The end of a calendar year is a common time for business owners to reflect on how they can be more profitable in the new year. You might even feel discouraged because you don’t know how you can possibly take on more business and still have time for a life outside of work. If so, you will be happy to know that increasing profits doesn’t always mean taking on more work. You may just need to make some changes to ensure that you have more money coming in and less going out.
Review Your Content Marketing and Search Engine Optimization Efforts
If you don’t know where most of the traffic to your website comes from, make a resolution in 2019 to find out. It’s good news if you discover that most people reach your company’s website through organic search. You can capitalize on these efforts by devoting more time to create content that is useful to online searchers such as blogs, instructional videos, and social media posts. While you may spend more upfront paying employees or contractors to create this content, you will quickly be able to reduce what you spend for paid search.
Pay Someone Else to Complete Repetitive or Low-Value Tasks
If you’re a solo entrepreneur, you may take a certain amount of pride in handling everything from data entry to product sourcing to customer service. However, it won’t take you long to discover that completing mundane and time-consuming tasks yourself keeps you from engaging in activities that would be more profitable for your business. If you don’t have enough work for a regular full-time or part-time employee, consider hiring an independent contractor on a per-project basis.
Don’t Overlook the Power of the Personal Touch
With so much automation available to business owners and customers these days, some people never physically meet or speak to the person on the other side of the business transaction. That means that arranging to meet in person, making a phone call, or sending a handwritten note of thanks can really stand out. The key to success here is to only offer services or appreciation and not expect anything in return. You could soon have a whole network of people wanting to do business with you and it won’t cost you anything more than your time.
Seek Quality Over Quantity with Lead Generation
Having 1,000 leads is pointless if few of them have genuine interest in the products or services offered by your small business. If you want greater profits in 2019, you will need to refine your lead generation process to gather high-quality leads instead of just obtaining contact information. This starts with contacting potential leads in your niche area. Other steps to follow include:
- Schedule an appointment to discuss your product or service
- Demonstrate how what you’re offering solves a customer’s unique problem
- Be prepared to overcome sales objections
- Close the sale
This process will work regardless of your industry. The more time you spend qualifying the prospect now, the more likely it is you will close a deal.
Please don’t hesitate to reach out to our small business consulting firm to discuss strategies to increase profits. BizResults.com is about execution, getting things done, moving the needle, helping the business owner succeed. It’s always exciting to learn about the solutions and challenges business owners are facing daily, and to see how we can work together. We’d love to meet with you and hear your story.