All around us are ways for our businesses to make more money. The secret? Knowing where to look. We’ve put together a quick 10 item list of our favorite tips that you can apply to your business today to start making more money!Add Accessories
That’s right, accessorize! Expand your sales reach by adding complementary services to your existing products. You can gain new clients while maintaining your existing ones. A great example is a local AC company who also offers insulation services to their customers. Think about what else you can offer your customers to add value to each one of your sales.
2. Look at Your Prices
The price of products and services all over the world is constantly changing. Make sure you are adjusting your prices to meet the current market. This can go both ways, remember if your charging too little, increasing your prices is okay! Know who your competitors are. Know what they are selling and how much they’re charging so you can position yourself accordingly.
3. Find A Partner
It’s time to partner up! Do some research and find companies that sell products or services that compliment yours. Reach out to them and see if they are willing to work together. Perhaps you are a photographer who partners with a local frame shop, or a party planner who partners with a bounce house rental company. Get creative and think outside the box, these partnerships will add little to your expenses while potentially adding a big boost to sales.
4. Beef Up Your Sales Collateral
What do you give or show your customers when teaching them about your company? Things like brochures, presentations, white papers, and other downloadable material are a direct reflection of your company. Do they portray your brand accurately? Do they create a sense of urgency? If not, update them. Your sales collateral should draw attention and generate excitement. You want your customers to know how great your products or services are and how easy it is for them to do business with you.
5. Get Your Existing Customers to Buy More
Of course, we want customers to buy more from us, but how? Bundles, discounts, and free shipping! Encourage your customers to buy more because there is something in it for them too. Bundle three and offer 25% off.
Do you ship your products? Perhaps you can adjust (or even eliminate) shipping and handling charges for a limited time to boost sales. Create special discounts that you can offer your customers- remember, when properly marketed, discounts create a special (and urgent) buying opportunity in the mind of consumers making them take actionIncentivize Your Sales Team
6. Incentivize Your Sales Team
Your sales team is important, so remember to show them that. Make them feel special and recognize your top sellers. For a temporary boost, start a fun and friendly sales contest where your team competes for a cash prize. If it works, have another one with a different prize.
7. Rekindle Old Relationships
Reach out to old prospects and existing customers. Contact them regularly about your company and your awesome (and relevant) products and services. Incentivize referrals and make your customers feel as if they are a valuable piece of your success because they are.
8. Consider A Layaway Program
Depending on the type of business you run, layaway programs are a great way to offer credit to your customers. This allows them to pay on time without you having to incur financial risk.
9. Re-Evaluate Your Vendors
You’ve heard of spring cleaning, right? Well, look at this as spring cleaning for your business! At least once a year, examine each vendor you do business with. Are you happy with the service? Are you getting what you paid for? Can you find this same product or service somewhere else a little cheaper or more efficiently? If you’re not totally happy, start looking.
10. Get Some Help
As your business grows, so will your to-do list. If you are spending all of your valuable time doing things that don’t bring it any money, it’s time to hire someone to help!
Opportunity is all around us! We just need to take a closer look. With these quick but easy tips, you can start making your business more profitable every day.