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10 Simple Business Strategies for Boosting Profitability

10 Simple Business Strategies for Boosting Profitability

Practical business growth strategies can be hard to come by in the ever-changing market of today’s tech based business world.

Never ever stop learning.

If you stop learning you’re going to fall so far behind you risk never catching up! Seeking help from fellow entrepreneurs is probably the most sound advice anyone can follow in the business world. It may take some sweat equity and time investment, but it’s imperative that you are utilizing the most accurate info you can get your hands on. Integrating a new idea, product or software can sometimes be more challenging than finding said business growth tool!

Surviving the startup phase is, perhaps, the most challenging part of owning a business and if you’re at that stage I’d like to congratulate you!
Now let’s get you moving toward the next phase in business. If you’ve been in business for any length of time you know that information overload rears its ugly head often so let’s narrow down our field of possibilities to just the top 10 strategies you can run with today. Some of the best business decisions have been made by thinking outside the normal parameters of business and our challenge to you is to do the same with this list.

You may not see the immediate applicability of these ideas, but take some time to see how creative you can be in trying to work a new strategy into your business. The action takers in life are the success stories in life and we’re always super pumped to work with those that are ready and willing to take that leap in business (and in life, for that matter!).

1. Branch off to service another area.

If you’re bursting at the seams then it’s probably time to think about taking the next step in business expansion, be it physical or virtual (aha – did you catch that?!). Having a limited vision will simply keep your business limited as well. Your business (and your life) will only grow as big as your visions and aspirations are.

2. Stay in the black, stay in the black, stay in the black.

A lot of business owners lose sight of making a profit when thinking of growth and expansion. Keep sight of the purpose of your business – to make money!

3. Keep an eye on the market and have plans to take proactive measures.

Never become lackadaisical in keeping your finger on the pulse of your market, always be prepared to take the next step to stay in the game!

4. Staff your business with the best you can afford.

Your business is nothing without the foundation of its staffing.

5. Create a long and short term business plan.

As my Nana used to say, “An ounce of prevention is worth a pound of cure.” And it’s true in every aspect of life and business.

6. Keep ‘out of reach’ plans in a folder to call up when something shifts in your business.

While some of these strategies may not be possible at this point in your business there will typically come a time when they may prove highly profitable so make sure you keep them in your pocket to pull out when the timing is spot on.

7. Along the same lines as number 4 up there you need to evaluate your current staff.

Are they weighing you down? Are they weighing down your other employees or your clients? Just because a staff member is good at what they do that doesn’t mean you need to keep them on if they are inhibiting your company vision!

8. Duplicate your current winning strategies.

This may seem a bit remedial, but often times we can lose sight of the good things we do by focusing on plugging the ‘holes’ in weak areas. If you base your business practices on your strengths your weaknesses will eventually sort themselves out or become so minuscule they become irrelevant.

9. Implement systems to automate whatever doesn’t require immediate human attention.

This is not to say you need to take the connection (human connection that is) out of your business, but to redirect that human connection and interaction to profit producing activities versus repeating the same conversation fifteen times a day.

10. Ditch your company if it’s dragging you down.

What?! Yup you heard me – if you’ve got a parent company that is keeping your business from growing profitably then find a new one. There are very few (by few I really mean none) companies that cannot be replaced with a similar counterpart. So if you can’t work out a mutually beneficial relationship then move on baby!

 

Taking any or all of these steps in your business will shed light on the areas you can improve on and the areas that may need some attention. Just make sure you take one step at a time, evaluate your progress and make small changes if needed. Keeping in mind to work from your company’s strengths versus focusing on mitigating weaknesses will ensure that your company goal and vision remain at the forefront (where they belong) which will ultimately result in happy (and paying) customers.

Business growth through evolution is our trade. We empower small business growth by providing owners with the tools and practical steps to expand profits as fast and easy as possible. Constant evolution is the only effective business growth strategy in today’s market.

 

By Elizabeth Carbonaro

http://www.EliteBusinessEvolution.com

 

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