The main aim of every business person is to make profit. And a business can grow and survive in this competitive world only if it can make profit. However, making profit is not that easy for every business especially the smaller ones and the startups as they lack manpower and experience.
Alton Ingram provides tips on how to increase profits in business
Profit is the lifeline of a business but making the profit is quite a challenging task as business involves lot of risk. Being a renowned business person, Alton Ingram provides some tips to the business individuals who want to make profit.
- Alton says that in order to maximize the profit of the business, one should try to convert the one time clients into recurring clients. A number of ways are there to convert the clients into more engaged, repeat clients who can help maximize profit. For instance, this can be done by turning the small deals into long-term billings. Moreover, the business owner must not end communication with the client once a transaction has been done, instead should continue interaction via email, phone call text messages etc.
- Referrals can help to maximize the profits of a business to a great extent. Referrals are usually generated from the existing customers. Once a customer purchases any product or service, you as a business owner should encourage them to post reviews on social media.
- In order to make profits, it is always better to drop low performers. In order to figure out which of the products or services should be dropped, you should prepare an income statement for each of your income sources. This will enable you to know how many expenses and profit each of your services and products bring in to the business.
- Get rid of tasks and activities that do not add value to the customer or company. This can help in saving money which in turn will help your business to make profit.
- Search for ways to increase value to customers and clients. This will help you curtail your sales cycle, upsurge your closing rate, increase your client retaining, and maybe, increase pricing.
- Be careful about the steep cost of attrition. Retaining customer is a strategic expenditure if spent intelligently.
- Search for ways to bundle services and products so that the average price of every sale can be increased.
- Constantly search for ways to lower your static overhead. Analyze your base expenditures to get rid of non-strategic expenditures that just don’t add value to the customer or to the company.
Alton Ingram rightly says that once the strategies to make the business more profitable have been chosen, the business owner should priorities them in order of significance. It is always better to write down your goals and the matching strategies as this will help you to plan and implement your strategies. In addition, the business owner should also prioritize the above mentioned strategies as this will help to improve the profit of the business.
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