Every small business owner knows that to grow, you have to increase your revenue. However, if you keep doing the same things, you will get the same result. To expand your business, you need to make a new plan. Consider these five simple ways that you can quickly add to your company’s net profit.
Explore ways to be more efficient. A penny saved is a penny earned. Yes – it’s a tired cliché, but it is also true. Using your resources more efficiently is just as effective as bringing in more money when you’re trying to increase your cash flow. Take a step back and critically analyze the processes that you use in your business. See if you can identify any areas where you can decrease your costs without compromising on service or quality. If possible, ask your business mentor or a trusted colleague for their insight.
Solicit feedback from customers. How often do you ask your customers how they feel about your services and products? Instead of assuming that you know what your customers want, why not have a conversation with them? It may feel like a significant time investment, but you could get ideas on how to serve them better so that you can keep them as a customer.
Experiment with social media marketing. Social media allows small businesses to compete with corporations on an equal playing field. Make sure that you are using this tool strategically. Utilize social media to engage with customers: Hold contests, take polls and be responsive whenever someone reaches out to you. You are only limited by your time and creativity.
Expand what you have to offer. What products and services are you currently providing to your customers? Is there anything that your customers often request or that you think would be a natural fit for your business? Now is the time for you to take that step. When you expand the products and services that you offer your customers, you maximize your ability to increase your cash flow.
Be more accessible to customers. The easier that it is for customers to reach you, the more opportunities that you have to make money. Most customers will not try very hard to get in contact with you before they move on to your competition. Try expanding the hours in which customers can actually speak to a live person. Consider using an answering service. You could also add a live chat function to your website. While these options do cost extra money, you may find that they more than pay for themselves with the additional revenue that they bring in to your business.
When you’re trying to increase your cash flow, you need to experiment. Some of your strategies will work surprisingly well, while others will be dismal failures. Don’t let yourself get discouraged. Celebrate your small successes; those are the ones that will make a difference in the long run.
Mompreneur® Showcase Group Inc.
Mompreneur® Showcase Group Inc.is the trusted national network that supports, educates, and empowers moms in business across Canada. With close to 20 satellite locations in Ontario, supportive networking groups are expanding to other provinces to connect business women everywhere from East to West. Highlights include over 10,000 members, presentation of the "Mompreneur® Award of Excellence" and the MOMpreneur® Magazine. Contact Head Office for further information on licensing or becoming a member.
Founder & CEO, Mompreneur Showcase Group Inc