As a small business owner you know that the true measure of success is your business profit. The key to increasing your business profit lies in your ability to increase your revenue without increasing your costs. The fastest way to increase profits is to increase your prices. Despite a common belief among business owners that everyone shops on price, only less than twenty percent of people shop that way. The majority of consumers make buying decisions based on value. The key to price increase is reintroducing existing products and services with added value to your customers.
Follow 80/20 rule and focus on products or services with the highest gross profit margin. They are the most important to your business, as they generate more money. Once you have identified your most profitable items you should concentrate on achieving higher sales targets for them. Marketing is often viewed as an optional expense. Unless your inbox is full with new customer requests or your phone is ringing nonstop for the same reason, I would suggest treating marketing spend as a wise investment. Maintaining your marketing spend instead of cutting back keeps you top-of-mind when your prospects do decide to spend money. Cutting marketing spend makes customers to think your business is struggling financially, making them less willing to do business with you. We will be glad to assist you in these crucial areas. Just give us a call at 833-662-9922 to get started.