In yesterday’s blog, we took a look at a Susan Ward article from About.com that provided suggestions on how business owners could make more money. As an entrepreneur, the concept of increasing your profits is likely on your mind all the time. There are some owners, however, who are not making full use of all of their resources.
Ward suggests ideas that are a bit outside of the box, but definitely worth considering. For example, she notes that if your current marketing strategies aren’t paying off in ways that you first anticipated, it may be time to shift your sales focus. She says that sometimes, the easiest way to make more money is to do the obvious.
Think of ways to get your current customers to buy more from you, insists Ward. It makes perfect economic sense to put effort into pleasing the customers that you currently have, more so than the ones that haven’t yet come through your doors. If you shift your focus to these customers, you will find that your products will become easier to sell.
Ward recommends a read of her “6 Sure Ways to Increase Sales” article, which we will take a deeper look at in a future blog. Another way to make more money is to lend out your employees, she advises. If you have talented workers – and you should – you may want to think about contracting them out to other businesses.
If you are able to loan your employees out to other companies for a certain amount of time, you won’t lose them completely. Instead, you will be entering into a contract with another company who will be making use of some valuable talent while providing you with some added revenue.
Finally, Ward recommends that you add value-added services and products. Don’t just sell your products. Provide ways that your customers can use them. Perhaps you can run seminars to demonstrate how valuable and useful your items for sale are. Maybe you can combine two products that work well in tandem.
Writes Ward: “Make more money by examining your products and services and brainstorming services or products that your customers might be interested in. Then choose the one you think will make the most money for your business and test it.” As always, we hope that these tips will come in handy in making more money for your business.