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?
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.
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.
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.
It may seem like Summer is still lingering on (and in some cases, that’s quite true), but like it or not, the holiday season is just around the corner. Though it probably feels strange to be thinking about Thanksgiving turkeys and Christmas decorations when it’s still warm enough for that swim suit, now is actually the perfect time to go full-swing into your seasonal planning.
Holiday Seasonal Planning, No Matter the Reason
Whether your business is full-blown retail toys or a small research firm with a streamlined consumer base, you need to prepare for the holiday season. No matter what service or product you have to offer, there’s a holiday angle for you to help drive seasonal business and you need to be planning for it – yesterday.
Why You Should Care
If you think your specific firm or business is unaffected by the holiday influx, we’re here to tell you you’re wrong. Since the holiday season is “the main time of year when people are out buying products and services not for themselves, but for other people,” Forbes.com explains it’s the prime opportunity for businesses of all walks to grasp their share of the shopping season.
Since gift-buying is vast and diverse (Santa doesn’t just deliver toys nowadays), finding ways to market your own business during this time is essential to grasping the best possible outcome. Shoppers love to find the “It” item of the season and are always on the lookout for the most unique items, so don’t be afraid to market your products and services no matter how unorthodox they may seem for the holidays.
Find Your Niche
By looking at your history, you should be able to find a pattern of top sellers and items or services that have peaked the most interest with your customer base. If you’ve never focused on seasonal planning before, start with your top sellers and run a campaign focusing on them as a starting point.
While you’re examining your historical sales, you can also familiarize yourself with customer-specific purchases. This will allow you to tailor discounts and offers to your clients, based entirely on their personalized needs and gives them an attentive message about you as a business.
Why So Early?
You may wonder why it’s such an important time to begin holiday planning, being fresh off the heels of summer. We’ll tell you why. Early planning allows for a seamless transition into the biggest spending season of the year, and it gets your customers thinking about how they want to spend their funds ahead of the season.
By strategically planning your holiday marketing campaigns, you will be planting ideas into the minds of your consumers, allowing them to prepare for how they’ll be shopping that season.
There’s also another important aspect to keep in mind: online sales. Since we are seeing a major shift toward online shopping in recent years, earlier seasonal planning allows consumers to use their favorite medium to shop (i.e., online shopping) while still allowing ample time for shipping before the holidays.
If you’re looking for a unique spin on your holiday planning, try looking at what is available in your area. Perhaps you could do a collaborative work with a related company (think discount party catering with office rental space promos for corporate Christmas parties) or offer certain charitable donations to area shelters or fundraisers with a portion of their funds.
There are endless ways to market your goods and services for the holiday season – the key is to find the right angle for you and figure out what motivates your customer base. Above all, the most important thing you can do for your holiday planning is to begin now.
Practically everyone in the working world is familiar with the concept of improved productivity. The phrase is tossed around by employers everywhere and is often considered one of the most coveted assets.
Whether you’re being encouraged by your boss to improve productivity in your work place, or you’re a self-employed entrepreneur looking for a productive boost, workplace productivity has likely entered your vernacular on more than a few occasions. So just how do you go about achieving this boost?
“Workplace productivity isn’t about getting from point A to point B in the fastest amount of time… Your personal workspace is one of the most overlooked factors that affect productivity,” explains Jamie Fertsch, Director and Co-Founder of XDesk, via an interview with BusinessNewsDaily.com.
Improved Productivity Starts in Your Workspace
Increasing your productivity is a much larger picture than simply churning out projects and tasks in shorter time. There are many factors involved in reaching optimal productiveness, and it’s easy to get stressed out trying to keep up if any of these factors are out of whack.
In fact, according to Fertsch, the first step in becoming more productive should lie within the spaces closest to you during working hours: your workspace. By tackling a few simple things within your work area, you can cut stressors and increase productivity simultaneously.
It may seem like a no-brainer, but the most important step to streamlining your workspace is to stay organized. Keeping files in optimal order with clear labels will help save time and frustration when searching for items later.
Beyond the obvious filing, you’ll want to cut down on any unnecessary items within your space that take up room. A junk drawer or odd knick-knacks that cover your spaces or clutter your drawers can detract from potential workspace optimization. They also serve to add tension and crowd movement and free-thinking by adding stress.
Give Yourself Space
Once you’ve got your space optimally organized and decluttered, make sure you give yourself space as well. Sometimes when working, our minds can become too overloaded to efficiently finish a task or train of thought.
Fertsch recommends that you allow for ample break times and changes of pace. If you feel you’ve reached a wall, get up and take a breather. Go for a quick walk, spend 5 minutes outside or chatting with a coworker to reset your mind and then come back to your task to try again.
“Productivity is not directly correlated with time spent on a task… it’s important to make sure that you’re recalibrating and refueling every once and a while,” Fertsch explains.
Give Your Tech Items a Space
One of the greatest detractors of productivity is our beloved tech gadgets. The ping of a new email or ring of a new text message is often too powerful to ignore. While we understand there are times when we truly need to have up-to-the-minute notifications for things, let’s be honest, most times those items can stand to wait until we’re ready to answer them.
Designating a space in your work area to keep tech gadgets stored until you’re ready to check them can help increase productivity big time. Make sure the volume is off and place phones, tablets, smart watches, etc. in an area that’s out of view to keep you on track without unnecessary distractions.
Consider a New Workspace
Sometimes the best thing you can do for your productivity is a change of scenery. Coworking spaces offer a great way to maximize your space and get the most out of your work day. How?
Since coworking spaces offer a community setting with professionals from all walks of business, you’re essentially giving yourself a never-ending supply of networking and communication opportunities to bounce ideas off of during those productivity slumps.
Another bonus? Most coworking spaces offer a level of flexibility not seen by traditional workspaces, making it easy to come and go as you need in order to maximize that productivity!
When it comes to work spaces, most people think of the same basic essentials: desks, connectivity, technology, and room for meetings. While these things are certainly the core of any working space, many creators are taking inventiveness to a whole new level with some of the most unique coworking spaces around the world.
In case you’re unfamiliar with the term, coworking is one of the latest trends in the entrepreneurial world. By allowing individuals and small businesses of all kinds to co-work in a single space, these community work areas are gaining momentum all over the globe. The reason? They allow for an affordable and professional work space and an invaluable set of coworking mentors and essential networking.
That said, here are some of the world’s most unique coworking spaces that take this experience to a whole new level:
The Hub – Chiang Mai, Thailand
While you think of the basic essentials for a work space, there is nothing basic about The Hub coworking space in Chiang Mai, Thailand. Made entirely of repurposed shipping containers, The Hub has one of the most unique designs of any space around the world.
With out-of-the-box thinking and architectural design, The Hub is truly a unique working space atmosphere that is said to inspire creativity and productivity. The shipping containers allow for a resourceful use of existing elements, giving a green element to the coworking experience.
Village Underground – Lisbon, Portugal
Similar to The Hub, Village Underground in Lisbon, Portugal makes use of recycled shipping containers for coworking spaces. The repurposed containers give ample office spaces that are shared by creative entrepreneurs of all walks of life, but they aren’t the most unique aspect of this space.
In addition to the unusual office space design, Village Underground boasts even more architectural creativity. The space includes attached double-decker buses that have been transformed into an on-site café and restaurant as well as a recording studio for its audio artists.
Naplab – Bangkok, Thailand
If you’re the type who just needs a quiet space to work, then Naplab coworking spaces in Bangkok, Thailand may be perfect for you. Known for its quiet spaces, Naplab caters to entrepreneurs who need some serious focus time.
As the name suggests, this coworking spot includes a second level designated solely for – you guessed it – nap time. Yes, this space has individual bunks and pods where its members can retreat for a nap to recharge their minds on-site.
Dojo – Bali, Indonesia
If it’s a retreat you’re looking for, then you can’t go wrong with Dojo – the tropical coworking experience in Bangkok, Thailand. It’s most unique feature? Take your pick between the open-air conference areas, private poolside nooks or the mere one-minute walk to world famous Echo Beach.
In addition to the resort-like atmosphere for working spaces, Dojo also offers extended stay options. Yes, they have rooms you can rent for an overnight stay, making it a great place to plan a company retreat.
Coboat – Providence Mahe, Seychelles
Want to shuck the whole concept of an office in general? Coboat in Providence Mahe, Seychelles will definitely get you there! The concept? Coworkers can book their stay on the Coboat, sharing working space on an enormous catamaran as it sails around the globe.
All of the essential working space necessities are included (high-speed internet, tech gadgets, etc.), as well as ever-changing high-seas views. The concept allows coworkers to stay connected while simultaneously embarking on coastal adventures and truly fresh air thinking as they detach themselves from the mainland for weeks at a time.