Hey there, fellow entrepreneurs! Are you ready to sprinkle a little magic into your business and watch your profits soar? As your friendly neighbourhood business coach, I'm here to share some tried-and-true strategies that will have you dancing to the sweet melody of increased profitability in no time.
Cost Reduction:
Let's talk about trimming the fat, shall we? No, I'm not talking about your waistline after indulging in one too many sausage rolls (although, who can resist?). I'm talking about identifying those sneaky expenses that are gobbling up your hard-earned cash. Take a closer look at your operations and get creative with cost-cutting measures. Remember, every penny saved is a penny earned! Reducing all of your costs by just 1 or 2 per cent will have a massive over all impact. One clever strategy is negotiating better deals with suppliers or exploring alternative sourcing options. This can help you reduce costs without compromising product quality and all it takes is 5 minutes and a phone call!
Increasing Turnover:
Picture this: a bustling shop with customers lining up around the block, eager to get their hands on your latest offerings. Sounds dreamy, right? Well, it's time to turn that dream into a reality! Get out there and woo your audience with irresistible products and your top-notch service. Remember, a happy and satisfied customer is a repeat customer, so go ahead and sprinkle some extra charm into those sales pitches. One clever business owner, involved in the pool cleaning industry, increased his turnover by 15% in 2 months simply by offering not just to clean his clients pools, but also offering an equipment maintenance subscription program. Could you create a subscription model in your business where customers pay you a monthly fee??? Something worth thinking about.
Increasing Productivity:
Who doesn't love a little productivity boost? Cue the power poses and motivational pep talks! Invest in your own and team's development and empower all of you to be the best versions of yourselves.
Increasing Efficiency:
Let's streamline those processes, shall we? Think of it as Marie Kondo-ing your business – if it doesn't spark joy (or profits), it's gotta go! Embrace technology, revamp your workflows, and watch as your business runs smoother than a well-oiled machine. Talking of technology, have you investigated how AI can make your business more efficient? The possibilities are truly endless. And hey, while we're at it, why not throw in a sprinkle of creativity and a dash of innovation?
Whether it's venturing into new market territories or dreaming up the next big thing, the sky's the limit when it comes to growing your business.
In the end, remember that building a successful business is about more than just dollars and cents – it's about passion, perseverance, and a whole lot of heart. So, go ahead, dream big, hustle hard, and most importantly, enjoy the journey along the way.
With a little laughter, a lot of love, and a whole heap of determination, there's no limit to what you can achieve. So, what are you waiting for? Let's turn those business dreams into reality – one profit-boosting strategy at a time! (And we’ll share more profit-boosting strategies in future “Friends With Benefits” newsletters.)
Now, who's ready to make some magic happen?
Written by
Cathy Young - Business Advisor
PH: 0407 251 855
About the author
Cathy has worked, with husband Geoff, in their business (and been married) for the past 38 years. They have been small, medium and large business owners. The business started with 10 people in 2 states - grew to 400+ people in 27 countries. They also began an online business in the USA to prove that you really can make money while you sleep. Cathy has experienced all of the highs and lows that business owners do and understands the simple systems that can increase profits for any business - any size, any industry. She is a business owner who has walked in your shoes!