Before I start this blog, I wanted to let you know that this teaching is a sneak peek into what you will learn at our annual Business Mastery Workshop this year. It’s live stream only, priced at a fraction of the cost you would normally pay to go to an in-person conference. On top of that, we’re offering an additional $50 off your ticket, but you only have a few more days to use the coupon code! Click here to learn more and get your ticket. Don’t forget to use code “BIZ50” at checkout!
With that said, today I’m going to teach you some ways you can make your business more profitable in a post-COVID-19 world. I think that’s advice we could all use right now!
3 Ways to Make Your Business More Profitable in a post-COVID-19 World
Evaluate Your Costs
The very first thing you have to do when you’re looking to increase your profits is to evaluate your costs. Sometimes, as small business owners, we can lose sight of what we’re spending our money on. I have my team keep detailed track of all our software and subscriptions to services. This way, we can re-evaluate when the time comes. By cutting down costs on things that don’t serve you anymore, you’ve already made your business more profitable. This also frees up cash flow that you can re-invest into your business.
Focus on High Value Targets
This is something I teach in real estate as well. When you’re fixing and flipping houses or even upgrading one to sell, it’s easy to get lost in all of the changes you can make. However, you shouldn’t spend $5,000 to put in a new sink that will only raise the value of the property by $2,000. The same goes for business. Focus on spending your money to improve areas that will increase your KPIs. Everything else is lower value.
Focus on Existing Customers
While it’s important for business growth to gain new customers, you will find that your existing customers make your business more profitable. This is because they already have a relationship with you, they trust your product or service because they’ve used it before. I encourage you to offer returning customers special discounts or exclusive looks at new products. Your loyalty and dedication to them will increase their loyalty to you.
What have you been doing to make your small business more profitable during this time? Let me know in the comments below! Remember, you can save $50 on the conference your business needs by clicking here and entering the coupon code “BIZ50” at checkout!