There may not be a better or faster way to add a considerable amount of money to your business’s bank account than by unlocking hidden pockets of profit – increasing the amount of money that your business makes without costing your operation any extra cash along the way.
Every business (no matter how successful) has a considerable amount of hidden or under leveraged assets that they aren’t taking advantage of, those pockets of profit that can transform your return on investment, flood your warchest with plenty of resources to help you build your business, and extra cash that you can you to grow your development even faster.
Here are just some of those ways to improve your business without having to spend any extra money at the same time.
Raise your prices
The easiest way to increase the profit that your business pulls in on every single transaction is to simply raise your prices, even if you only bump them up a small percentage.
Every single penny that you raise your prices is pure profit across the board. If you were selling products for $25 and making $15 on each sale but raise those prices to $30, you make $20 on each sale – five dollars extra free and clear!
Slowly adjust your prices upwards on a regular basis and you want to alienate any of your customers but will be able to make a lot more money at the exact same time.
Look for strategic joint venture opportunities
Let’s say you are running a home construction company for just a moment.
If you’re looking for strategic joint venture opportunities that can help you bring in more profit without costing you anything else, you might begin to think about everything that those hiring you to build them new homes are looking for as well.
New homeowners are going to need new furniture, are going to need an interior decorator, are going to need a landscaper, are going to need to know about local dentists and doctors, etc., etc. If you approach those businesses in your local area and offer to recommend them to your clients for a slice of the pie (say, 10% of each transaction) that’s all free money in your pocket for helping your clients get the best help around.
It doesn’t get much better than that!
Get customers to purchase more frequently
Up sells, down sells, cross sells, and other “after purchase promotions” can all be powerfully effective tools to boost your transactional profit across the board and add quite a bit of extra money to your bottom line along the way.
At the same time, you should also have an active referral program, and active rewards program, and a tool that regularly advertises and markets to your past customers just as aggressively – if not even more aggressively – as you advertise and market to complete and total strangers.
The more often you can get your customers to come back and purchase from you the more profit you are able to make. And it’s a lot easier convincing people that have already had a great transaction with you to spend more money with your company than it is to convince total strangers to trust you with their cash for the first time!
About the Author
Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15 Singapore 079903
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