10 Ways You Can Make More Money in Your Small Business
In this article I’m going to share with you my secrets on how to make more money in your small business and how to make your business more profitable.
Small businesses can struggle with profitability for a number of different reasons. They keep prices too low. They focus more on big picture ideas than real consumers. They have way, way too many expenses. The list goes on and on.
But even if your business doesn’t make a lot of money early on, the goal should eventually be to sustain operations and earn a profit.
Here are my top money making activities you can be doing in your business to ensure you make consistent sales – more money and increase profits.
(even during an economic downturn!)
How to Make More Money in Your Small Business
1. Show up daily where your perfect paying customer is hanging out and share content that actually helps them.⠀
(sorry but just sharing motivational quotes won’t cut the mustard here!)⠀
2. Make it easy for people to find you! The amount of times I speak to someone who is trying to build an audience on social media, but have their business page hidden from their main profile and no bio to explain who they help and how is astonishing!⠀
Make it clear who you are, what you do, and for who. This goes for all social media platforms!⠀
3. Do more than just ‘post and pray‘ and start real conversations with your audience to get to know and them better, understand their needs and to build their trust in you.⠀
4. Make regular small ‘asks’ of your audience to get them used to taking action, for example – asking them questions, asking them to contact you, or asking them to access a certain free training you want them to see.
5. Keep a list of those you talk to who you think are potential future clients you can help and keep in touch with them regularly. No-one likes the icky sales person who only pops up when they have something to sell!⠀
Actually enjoy getting to know your audience and building relationships with them.⠀
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6. Put your offers out there – more than once! Your potential customers can’t do Jedi mind tricks to magically know when you have something to buy. ⠀⠀
You need to let them know! AND you need to keep posting/talking about it so enough people see. One lonely little post is not enough!⠀
7. Take time to find and meet new people. If you are at the beginning of your business so are time rich and money poor, your time is better off spent having as many conversations as you can. ⠀
Even if you are more established in business you should still be making time each month to water and grow your existing network. ⠀
Relationships truly are the most valuable asset in your business and will help you to make more money in your small business.
8. Shake things up every now and again and don’t be afraid to go ‘off-piste’! Do something a little bit different, wild or fun….⠀
Your audience will love it and the new lease of life it will give you will come across energetically which always leads to more sales.⠀
9. Be consistent – it sounds boring I know, but if you cannot stick at anything consistently you won’t just not get the results, but you’ll never be able to establish what is working in your business.⠀
If you don’t know which things are creating the sales, then it will be very tricky to increase or accelerate your sales growth long-term.⠀
10. Be supportive of others, this may not be a traditional sales activity but being supportive and kind to others will go a long way in creating sustainable sales success in your business.⠀
I know we are experiencing challenging times right now, but relationship focused sales skills will never go out of fashion, and are more important now than ever. They’ll not only help you make more money in your small business they help you build stronger relationships.
If you’re not already part of an online business community then this is also a great way for you to make relationships and be a part of an online community of like minded people.
There are a lot of online business clubs out there, so you’ll have to find the ones that suit your personality and meet your needs. Try a few to see if they are right for you. If those don’t work out, try a few more until you’re comfortable. Keep in mind that high member counts indicate popularity, but not necessarily quality. The only way to find out if a community is right for you is to spend some time within it.
P.S. If you’d like to learn more about some effective methods for improving profitability then take a look at my sales training course. It’s designed to help you convert more leads into sales and create sell out launches.