December 24 2021 - Running any business - big or small - requires a lot of work.In terms of priority, most businesses focus heavily on:
- Boosting profits
- Boosting revenue
By successfully achieving this, businesses can then attract new investors, secure lucrative financing from banks, and re-invest so that they can continue to grow their market share.
But, if you speak to any business owner on the planet, they will gladly tell you that increasing profits and revenue is not easy. This is especially true in the modern age, where most businesses are simply fighting to stay alive.
So, whether youíre a highly ambitious business looking to go skywards or a struggling business searching for ways to get back on track, follow these 5 steps.
Step 1: Protect yourself financially
Step 1 is arguably the most important step of them all: protect yourself financially.
Aiming for bigger profits and revenue is essentially meaningless if you arenít protected financially.
Right now, businesses are at risk financially in a lot of different ways. For example, lots of employees are chasing unemployment claims after being dismissed by companies. Unfortunately, a single unemployment claim can cause chaos, potentially costing business thousands of dollars.
This is why you need to use the Unemployment Tracker. Their unemployment cost management software will help to keep you protected, saving you from potential cost damages inflicted by ex-employees.
Step 2: Create a free Google My Business profile
A super easy and simple way to boost your profits is by making a free Google My Business profile, which takes less than an hour to do.
Doing this will give your business lots more exposure on Google, allowing clients and customers to see your:
- Opening hours
- Contact details
- Website link
- Other important information
You can create a profile for free on Google, which makes this a no-brainer.
Also, itís worth drawing attention to this important fact: the first results page on Google accounts for 71% of clicks and has even been reported to be 92% over the past couple of years.
What this means is that when people use Google to search for information, they rarely ever go past the first page. By having a Google My Business profile, youíll be able to sleep well at night knowing that your business will be on the first page when people search for your name.
Step 3: Start marketing through social media
Social media is key for businesses looking to be successful. In fact, thanks to platforms like Facebook and TikTok, everyday people are now able to launch their own businesses.
If you were to have a one-to-one meeting with a marketing consultant, one of the first pieces of advice they would give you is to start marketing your products through social media. Sure, your website and paid ads are still important, but social media should be a priority. This is because each platform - from Instagram to Twitter - offers businesses huge audiences to promote their products and services to - and itís all for free.
Plus, you can now sell your products directly through some social media platforms. As an example, Facebook now offers Facebook Marketplace, which is a handy little way to get some extra profit.
On top of all this, you can also provide customer service through social media, enabling you to keep customer satisfaction and loyalty levels high.
Remember, customers hate bad customer service. But by providing them with good customer service, youíre going to keep your revenue and profit levels high!
Step 4: Focus on your sales team
Your sales team is the heartbeat of your business. If they arenít up to scratch, then your profit margins wonít be, either.
Here are some general tips to improve the performance of your sales team:
- Analyze their performance data (monthly sales, predicted monthly sales) to see which individuals are underperforming and which individuals are exceeding expectations
- Instill core values into your team so that they can better represent your brand
- Conduct regular one-to-one feedback meetings
Also, you should begin a stricter hiring process so that only experienced (and proven) sales employees can join your company.
Step 5: Change location
If your business receives most of its sales via in-store purchasing, then it might be a good idea to change location for the final step.
For example, if your audience is mainly affluent college students, you should move to a location where many young people are housing and student accommodation buildings. This way, you will be able to access your audience more efficiently.