How can I earn more money so that I can lead a higher standard of living?

09 August 2018

Do you work incredibly hard within your business but do not generate enough money for you or your family? Clearly, something needs to change. There are many reasons why businesses don’t generate much money. E.g. not making enough sales or spending too much. Have you considered using the services of a professional and experienced business coach? In this article, we introduce some ways you can increase profit in your business.

You can’t do it all yourself …

As a business owner, you will realise just how much there is to do. I recently worked with a client working all the hours under the sun just to generate enough money for him and his family. Which he had been doing on his own for two years. After working with me, he increased profit significantly and was able to hire a team. Meaning that within 6 months, he was able to book a holiday. And subsequently, the business was able to operate without him.

What strategies can I introduce into my business to increase profits?

Renting out spare space. Consider renting out under-utilised space in your premises to generate some money. Even if this is a small area. Moreover, offer add-ins to sweeten the deal. And consider renting to a business similar to yours. As this can encourage collaboration and cross-promotion.

Consider selling services as packages. Services charged by hour can often be off putting for customers. As subsequently, they can be expensive and potentially ongoing. Simultaneously, packaging services as individual products encourages customers to sign up as they are more enticed.

Change sales focus. Are you generating sales from new customers? Consider approaching existing customers as they are more likely to go ahead with a new product.

Offer your staff to other businesses. If you hire talented staff, why not allow them to work with other businesses? This is particularly useful during periods of lay offs or quietness in your business. And undoubtedly, the employee can return once work picks up.

Promote value added services. Ensure that when a customer buys a product or service that they are made aware of related ones.

Allow your assets to generate money. Utilise under performing assets and work out how they can be maximised. Markedly, this is a relatively easy thing to do.

Reduce expenses. Another way that profits can be increased is by reducing expense. Read this article for more information.

Key takeaways

More profit can be generated in a business in a number of ways. Including:

  • Renting dis-used space in your premises. Can be particularly useful to do this for similar businesses, allowing cross promotion and collaboration
  • Sell products and services as packages, enticing customers to purchase products for a one-off fee
  • Try and sell products to existing customers rather than new ones. Existing customers are more likely to be interested
  • Hire your staff to other businesses during periods of potential lay off or quietness to generate more money
  • Promote value added services for related products and services
  • Make your business assets generate profit where possible
  • Reduce expenses. More about this can be learned from this article

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