff is the voice of the company. They are the ones that talk directly to your existing and potential customers. A good way to improve your bottom line is to make it worth their while to bring in new business for you. Many companies already understand the importance of and utilize employee incentive programs. A small percentage of each sale made will encourage your staff to try harder to get the sale on every call and interaction.
Of course, it doesn’t matter if you increase your sales if you lose as many customers as you sign on. Satisfying your existing base does several things to benefit you. First, they will stay, and second, they will refer family and friends in need of your services. This is free advertising. However, with social media–a tool used by a high percentage of the population–it only takes a minute to lose your credibility and destroy your reputation. Conducting surveys a few times a year, sending follow up emails after a service call and offering rewards for repeat business are just a few tricks of the trade with a proven record of success.
Reduce Your Expenses
Every business has areas of waste that can improve. If you sell products, check your inventory periodically and keep an eye on what’s moving and what’s not. If you have special equipment that you purchased or rented to provide services to customers even though most never require you to use it, sell your equipment or stop the lease. It’s in your best interest to see what your expenses are monthly and to continue to find ways to spend less and gain more.
There’s always something “new and improved” lurking around the corner. Don’t get caught behind the eight ball and let your competitor steal customers. Stay informed of the up and coming and take steps to keep advancing.
Your business is your life. You’ve achieved success and now feel your growth is slowing. The good news is that you don’t have to remain stagnant. Use these tips to help you get back on track.