More often than not when we think about boosting our profits, we first turn to cutting costs. It’s always a good idea to keep your eyes on your costs and trim any unnecessary expenses. I also want to share with you some great tips to boosting your profits from the sales and income side of your business.
1. Raise Prices
Yes, I know this is a no brainer. I understand that sometimes your industry will set prices for you. However, I challenge you to forget about what your industry pricing standards for a minute. What can you do to set yourself apart from the crowd? What can you do to add more value to your customers? More value will result in being able to charge higher prices!
2. Changes in the Economy
One of my mentors taught me not to be afraid of a declining economy. Instead, use it as an opportunity to gain more business. At first I thought he was crazy. Believe it or not, it actually works! Most people will freak out with the down economy and not be looking to make changes. This creates an even bigger opportunity for you! Think about it, with each swing in the economy, people feel different pain points. What are those pain points? Can you build a product or service to help people relieve these pain points?
3. New Regulations and Laws
Are the laws and regulations in your industry changing? Be on the front end of these new rules. You can become the industry expert on these new regulations and help everyone else navigate the changes.
4. Repackage Your Current Products & Services
What are you currently selling? How can you repackage these products and services to attract new customers or sell more to your current customers? One ideas is to take a couple of your blog posts and put them together to make an ebook to sell on your website. Another idea is to group a couple products and/or services together and sell them as a package deal. It not’s always about creating a new product line. Think about what you already have on hand, how you can give it a new, fresh and updated purpose?
5. Build a Community
How can you bring your customers together and build a community? This works well because it gives your customers a sense a belonging. Crazy me signed up for 2 triathlons this summer. The fitness stores sponsoring the events are doing an incredible job at building a community for us race participants. We all share the same common goal – training for the triathlon. The fitness clothing stores are continually hosting clinics, panel speakers, training classes, fitness classes, etc all geared towards getting us ready for the race. Not only does this create a sense of community, but it gets us into their store. Not only is it building goodwill for the fitness clothing store, but once I’m there, yes I’m tempted to buy a cute new running skirt or new new pair of bike socks.
Another idea I’ve seen is building a community through a private Facebook group. This works great if you’re a business coach. Invite your clients to join your private group. Then let everyone interact. It lets your customers network, share ideas, and offer their expertise to better everyone’s businesses. The best part is that this awesome community you created will generate new business for you!
Where Do You Go From Here?
It’s easy! Take a look around. How can you recreate yourself, your business and your products? What can you do to reinvent yourself and your business? Don’t forget to keep it simple. Sometimes the best ideas are those that can be easily implemented but have the most impact on your customers. These new ideas can help boost your profits!