There are lots of potential ways to increase your profits, but today I’m focusing on the 3 things that most directly impact your profitability and help you experience true creative freedom.
When thinking about how to improve the bottom line of their business, many companies think of how they can increase revenue, forgetting that there’s a lot of value in reducing overheads as well. Improving your bottom line works both ways, get the balance right, and you can pare down your business and enjoy better returns.
Are you noticing diminishing returns with your existing marketing strategy? It might be time to embrace the digital economy and shift your focus to online marketing; there are many advantages, including more leads, better customer retention, and lower costs.
If you’re running a traditional marketing strategy, you’ve probably noticed it’s become less effective; as a result, you need to put more money into achieving the same results. The digital economy offers new ways to grow your brand and reach new customers at lower costs.
In days gone by, the model for running a successful business was to hire an in-house team of specialists to look after your IT infrastructure, your accounting, or your customer services. The trouble is that in-house teams are expensive and often less effective than outsourcing.
Outsourcing gives you the same level of expertise at a lower cost because you don’t need anyone on your payroll. You simply have to pay a subscription fee for a high-quality always-on service that never lets you down. It wasn’t possible in the pre-digital world, but it is now.
Another useful way to reduce your bottom line and boost your revenue is to onboard VoIP phone systems. VoIP stands for Voice Over Internet Protocol. Instead of using a conventional telephone system that charges you standard business rates for calls, a VoIP service is far cheaper.
Although internet calls are not entirely free - you have to pay a premium to your VoIP service provider - it is far cheaper overall. Once the premium is settled, all your business phone calls are free across the internet. The channels are also much more reliable.
Growing a business means increasing your productivity whilst simultaneously reducing your costs. To improve productivity, you have two options, you can train existing staff in new areas, or you can hire freelancers who can deliver the results you need right away.
There are pros and cons to each avenue; training your staff means you have those skills in your business long-term, but training staff can often be more expensive than hiring freelancers for the same tasks. Make your choice in relation to your bottom line.
One of the essential ways to improve your bottom line is to reduce your overheads; the best way to do this is to look at your infrastructure and employee expenses. You’ll be surprised at how much you can reduce your bottom line with minimum impact.
The first thing to look at is your premises and your power consumption. Today, most businesses are seriously considering remote workstations long-term - this is an excellent option because it eliminates the need for office space.