15 November

The Best Strategies to Increase Your Bottom Line

Whether you’re a new business owner or a veteran staple in your market, business owners share one major concern: how to increase their bottom line. Let’s face it, the point of being in business is to turn a profit, so naturally, finding ways to increase that profit would be a prime topic of discussion, yes?

Traditional Means

Many business owners are familiar with the concept of spending money to make money – it’s Business 101. More often than not, business owners need to invest funds into proper areas (marketing, staffing, office space, products and services are just a few of these) in order to boost their sales. These are considered the traditional means of boosting strategies, but they are not the only ways to achieve a bottom-line bump.

Non-Traditional Means

It may surprise you to know there are actually ways new business owners (and even veteran business owners) can improve their bottom line without spending a single dime. Yes, you read that right – there are ways to fatten your pockets without thinning them first. How? Let’s take a look at some of the lesser known, non-traditional means of increasing your bottom line.

The Best Strategies to Increase Your Bottom Line

“Getting over that seven-figure (revenue) hump is often an indicator that your business has longevity to it. But getting there can be tricky, stressful, and time-consuming,” writes Forbes.com.

Learning how to get to that pivotal revenue point boils down to initiating successful profit-boosting strategies. It’s also about minimizing the outflow of cash needed to implement these strategies since without minimization, the profit boost can be negated. Not to mention, it’s tough to let go of funds when you’re trying to increase them.

Tweak Your Online Marketing Strategies

One of the easiest ways to add to your profit margin is by pairing up with other local businesses or related products and services. Essentially, by including promoted products or reviews via a link inside your existing digital marketing strategies can bring about extra cash flow. How? It’s what’s described by Forbes as Affiliate Marketing and means that by utilizing links within your website for other products, your business can earn funds each time your customers follow the link.

Utilize Your Email Lists

Another completely free asset you can use to boost profits? Your email lists. As advanced as digital technology is today, it’s easy peasy to set up automatic emails to your customer base that will entice them to visit your site. Don’t let your customer contact lists sit dormant, use them to promote your business by way of sharing blog posts, upcoming events, and even set special VIP sales as appreciation for those on your current list.

Initialize Semi-Annual Audits

Simple as it sounds, one of the best ways to boost profit margins is by cutting your expenses. Make it a priority to go through your budget a few times a year and make sure you’re only sticking with the things you need for your business. If certain areas are no longer working, don’t be afraid to cut them before they eat up more of your existing budget. Also, be sure to take stock of all of your material items and products, to ensure you’re not continually pouring out funds for items that have very little benefit to you.

Overall, the best tricks you can utilize to keep increasing your profit are ones that make the most of your existing resources. Be sure to maximize your budget and audit yourself frequently, as well as continuing usage on all of your available (and free) assets.

1 November

The Do’s and Don’ts of Starting Your Own Business

When you’re working on a plan to begin your own business, it’s easy to get overwhelmed with concepts like budgets, marketing schemes, and investment opportunities among other things. It can be extremely taxing and confusing and sometimes you may want to throw in the towel. We hear you. Just breathe and try to simplify things a tad with some basic do’s and don’ts of starting your own business.

Starting a Business

Chances are, if you’re in the process of starting your own business, you’ve practically buried yourself in researching how to make it successful. With so much information out there, it’s easy to lose sight of the bigger picture and forget some of the most basic business essentials. Don’t fret, however, these aren’t another list of things to keep on your “to-do” list, but rather, a reminder of how to tweak your approaches to get the most out of your new business.

The Do’s and Don’ts of Starting Your Own Business

Rather than focusing on the details, sometimes the best thing you can do is to keep the big picture in mind. The best way to do that is to remain flexible in your approach and try to avoid closed-minded thinking. What do we mean? Always stay vigilant and observant as you try different tactics – if something isn’t working, don’t be afraid to cut ties and try a new approach.

“Being flexible can make the difference between growing and stagnating,” explains Forbes.com. As such, keeping the following do’s and don’ts in mind should help you through the process of starting your own business:

The Most Important Do’s

While there are business plan protocols out there that help you learn every step of how to start a business, making it a successful one is up to you. Thankfully, there are a few “do’s” you can incorporate into your plan to help ensure you have the best shot at success.

What is the most important thing you can do? Utilize the help and knowledge of colleagues and friends. Having a solid (and diverse) set of acquaintances as resources and support will greatly improve your chances of success. Try asking old bosses, coworkers, friends, or other professionals in the same field for their invaluable input on your journey. Need ideas or inspiration? Coworking spaces can put you in touch with professionals from all walks of careers and can be an amazing resource for beginning business owners.

Other do’s to keep in mind:

  • Place primary focus on your investment pitch to ensure you give yourself the best chance at primo opportunities
  • Make contingency plans to have a backup in case critical components are shot down (this plays in to the whole “be flexible” part we mentioned earlier)
  • Be digital to be seen and know that a large part of a business’s success today boils down to creative networking both on and off-line

The Most Important Don’ts

Just as there are things to do when you’re starting your own business, there are also things you should not do. Perhaps the most important of these “don’ts” is to ensure you don’t act impulsively. Forbes.com stresses that new business owners should never make a business decision out of haste or on a whim – instead, be sure to thoroughly research before you make any business decisions.

Other don’ts to keep in mind:

  • Never give up on your goals. Understand you will likely face a lot of rejection in the process, but it only takes a single “yes” to get the ball rolling, so keep at it.
  • Don’t assume you’re the underdog. While you may be a new business owner, you’ve done your homework and are a force to be reckoned with so don’t let others intimidate you.
  • Don’t accept things at face value. You will need to look deeper at every angle, and never accept things as they appear at first – this includes investment opportunities.