Small businesses always try to determine how to increase profits. It’s good to start with the big picture, but many of us can become overwhelmed when faced with these huge tasks. When that happens, many of us give up.
A better way to approach the picture is to begin breaking the big project into manageable tasks. Outlook Business Solutions believes that small wins can help boost confidence and when built upon each other, can provide us with big wins.
We probably all know this, but we’re not so good about putting it into practice. Let’s look at some of the steps we can take to help us have a big impact on the bottom line.
Develop micro habits. These are changes that are so small you won’t even notice you’re doing them. Instead of saying you’re going to spend one hour per day reviewing best practices in your field, say I’m going to read one paragraph. I know you’re thinking that there is no way you’ll ever learn about best practices at that pace, but you will. Because you’re going to succeed on your first try.
Continue your micro tasks. Now that you’ve started your new micro task, continue to do it every day so it becomes a habit. We know it’s easy to get distracted, but this task is so small that you won’t even think of deferring it to another day. It’s going to take you less than a minute to complete a micro task.
Stay small until it becomes a habit. I know you’re thinking that reading one paragraph a day isn’t going to get you anywhere, but if you move on too quickly, it’s easy to become overwhelmed and then stop reading the industry best practices at all.
Tell people about your new habit. By enlisting help you will have support and accountability. It is always better to have a group to support you instead of just one person. This will build a stronger bond of accountability and will keep you moving forward if someone drops out of the group. Every person in your group should have a micro habit that they’re trying to start. This could be a peer coaching group or others in your company. Be sure to report weekly on your progress.
By making these small incremental changes, you are on your way to attaining big results. You have now built a new habit that you can build upon and grow. You will then be able to put some of these best practices to use in your business, which will definitely help your bottom line.
This is a good process to help you change behaviors to attain bigger results, and something we do here at Outlook Business Solutions. Now let’s explore some of the ideas that can help you grow your profits.
Increase prices. Of course, this is the easiest way, but many of us are scared to do this. Each year you should evaluate your pricing schedule of your product or service line.
Are there ways to change your operating procedures? Maybe you can streamline a process, cut some steps or rearrange the work area.
Eliminate tasks that don’t help your customer or add something to your bottom line.
Stay visible and connected. Keep up to date on your certifications and licenses.
Review staff levels closely. Do you have the right number of people working for you?
Increase the dollar value of your customers by upselling, cross selling and reselling.
Make sure your team understands how each of them is contributing to the bottom line.
Work on customer retention. Remember that it always costs more to attain a new customer than keep a current one.
Can you bundle products/services or package them in bigger lots?
Reduce barriers to entry for new customers.
There are so many things that we can do to increase the bottom line, but finding the time can be hard. If you would like help building micro tasks or breaking a big task into smaller steps necessary to grow your bottom line, we’re here to help. As a marketing and growth agency, Outlook Business Solutions provides marketing, strategy and customer care services to businesses. Our professionals can help develop goals, strategies and content for your marketing needs. Contact us to learn more about our marketing services.