It’s quite impressive to run a business that makes good money, but that is usually easier said than done. Wealthy CEOs such as Warren Buffett of Berkshire Hathaway are always happy to give out sensible advice when it comes to operating your own business. For example, Buffett says that to be successful,
“The most important thing to do if you find yourself in a hole is to stop digging.”
Warren Buffett
That sounds right, but you also want ideal and simple strategies that can make you more money.
1. Value-Added Products/Services
Here’s one excellent method that can help usher in more money for your company. Let’s say you own a business that sells bridal dresses. You can enhance the buying experience for your clients with value-added products or services, and the range of ideas is practically limitless.
For instance, you could offer makeup lessons to future brides to be, or put on a fashion show displaying the latest bridal trends. You could also set up a trunk show featuring veils and accessories by one of your favorite designers.
Or maybe you run a financial services firm and hope to boost profits. Holding seminars on retirement planning, value investing, or on the markets and important trends driving them are just three examples of seminars your clients may enjoy attending, where they can build both personal and professional contacts.
If you know your client or customer well, then offering value-added products or services is a great way to make more money for your business and to get them to pay for these unique and helpful ideas.
2. Strategic Marketing Steps
Another way to attract an audience or build up a thriving company and make more money is via strategic marketing steps. You need an effective plan and one that promotes and sells services or products to consumers.
One popular technique that can increase profits is affiliate marketing. It’s all about the product, price, place, and promotion and matching the customers’ needs.
Social media provides an expansive platform for opportunity, and strategic marketing allows people to connect, communicate and interact.
Consider this fascinating fact: An estimated 2.14 billion people worldwide are purchasing goods online. That is a remarkable statistic and growing faster every year.
There is hefty competition out there, but by using proper marketing strategies, you can target your audience and reap the benefits.
3. Spare Office Rental Space
A lot of companies have tried this tactic and been able to make more money for their business.
If you own or lease your commercial space and have room for another business, you could be making a handsome profit by renting it out. You could even take on a company with complementary interests and promote each other for business.
Some small companies are really on the hunt for just a bit of space to set up their WiFi, printer, copier, etc. Maybe you have a spare office that is just gathering dust. Why not check if there’s interest in your spare office rental space.
4. Reduction In Business Expenses
Another nugget of expert advice is this one: Increase your profits by cutting expenses.
There are so many options for reducing expenses. It may sound painful, but it can be done wisely. All too often, the new business owner is heavily immersed in boosting sales, and unfortunately, half of all new businesses go under within the first five years.
For instance, energy-saving measures really help. Things like double pane windows, solar water heaters can help save your company dollars.
Choose flexible work arrangements such as telecommuting for employees for cost-cutting advantages.
Make sensible health care changes to your insurance plans for employees. Offer tax-advantaged health savings accounts or HSAs.
Buy gently used office equipment, including refurbished laptops, smartphones, and tablets.
Or purchase used assembly and packaging equipment, etc. for your company.
Let’s be honest. Every business is different and unique, and yet, each one has the same mission, and that is to make more money. The strategies our business experts have outlined above are just a few simple measures for increasing profit. Take your time and look around. You can make better use of your existing assets and resources.
Lizzie Howard is a Colorado native who after graduating from the University of Colorado spends her time as a freelance writer. When Lizzie isn’t writing, she enjoys going on hikes, baking for her friends and family, and spending time with her beloved yellow lab, Sparky.
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