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Business Profitability - 10 Ways To Boost


10 Ways to Boost your Profitability

So many business owners work hard - really hard - just to break even or keep afloat. Each one of us deserves reward for our efforts, whether that be financial or personal. The question to ask yourself is whether you are directing your effort in the right places, to get the reward you want?

Of the businesses I've seen and worked in, there are plenty of ways to mis-spend effort - that is, to work hard - but on the wrong things. Here are ten of the most common areas where the return on your efforts can really be ramped up.

1. Marketing Inconsistently

Once you have committed to owning and running a business you must be equally committed to marketing and selling the products and services of that business. It is difficult, if not impossible, to stay and remain profitable without a commitment to ongoing concerted marketing.

To get more out of your marketing, create a simple marketing plan that includes marketing activity every day, every week and every month. Marketing plans combine formal activities (such as advertising, promotions and writing) with informal activities (such as making new contacts) . Don't underestimate the power of talking to people about what you do. Use every opportunity, every time.

2. Fear of Asking for the Sale

Isn't it true that we think asking directly for someone's business means coming across as pushy or obnoxious. But if we have this attitude, we are letting profit-producing opportunities pass us by. Worrying more about what someone thinks of you than bringing more money into the business is an all too common mistake. If you find it difficult to "ask for the sale", you can be sure that you're not bringing in as much money as you could be.

The most effective way to address this issue it to practice asking for the sale in language that you are comfortable with (not too wishy-washy please). Write down what you want to say first, then practice it over and over. There is also plenty of stuff out there on handling objections. Prepare your responses to the most common objections so you are well armed before you speak with your prospective customers.

3. Getting help

Most business owners possess strengths in one or two specific areas, but whether by necessity or design, they often end up working in areas they aren't strong in. This builds inefficiencies and potential for mistakes into the business. To compound the problem, we don't ask for help straight away, but struggle on doing the stuff we are not suited to (saves money right?) But each day that goes by with your business running at less than maximum efficiency, means dollars lost from your pocket.

Work out where you add the most and least value in your business. Pay someone to help you out with these low value add activities. Your time is best spent where you add the most value. If you can do more of this kind of activity, your business will benefit.

4. Use your Existing Customer Base

All the research tells us that it is easier and cheaper to keep working with customers you already have, than to get new customers into your business. If you are not following up with past customers on a regular basis you are reducing your profitability potential.

Develop strategies to keep your customers with you, such as loyalty plans, regular communications and special offers. Implement a regular process for following up your customers after they buy from you.

5. Managing Expenses

Savvy business owners regularly appraise their business expenses and find ways to reduce costs without sacrificing quality. If you haven't completed a cost analysis lately, you might be paying more than you need to be, which will reduce your profitability.

At least once per quarter you should review your expenses and negotiate for adjustments as appropriate. Categorize everything you spend under 3 headings: Essential, Nice to Have and Non-Essential. Everything in the last two categories is up for grabs - be ruthless!

6. Spending large amounts on glossy, slick marketing materials and expecting business to pour in without any additional effort.

Glossy brochures and slick marketing materials are a nice addition to more active forms of marketing such as meeting people, calling people and speaking to people. However, brochures and business cards, no matter how beautiful, do not replace direct contact. If you are spending money on flashy marketing materials in the place of marketing directly, your profitability will suffer. The most effective form of marketing comes from you talking about your business to others.

Marketing materials are an expense, and to be sure they are working, you need to get some handle on the return on your investment. At the very least you should be tracking where new business is coming from so you can get an idea of whether your marketing materials are contributing to any new business you get.

7. Spending a significant amount of time in low-return activities

Don't we all know about this one! If you are spending the majority of your day completing tasks which are administrative in nature and/or which can be easily completed by other people then you are not putting yourself to best use. For most of us, the best value-adding activity we can be involved with is in bringing business in the door by building relationships, talking to prospective customers and promoting our business.

What value do you put on your time? Assign yourself a competitive hourly rate for the market and industry you work in - it might be anywhere from $100 per hour or upwards. Then ask yourself whether you would pay anyone that hourly rate to process accounts or do administrative work. If the answer is no, find a way of getting these low-return activities done for a lower hourly rate. Hire a bookkeeper or assistant for a few hours a week, and spend your time doing the valuable work.

8. Not charging enough for what you do.

This challenge seems to arise especially for people who sell services. Either we feel embarrassed to ask for the amount we want, or we simply accept less money than we need - so we get "some money" rather than "no money". But beware, after a while, working for too little can leave you exhausted and resentful, not to mention the impact it has on your profitability.

You do not need to defend an increase in your fees either. It is normal business strategy to review fee structures, make changes and advise customers. And contrary to our fears, it is often the case that business levels improve after fees are increased. It seems that we attract a whole different class of customer when our fees reflect the value we provide.

9. Not making enough use of technology which could save time and effort.

As a business owner, you have a fixed amount of time and energy within which you must maximize your profits. Technology can help you do this in the form of autoresponders, voicemail, wireless internet connections, speech recognition software, SMS from your computer and so on. All of these tools are widely available to us, and are designed to save time and effort. Each of us needs to continually look for ways to make business processes more efficient by using inexpensive technology.

Often the problem is that we don't know what we don't know. Some wonderful tool might be available but we don't know it exists. You need to stay on top of the latest products by regularly checking in with business and telecommunications sites.

10. Sticking with outdated business models or plans.

You've all heard it before - doing things the way they have always been done means that you will get the results that you always got. If you are not satisfied with your results then you need to re-look at what and how you are doing things. An astute entrepreneur has a mindset that is always challenging the way things are done in the business.

Another great way of coming across new ideas is to attend seminars and conferences on various topics. If you get a single idea to put into practice in your business, then that seminar has been worthwhile.

If you are serious about improving your business' profitability (and aren't we all?), then taking action on these areas will help you make more money and have more fun in your business. And that's what it's all about really.

Megan Tough is a published author, coach, facilitator and speaker. Her business, Action Plus, works with professionals to create sustainable and profitable income streams. Make more money and have less stress! To learn more and to sign up for more FREE tips and articles like these, visit http://www.megantough.com


Todays News by officejax free advertising and ad exchange solutionsMORE RESOURCES updated Thu. May / 06 / 2021
Home Remedies for Wheezing - Verywell Health
Home Remedies for Wheezing  Verywell Health

5 Home Remedies To Try When You Have Dry Eyes - NDTV Swirlster
5 Home Remedies To Try When You Have Dry Eyes  NDTV Swirlster

Home remedies no match for serious eye diseases - Healio
Home remedies no match for serious eye diseases  Healio

Home Remedies for Postnasal Drip: What Works, What Doesn't - Healthline
Home Remedies for Postnasal Drip: What Works, What Doesn't  Healthline

3 Home remedies to deal with dry cough while home quarantining with COVID 19 virus - PINKVILLA
3 Home remedies to deal with dry cough while home quarantining with COVID 19 virus  PINKVILLA

Add some scepticism to Covid home remedies - Deccan Herald
Add some scepticism to Covid home remedies  Deccan Herald

6 Super easy home remedies that will help you tame your curly hair - PINKVILLA
6 Super easy home remedies that will help you tame your curly hair  PINKVILLA

Covid 19: Bhagyashree shares home remedy to combat chronic fatigue, muscle soreness - The Indian Express
Covid 19: Bhagyashree shares home remedy to combat chronic fatigue, muscle soreness  The Indian Express

Redness around nose: Causes, treatment, home remedies, and more - Medical News Today
Redness around nose: Causes, treatment, home remedies, and more  Medical News Today

5 Home Remedies To Soothe Burning Eyes During Summer - NDTV Swirlster
5 Home Remedies To Soothe Burning Eyes During Summer  NDTV Swirlster

5 Effective Home Remedies For Skin Tightening - NDTV Swirlster
5 Effective Home Remedies For Skin Tightening  NDTV Swirlster

Home remedies to get rid of smelly armpits - Times of India
Home remedies to get rid of smelly armpits  Times of India

My Nani's haldi doodh is more than just a home remedy - SBS
My Nani's haldi doodh is more than just a home remedy  SBS

Say goodbye to dry scalp with these effective home remedies - Yahoo India News
Say goodbye to dry scalp with these effective home remedies  Yahoo India News

Is joint swelling a symptom of COVID-19? - Medical News Today
Is joint swelling a symptom of COVID-19?  Medical News Today

Tips to deal with an unwanted pimple using home remedies - Times Now
Tips to deal with an unwanted pimple using home remedies  Times Now

Keep your coloured hair healthy with these easy home remedies - PINKVILLA
Keep your coloured hair healthy with these easy home remedies  PINKVILLA

Wrinkles: Causes, home remedies and clinical treatments of this sign of ageing - PINKVILLA
Wrinkles: Causes, home remedies and clinical treatments of this sign of ageing  PINKVILLA

Ear Infection While Pregnant: Symptoms, Causes, Treatment - Healthline
Ear Infection While Pregnant: Symptoms, Causes, Treatment  Healthline

Neetu Kapoor shares easy home remedies for relieving anxiety, muscle and joint pain - The Indian Express
Neetu Kapoor shares easy home remedies for relieving anxiety, muscle and joint pain  The Indian Express

COVID-19 Information: Dry cough could be an early symptom; treat it at home with these 5 easy remedies - Jagran English
COVID-19 Information: Dry cough could be an early symptom; treat it at home with these 5 easy remedies  Jagran English

4 Korean home remedies for bright and clear skin - PINKVILLA
4 Korean home remedies for bright and clear skin  PINKVILLA

Supplements for piles: What works and more - Medical News Today
Supplements for piles: What works and more  Medical News Today

Gum Line Cavity: Causes, Symptoms, and More - Healthline
Gum Line Cavity: Causes, Symptoms, and More  Healthline

Birthmark Removal: Types of Treatments, Cost, and More - Healthline
Birthmark Removal: Types of Treatments, Cost, and More  Healthline

EXCLUSIVE: Nushrratt Bharuccha REVEALS her DIY exfoliating scrub, home remedies to get rid of eyebags & more - PINKVILLA
EXCLUSIVE: Nushrratt Bharuccha REVEALS her DIY exfoliating scrub, home remedies to get rid of eyebags & more  PINKVILLA

Skincare: Here are 2 DIY home remedies that will help you get rid of uneven tan and lines during summer - PINKVILLA
Skincare: Here are 2 DIY home remedies that will help you get rid of uneven tan and lines during summer  PINKVILLA

Foot Pain At Night: 8 Causes, Treatment & Prevention - Healthline
Foot Pain At Night: 8 Causes, Treatment & Prevention  Healthline

Complaint sent to Chief Secretary against Vijay Sankeshwar in home remedy issue - The Hindu
Complaint sent to Chief Secretary against Vijay Sankeshwar in home remedy issue  The Hindu

Remove blackheads at home with 3 home remedies - Times of India
Remove blackheads at home with 3 home remedies  Times of India

COVID-19: Home Remedies For Oral Health Care - Rising Kashmir
COVID-19: Home Remedies For Oral Health Care  Rising Kashmir

Natural Vision Improvement Review: Safely Improve Eye Health | HeraldNet.com - The Daily Herald
Natural Vision Improvement Review: Safely Improve Eye Health | HeraldNet.com  The Daily Herald

The Ultimate Skin Care Routine for Combination Skin - Healthline
The Ultimate Skin Care Routine for Combination Skin  Healthline

Shingles vs. Poison Ivy: How to Tell the Difference - Healthline
Shingles vs. Poison Ivy: How to Tell the Difference  Healthline

Picking scabs on the scalp: Complications and treatment - Medical News Today
Picking scabs on the scalp: Complications and treatment  Medical News Today

As COVID-19 sweeps rural India, sick struggle to access healthcare - Thomson Reuters Foundation
As COVID-19 sweeps rural India, sick struggle to access healthcare  Thomson Reuters Foundation

Haircare tips: Simple Ayurvedic remedies to keep dandruff away - The Indian Express
Haircare tips: Simple Ayurvedic remedies to keep dandruff away  The Indian Express

10 natural beta-blockers - Medical News Today
10 natural beta-blockers  Medical News Today

12 Best Under-Eye Patches of 2021 - Healthline
12 Best Under-Eye Patches of 2021  Healthline

How long does gout last? What to know - Medical News Today
How long does gout last? What to know  Medical News Today

Say Goodbye To Fever Blisters With These Remedies - Pragativadi
Say Goodbye To Fever Blisters With These Remedies  Pragativadi

Home ingredients to tackle sun damage on skin and hair - Times of India
Home ingredients to tackle sun damage on skin and hair  Times of India

Red Root: Uses, Benefits, Side Effects, and Dosage - Healthline
Red Root: Uses, Benefits, Side Effects, and Dosage  Healthline

Government isn't the enemy; it's the solution to our future - Southgate News Herald
Government isn't the enemy; it's the solution to our future  Southgate News Herald

Antibiotics and Sinus Infections - Verywell Health
Antibiotics and Sinus Infections  Verywell Health

Bicep tendonitis: Causes, treatments, and recovery time - Medical News Today
Bicep tendonitis: Causes, treatments, and recovery time  Medical News Today

GERD and nausea: Symptoms and causes - Medical News Today
GERD and nausea: Symptoms and causes  Medical News Today

WhatsApp-armed youth create awareness among Sonbhadra tribals - Hindustan Times
WhatsApp-armed youth create awareness among Sonbhadra tribals  Hindustan Times

NTV: Special Discussion On Home Remedies (Video) - Social News XYZ
NTV: Special Discussion On Home Remedies (Video)  Social News XYZ

A supposed home remedy for boosting blood oxygen levels is unfounded - Khabarhub
A supposed home remedy for boosting blood oxygen levels is unfounded  Khabarhub

Black Pepper, Honey, Ginger Are Not A Remedy For Covid 19: PIB - NDTV Food
Black Pepper, Honey, Ginger Are Not A Remedy For Covid 19: PIB  NDTV Food

Managing mild Covid at home - The New Indian Express
Managing mild Covid at home  The New Indian Express

Now, 170 Ayurveda doctors on call - Ahmedabad Mirror
Now, 170 Ayurveda doctors on call  Ahmedabad Mirror

Home Remedies Using Apple Cider Vinegar - Integris
Home Remedies Using Apple Cider Vinegar  Integris

Coronavirus home remedies: Treatment options and when to seek help - Medical News Today
Coronavirus home remedies: Treatment options and when to seek help  Medical News Today

Home Remedies and Lifestyle Changes to Help Your Back Pain - Health Essentials from Cleveland Clinic
Home Remedies and Lifestyle Changes to Help Your Back Pain  Health Essentials from Cleveland Clinic

11 natural remedies for acid reflux - Medical News Today
11 natural remedies for acid reflux  Medical News Today

6 home remedies for asthma - Medical News Today
6 home remedies for asthma  Medical News Today

Arthritis in the Neck Home Remedies - Verywell Health
Arthritis in the Neck Home Remedies  Verywell Health

Oily skin: Natural remedies to make at home - Medical News Today
Oily skin: Natural remedies to make at home  Medical News Today

15 GERD home remedies: Diet, herbs, posture, and more - Medical News Today
15 GERD home remedies: Diet, herbs, posture, and more  Medical News Today

5 of the best home remedies for chafing - Medical News Today
5 of the best home remedies for chafing  Medical News Today

9 home remedies for burning feet - Medical News Today
9 home remedies for burning feet  Medical News Today

Easy home remedies to cure sore throat - The Indian Express
Easy home remedies to cure sore throat  The Indian Express

Use self-help remedies with good sense and restraint - mid-day.com
Use self-help remedies with good sense and restraint  mid-day.com

Castor oil and other home remedies for pesky skin tags - Seattle Times
Castor oil and other home remedies for pesky skin tags  Seattle Times

Home remedies boom as India pandemic cases soar - Medical Xpress
Home remedies boom as India pandemic cases soar  Medical Xpress

Home Remedies That Work - WebMD
Home Remedies That Work  WebMD

The Ultimate Skin Care Routine for Dry Skin - Healthline
The Ultimate Skin Care Routine for Dry Skin  Healthline

15 Best Home Remedies for Heartburn Relief: Natural Ways to Get Rid of Heartburn - Parade
15 Best Home Remedies for Heartburn Relief: Natural Ways to Get Rid of Heartburn  Parade

Coronavirus: Ayurvedic home remedies for mild COVID symptoms (cough, fever and tiredness), by an Ayurvedi - Times of India
Coronavirus: Ayurvedic home remedies for mild COVID symptoms (cough, fever and tiredness), by an Ayurvedi  Times of India

Home remedies for insomnia: 9 options - Medical News Today
Home remedies for insomnia: 9 options  Medical News Today

6 natural home remedies to get rid of nausea - INSIDER
6 natural home remedies to get rid of nausea  INSIDER

Eczema (Atopic Dermatitis) Home Treatment and Remedies - WebMD
Eczema (Atopic Dermatitis) Home Treatment and Remedies  WebMD

Can home remedies help my sciatica? - Harvard Health - Harvard Health
Can home remedies help my sciatica? - Harvard Health  Harvard Health

10 home remedies to get relief from cough - Times of India
10 home remedies to get relief from cough  Times of India

Goodbye dull skin: 5 simple home remedies to rejuvenate your skin - Hindustan Times
Goodbye dull skin: 5 simple home remedies to rejuvenate your skin  Hindustan Times

Bzzz, slap! How to treat insect bites (home remedies included) - The Conversation AU
Bzzz, slap! How to treat insect bites (home remedies included)  The Conversation AU

Tired of Cough Drops? Try These 5 Home Remedies for Cough - EcoWatch
Tired of Cough Drops? Try These 5 Home Remedies for Cough  EcoWatch

Have mild COVID symptoms? Ayurvedic doctor shares effective home remedies - The Indian Express
Have mild COVID symptoms? Ayurvedic doctor shares effective home remedies  The Indian Express

Stomach ache? Here are some home remedies from a nutritionist - The Indian Express
Stomach ache? Here are some home remedies from a nutritionist  The Indian Express

How to get rid of dark neck: 5 effective home remedies - India Today
How to get rid of dark neck: 5 effective home remedies  India Today

VERIFY: Can at-home remedies help treat COVID-19? - WZDX
VERIFY: Can at-home remedies help treat COVID-19?  WZDX

My Upbringing Introduced Me to the Healing Power of Natural Home Remedies - Well+Good
My Upbringing Introduced Me to the Healing Power of Natural Home Remedies  Well+Good

6 home remedies to relieve headaches naturally - INSIDER
6 home remedies to relieve headaches naturally  INSIDER

Air pollution: 5 easy home remedies to stop coughing - Times of India
Air pollution: 5 easy home remedies to stop coughing  Times of India

Five effective home remedies to relieve sinus pain - Times of India
Five effective home remedies to relieve sinus pain  Times of India

5 effective home remedy for shortness of breath - Times of India
5 effective home remedy for shortness of breath  Times of India

Sciatica pain treatment: Medical options, exercises, and home remedies - Medical News Today
Sciatica pain treatment: Medical options, exercises, and home remedies  Medical News Today

Bad Home Remedies for COVID-19 - U.S. News & World Report
Bad Home Remedies for COVID-19  U.S. News & World Report

Natural remedies for hemorrhoids - Harvard Health Blog - Harvard Health
Natural remedies for hemorrhoids - Harvard Health Blog  Harvard Health

How to cure mouth ulcers: Top 10 home remedies - India Today
How to cure mouth ulcers: Top 10 home remedies  India Today

Simple and effective home remedies for constipation - Times of India
Simple and effective home remedies for constipation  Times of India

Natural remedies for inflammation: Foods, supplements, and more - Medical News Today
Natural remedies for inflammation: Foods, supplements, and more  Medical News Today

5 EFFECTIVE home remedies for dry cough - PINKVILLA
5 EFFECTIVE home remedies for dry cough  PINKVILLA

Dry eyelids: Causes, treatments, and home remedies - Medical News Today
Dry eyelids: Causes, treatments, and home remedies  Medical News Today

Home Remedies For Hair Growth: How To Grow Hair Naturally With Good Food - NDTV Food
Home Remedies For Hair Growth: How To Grow Hair Naturally With Good Food  NDTV Food

8 of the best home remedies to soothe a cough naturally, according to doctors - INSIDER
8 of the best home remedies to soothe a cough naturally, according to doctors  INSIDER

Is There a Home Remedy for Pink Eye? - Verywell Health
Is There a Home Remedy for Pink Eye?  Verywell Health

Sparse Eyebrows Treatment, Home Remedies, and Precautions - Healthline
Sparse Eyebrows Treatment, Home Remedies, and Precautions  Healthline

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