10 Tips for Running a More Profitable Business

By Marc O'Dwyer - 29th May 2018

Find under: Advice

It’s always a good time to take a look at your business and consider what you want to achieve. Below are 10 things that can help you run a more profitable business:

1.     Review your results

Do you know what your revenue was for the last year? How much profit did you make? What about your website traffic? What was the most shared content and your top performing keywords? Do you have the best people in the right positions?

Put together a list of all these questions and more to get a snapshot of the results across your business. This will show you what worked, what is working and how you need to do better.

2.     Has your market changed?

Look at your business plan to see if it is still relevant to your market today. Understanding where you fit into the market is critical for continuing growth.

Research your market and competitors, if you want to stay relevant. Talk to customers and other businesses. Have them complete surveys to find out their needs and how they think. Ask what you do well as well areas of improvement. Check government statistics and trade magazines for the latest figures and industry trends. This will go a long way to helping you understand your customers so you better target how you market the business and customise customer service.

3.     Revise your business plan

While you have your business plan out, revise it. Consider whether it still meets your vision and your changing market. Re-evaluate your business vision and revise your goals for the new year. This will help you start off the year with confidence. Business planning can be time consuming but it is worth investing your time an energy in. It gives you direction, defines your goals and strategies, and helps you through any challenges you meet.

4.     Make innovative changes

It’s always good to review and renew your business processes, practices, products and services. Go through your operations and see if there is room for improvement. Are there areas that could be more efficient? Are your customer service processes and procedures producing the best results?

Being innovative is finding new ways to do things to save you time and money, and produce better results. This can mean creating new products and services, improving customer service, or creating a new financial record system.

Innovation is also being flexible enough to implement new ideas to grow and adapt with your marketplace. Innovative thinking should be part of your culture to help you and your team achieve creative problem solving.

5.     Audit your skillsets

Do you have the skills to create success in your business? Audit your skills and those of your team. Does the business have the skills and knowledge it needs to implement your business strategy with success? If the answer is no, then assess where you fall short and come up with strategies to cover any shortfalls in vital skills.

6.     Website updating

How long is it since you updated your website? This is your main sales tool and face of the business online. It should be kept updated all the time. Keep in mind how your customers view your website. Many use mobile devices for searching. Ensure it is simple and works well on these devices.

Consider these things. How long does it take your website to load for consumers? Is navigating the website simple? Does the text inspire consumers to contact you? Think what more you can do to improve your online identity.

7.     Engage your customers

Magic happens when you build relationships with your customers. Reach out to new and old customers. Engage them in your business and what your plans are for the year. Use social media to get opinions, and to gauge reactions to new products and changes. This is a great way to build a following of people who love what you do.

8.     What social media strategy?

Take a look at your social media strategy. Are you using this to work for your business? Facebook and Instagram are two of the most popular social media platforms. It is a great way to engage with your customers whether you have products or services to sell, or just want to share information.

9.  Create a calendar of promotional events

Map out your promotions for the year ahead and then create a calendar of promotional events. Do your promotions tie in with national holidays? When you have your promotions planned well ahead, you and your team are well prepared. It also gives you plenty of time to create excitement and get the word out onto the street.

10.     Get your books in order

Do you have a stack of accounts and receipts piling up around you? Do you look at them and think you will deal with it all later? Really, this is not good for your business. How do you know the financial health of your business if your books are a mess?

Set-up a Book-keeping and accounting system to:

  • manage the business cash flow
  • track the financial state of the business
  • keep records for your tax return
  • produce proof of your financial position for lenders and in other institutions.

Here at Big Red Cloud, we want to help you and your business succeed. That’s why we made sure that our online accounting software is simple and easy to use so that you’re not bogged down trying to get the software to work for your business. Try our 30 day free trial now: http://bit.ly/BigRedCloud-FreeTrial

 

About the Author: Marc O'Dwyer

Marc is the CEO at Big Red Cloud, the easy to use online accounting software for micro, small and medium sized businesses. Having founded the company back in 2002 with the goal of helping companies to better manage their accounts, Marc also finds time to train and compete in Ironman and triathlon events in Ireland, the UK and across Europe.