We live in a business world where competition is incredibly fierce and there is an ever-ending challenge to leadership: How do we get more profit? So, here are 8 great profit ideas you can bring to the table right now.
- Assess Sales Staff Productivity. How many prospects result in sales and how long does it take for your representative to close a sale? Making this performance assessment illustrates that your sales representatives are well-trained and their productivity is at its optimum level. Identify areas for improvement that will help reach their expected sales or to help them make more conversions in a shorter period of time. Facilitate the necessary coaching.
- Assess Your Inventory. Identify the products that make you the most profit and focus on upselling them. Identify the products that have little or no value for your business and either remove them from your inventory if they provide no purpose or make it an area for improvement if you find they could be of value to your customers.
- Produce New Products. The best way to add to your range of products is anticipating what your customer needs are. A great strategy to do this is to do market research. Interview your current clients as to what products they wished you carried. This is also an intuitive way to demonstrate that you are a company that has their customers’ best interests at heart.
- Minimize Spend. Is everything you are paying for used in the most optimal way? For instance in this connected world, if your business relies heavily on cloud services and you are settling your dues on a pay as you go basis, do you really actually use all those services? Are there services that are ghost processes that you don’t even know you pay for? Do you have subscriptions you pay for that you don’t even use or have not used in the last six months? It’s important to make sure that you get the value of what you pay for.
- Obtain New Customers. In today’s world this is just as important than ever. Why? Because happy customers buy more and tell others shares.
- Intuitive Customer Service. Associated with obtaining new customers, be intuitive when it comes to customers’ needs and anticipating them before they even realize it. For instance, you do not sell a gadget without an accompanying instruction manual because you are already anticipating that they will need it. This is especially important if new customers are making a switch to your brand. You don’t just automatically assume that they know how to use it. Customer service has to be exemplary. Why? Because frustrated customers talk and this can damage your business.
- Improve attraction. Humans are very visually responsive individuals. Creating attraction does not necessarily translate to having the most beautiful display but having one that elicits an emotional response on a personal level. Capitalise on good feelings: “I bought it because it makes me feel good.”
- Assess Prices. Are your prices still the same as it was last year and are you losing money because everything else has increased in price except your products? While it’s important to maintain a competitive price point, this should not be a cause for you to lose business. When customers find your products valuable, a price increase won’t reduce your sales.
Use these strategies to help streamline your business processes for maximum productivity and reducing operational costs.