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.
You may think holiday marketing doesn’t apply to your particular business niche, but the truth is, seasonal planning is for all businesses, no matter the goods or services provided. If your business is hand-crafted toys or candies, it’s quite obvious the holiday season is peak time for sales, but it’s also the same for practically every other form of business out there.
Know Your Angle
If you’re struggling to come up with an angle for your seasonal strategies, start by looking at your books. Find out what your customers have been interested in the most and use that information to anticipate what they may be needing shortly.
Remember that holiday planning isn’t all about retail sales and shopping. Consumers also have needs for specific services, practical items, and unique finds as well. Figure out what you can offer them and plan to highlight that for your campaign.
Begin to Prepare
Understanding that seasonal planning begins well before the holiday season begins, is the most important aspect of your process. It’s recommended to begin your planning months in advance – some even beginning as early as mid-summer. Why?
By allowing yourself ample time to research your top performers, study customer habits, and brainstorm with your team members for campaign ideas, you’ll give yourself the best chance at a highly successful campaign. You should always allow plenty of time for changes, new ideas and stocking any necessary supplies for the season.
Seasonal planning is more than simply finding the greatest marketing campaign to put out there this year. It also entails making sure you are fully stocked on any anticipated items, well-staffed for an influx of customers, and prepared for all your basic needs as well. How do you do this?
Start by taking inventory on your stock. Determine what items you’ll need to order if you are in the retail business. Plan for any additional stock items like shopping bags, receipt paper, shipping supplies for online orders, and any seasonal items like specialty flavors of coffee or printed fliers to hand out at purchase time.
Plan Your Schedule in Advance
Another key seasonal planning step is to make sure you are fully staffed to cover any potential increase in customer activity. It can help to make up schedules well in advance to allow employees time to plan for working hours around the holidays, as well as note any potential scheduling issues before they become problematic down the road.
Even if you’re not big into the holiday scene, getting festive at work is part of the seasonal planning process and your customers (as well as employees) will appreciate the gesture. There are a number of ways you can accomplish this – from simple decorations to planning events for employees and/or clients.
If you need ideas on how to get festive, include your team members in a brainstorming session to get their input – this is especially helpful in coworking spaces where members come from all walks of business (and all walks of ideas!). Not a coworking space? No problem – do some online research on local events to see what fun things are going on around you that you could include in your seasonal planning.
The best thing you can do is understand that seasonal planning takes time, and it’s not something you want to miss out on. Start planning early and get those festive ideas flowing to set your plan in motion!
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.
With the digital world booming today, your understanding of online marketing strategies can essentially make or break your business ventures. Practically every form of commerce has a corresponding (if not central) online presence nowadays, but the reality is, not all business owners are also digital marketing gurus.
The good news is, you don’t have to be a marketing whiz to operate a successful online presence for your business. Understanding the basics of digital campaigns will help you navigate your way through the web; and it all begins with knowing the lingo.
Digital Marketing Terms
The first step to tackling digital marketing is to learn the terminology behind it. There are a lot of various anagrams and terms out there that can be quite confusing – but they don’t have to be. Once you familiarize yourself with the lingo, you’re well on your way to improving your business’s online presence.
“The better you familiarize yourself, the easier it is to understand and speak discerningly, whether it’s within internal departments or the agency building your website.” – Forbes.com.
There seem to be no shortage of acronyms when it comes to digital marketing terminology. Consider it the shorthand of the day, or the texting lingo of the business world. However, you look at it, acronyms are here to stay, so it’s best to get familiar with them – at least, the most widely used phrases.
Some of the acronyms should be fairly understandable once you learn what they represent. In fact, many of them are just abbreviations of common business terms you likely are already familiar with.
Most Common Acronyms
Here is a look at some of the most common acronyms used in digital marketing today, along with a brief description of their meaning:
- B2B: Business to Business, or commercial operations
- B2C: Business to Consumer, or traditional operations
- SEO: Search Engine Optimization, or knowing how to drive customers to your site
- SMM: Social Media Marketing, or utilizing Facebook, Twitter, and other social media platforms
- WOM: Word of Mouth, or advertising via client praise
Essentially, the bulk of the terms are fairly self-explanatory. If you’re a business owner, chances are you are already familiar with terms like “word of mouth” and know whether your business is focused on B2B or B2C transactions.
However, it goes without saying that the more you know, the better off you are. Especially when it comes to familiarizing yourself with current trends and successful digital marketing tactics.
SEO knowledge, for example, is a highly sought-after commodity in terms of creating a booming virtual business. Why? Well, since the bulk of all internet traffic flows through search engines (such as Google) first, the businesses who rank in the top findings for each search are the ones with the greatest visitors. It doesn’t take a genius to understand that greater website traffic equates to a wider client base.
“Having your online business searched, found and ranked is not only about how you are marketing and messaging to online audiences but also how it is in observance of the latest rules and algorithms.” – Forbes.com.
The More You Know
There are multitudes of acronyms out there when it comes to digital marketing, but don’t let that dissuade you from getting your business out there digitally. These terms are critical parts of running a successful business venture of any kind today. The more you learn, the easier it will be to navigate your online presence.