How Do I Increase My Profitability and Improve My Life?
February 21, 2024
Here are just a few possible ideas for small business owners to improve their business and quality of life, by increasing their profitability:
- Increase your prices
- Review and reduce costs regularly
- Create budgets/targets for the coming year and stick to them
- Consider selling/adding products which compliment your current service/product offering
- Group offerings instead of ‘one to one’ sessions if service based
- Prioritise tasks which can only be done by you and delegate/outsource anything else eg. Bookkeeping or IT support
- Consider passive income eg. create an online pre-recorded short course which would bring in income, while you sleep!
- Look at your assets and how to generate more income from them eg. if renting an office, do you require all of your space – could you sub-let a section, even if just for times when not in use by you.
- Collaborations – could you team up with someone in a similar industry and offer some joint promotions?
- Plan out the financials for any future promotions/offerings – is it worth your while?
- Target a particular client/type of client and market directly to them
- Have a product/service aimed at different budgets
- Focus on client loyalty – what else can I offer my current clients?
- Research & invest in timesaving technologies
- Bear in mind the VAT registration threshold of €40,000 for services!
