7 Ways To Increase Your Business Profits This Year

Every business wants to be profitable as quickly as possible.  When you first start your business, it can take a lot longer than you expect to begin turning a profit.  This will test your mental toughness and your endurance.

Along the way, you should be researching all the possible ways that you can help to increase your profits each year.  If you just sit back and hope the money will come rolling in, you may be sitting back for a long, long time. And, by the time you do something about it, it may be too late.

Take the time to read other people’s success stories and what they did to increase their business profits.  There are also many financial blogs from people all over the world that can offer useful advice to bring in the money.

Below are some quick and easy ways to work on increasing your profit to make your company the dream company you have always imagined.

#1 Identify the Importance of Every Task

Time is money.  Things that you feel do not add value to your company should be eliminated.  

If it is just something extra that the customer could do without, you shouldn’t have that on your list of things that need to get done.  

You need to really center your focus on what brings in the money. Eliminate the needless tasks and put more manpower on the big, important tasks.

#2 Increase Your Prices

money

This can be easier said than done, but if you are not profiting as you may have anticipated, you will want to look at your pricing measures.  There is a good chance that when you started your business, you priced items on the low end to draw in business. On regular occasions, you should be really looking into your pricing points.  You may have to be a little strategic with deciding how you want to go about increasing your prices, but it is an avenue you want to explore. Could you rethink your marketing campaign and develop a crafty way of selling products at a higher price?  But, definitely one of the first avenues that you should take when trying to increase your profits is to increase your prices.

#3 Reviewing Your Staff Needs

It is a no brainer that you want to have the best staff available to you as possible.  But, one thing that you need to make sure is happening is that the entire time that they are working, they are being utilized properly.  If there are down times throughout the day, you should be cutting staff hours. You will want to especially look at your administrative team.  Could you have interns working for you instead of hiring someone? When you first start out, you want to try to have your revenues increase more than your staff.  

Hiring quality staff that can handle multiple tasks will also help you turn a profit.  You want to have people that you can count on that won’t make mistakes and cost the company money.  Really take time to do the research to get the best employees that you can. There are many job search engines out there as well identity verification products available to ensure that you are hiring who you think you are hiring!

#4 Reward Hard Working Staff

Take care of the employees who are helping to drive up your profits each month.  It is your money on the line, so don’t be shy about taking care of those who are getting the job done.  

This can serve as an incentive for those staff members who aren’t carrying their weight as much.

Those staff members who are working hard will continue to work even harder to reap the benefits of your rewards.  If new leads appear, don’t think about evenly dividing them up. Give them to who is making you a profit.

This should be something that you explicitly discuss with all employees that you hire.  If they want to earn the best income possible, they will do whatever it takes to get the added rewards.  

You will be amazed at how quickly the sales increase when your employees know they are vying for something that will benefit their pockets.

#5 Make Online Sales Easily Accessible

a woman with a credit card

If you are a company that can sell products online, you need to make that website as user friendly as you can.  

People who have a hard time navigating around your website or can get easily confused will just shut it down. The friendlier the website it, the more traffic you will draw to it.

Big ticket items that you are trying to promote should be prominently located on your website.  Make it an easy sell to your customers. It should be something that attracts their attention and maybe sways them into buying something they weren’t originally planning on buying.  

#6 Treat Customers with Respect

Customer service is key to keeping a business above water.  If the customer is happy, they will return and tell others about it.  You need to make them feel important and help them understand any questions that they may have.  Offer up customer surveys with incentives for completing the survey. Really take a hard look at their feedback and see where you can improve.  Your business goes nowhere without your loyal customers.

#7 Set Attainable Goals, But Push Higher

Obviously, if we set goals, we want to achieve them.  You want to set goals with your staff each month that they can strive towards accomplishing.  These goals should be rigid, but attainable.

Make sure that whatever goals you set will lead to you to making a profit at the end of the month.  You can use incentive programs once again to motivate your staff, but chances are, if the goals are attainable and they can profit from them, they will achieve them all.

There are so many strategies that you can implement to help your company turn a profit.  Just be sure you don’t overdo it with having too many plans in place.

Look at the suggestions of other companies and determine which ones would work best for your company.  Read other experts ideas on increasing your profits.  

Ultimately, your passion and motivation will trickle down to your whole staff.  And if motivation is high, profits will be high as well.

Can You Save Money From A Car Accident?

The screeching of tires, the crumpling of bodywork and the inevitable silence afterwards are the things you hear from a car crash.

They are often sounds you cannot replicate and they stay with you forever. It can be a traumatic experience to be involved in a car crash and so, there are plenty of ways you can receive help afterwards.

car crash

However, is it possible that you can still save money from a bad car crash? That’s what you’re going to be thinking if you’re financially minded because car crash repairs and the subsequent legal issues are very expensive.

A whole lot has to be changed or brought back to how it once was including your car and your health.

Far too often people without any knowledge of cars will just take the word of anyone and pay out far too much than they needed to, to get the repairs done.

Here are some ways you can limit expenditure and get back to normal with a boost of cash.

It’s all about the body

Bodywork is one of the simplest parts of a car. Essentially, it’s the outer shell of the car that takes a lot of the brunt from a car crash.

The reason why some bodywork is expensive is because of the brand and model.

A more curvy car takes more time to build and the materials used for lightweight and high strength are also higher up on the sheet of expenses. Let’s start off with the more simpler part of the bodywork, the windshield.

  • The windshield is one of the easiest things to replace and also costs the least. A simple chip could be as little as $50, but a total replacement and fitting can be close to $1,000 depending on the car. The average is around $255 but if you buy a lesser quality windshield that is just as strong but less wind resistant, you could cut this price down by as much as 50%.
  • Door panel dents are perhaps the most common sight behind dented bumpers. Door panels shouldn’t cost that much because they are usually just flattened sheet metal. PDR or rather paintless dent repair is a small section of the car repair industry. They simply sheer off the paint and using a suction tool, pull the dent out of the panel. This can cost as little as $150. Don’t go for a door replacement until you have know your local PDR price range.
  • A smashed bumper should be easy to replace right? Well, it’s not just the bumper itself but the curved metal around it. This can be a simple fix by actually replacing the bumper and keeping the metal bodywork if that has not been affected. However where the really expensive bodywork parts are on a car, are the front and rear. This is because of the curves of the car. The general price can be from $300 to $800 for a repair and replacement service.

Call the manufacturer

it’s 2019 and we’re finally seeing the car manufacturers update their repair schemes.

It used to be that when you bought a car if you bought an insurance plan with it that the manufacturer wanted you to have, you would get it cheaper.

The insurance companies and the manufacturer worked out a deal that works for everybody. However, Volvo has just rolled out with something new.

They have just launched a post-accident guidance scheme which they hope will help drivers of their cars, learn what they need to do to get their car fixed.

The Volvo Car Accident Advisor serves as a go-to mobile app which will take the driver step by step through an emergency checklist.

They will be shown a list of repair services they can call up, advised on what to do regarding the safety of their person and go through a procedure to make their car safe.

How could this save money? Well for one they would offer a competitive service for car repair.

They can also check what parts are damaged using the computer chip in the car and sending information to your phone from it.

This will give you an accurate picture of what you need to repair instead of aimlessly wandering around and paying far too much to mechanics.

Although this has just been rolled out, you should check if your car manufacturer has their own smartphone app you can use to know what exactly needs repairing.

Doing a general examination at a local garage can cost up to around $200 or more.

The disappearance of wages

Car accidents are very financially troubling for a multitude of reasons but the two that you can most look out for will be your lost wages and healthcare costs.

If the car is totalled that will also be a very big loss but if you can no longer go to work and you’re losing thousands of dollars every single month for a long time, your bank account will be very sore.

However, if you have a case whereby you know it wasn’t your fault, you know the cameras have picked it all up and on top of that you have witnesses, then call a car accident attorney.

They can make a case for lost income as well as for physical pain. Who knows you might need surgeries, physical therapy and maybe pain relief in the form of medicine.

Emotional trauma is also something the attorney will look as if you’re not physically hurt you might still be suffering from mental health concerns.

The aim will be to get back all that lost income and make sure you’re still able to pay the bills and live your life normally like you would before the accident.

After the dust settles from a car crash, the financially savvy will begin to see where all the holes are and start plugging them. Lost income due to no longer having a functioning car should be a high priority. You can also see if the bodywork you need can be done cheaper by a paintless dent repair service.