"How do I increase my bottom line?" is a question all business owners have; it should be something they work on daily. Lets face it, there are many variables when facing this question but the solution begins with first asking the question, and second, looking at all areas of your business.
Bringing in more sales isn't the only way to increase your bottom line. Look at your labor, inventory and systems. Are you operating efficiently?
Often times training is a factor. Have you trained your employees to operate at optimum efficiency. Is a task that should take 10 minutes taking 20? Observe and record your thoughts. Discuss the systems that need to be in place with your management team and emphasize the importance in following through to ensure your goals are met. Remember - as I have mentioned in previous blogs- you must share your goals with your team in order to accomplish them!
Inventory is a key factor to your bottom line. Do you have thousands of dollars sitting on your shelf instead of in your pocket? Are there items that you do not need to stock until days before required? Consider how you order. Do your best to maintain a just-in-time delivery schedule to keep more of your cash in your pocket instead of on the shelf.
Now look at your marketing tactics. Are you networking and meeting members of the community that you serve-whether its businesses or the public, it is important that you form relationships with those people who may be in need of your services. These days we are bombarded with marketing messages. The strongest ones are those that are backed up by a relationship. Great customer service is another way we market well. Word of mouth is everything! Friends tell friends about you who tell other friends, and so on, and so on, and so on. Make sure you are using social media to your advantage. Be active on all formats - people who see your name often feel like they know you. Other forms of marketing should be industry specific and get in front of your customers in an efficient way.
Need help with increasing your bottom line? I am here to help.
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