When you run your own business, you are aware of how every decision you make can financially impact your business. The suppliers you choose, the products you sell, your customer service and the staff who you employ all influence your business’s success. However, it can be easy to focus on the big things and become complacent about the impact smaller decisions have on your business.
Here are 5 tips to help boost your profits:
1. Help your customers pay
Whether you have a traditional bricks and mortar store or an e-commerce business, your main goal is to sell your products and services to customers. If you have limited payment options, you are making the consumer journey trickier than it needs to be. Customers don’t want to jump through hoops to pay for their goods, they want to conclude the transaction as efficiently as possible.
If your business only accepts cash, you are limiting the number of customers who can pay. Debit and credit cards are the currency that is used, and payments by phone are increasingly being used. Explore new payment options to widen the appeal of your business.
2. Have fast internet connection
A slow internet connection is harmful for your business. It causes an inefficient use of time and resources and damages productivity. If you can upgrade your internet connection, do it. Yes, it will cost more per month, but you will find that you will get a healthy return on investment when operations can run smoother.
How many times have you gone into a business and the payment seems to take forever? For customers waiting to pay, it’s frustrating and off-putting. Again, it’s about making the transaction between consumer and your business as smooth as possible.
3. Check your equipment
Each piece of equipment that you use in your business should be checked to ensure that it is performing at its optimum. Equipment that is regularly inspected and serviced will last longer and continue to work with precision. For example, does your business use scales? Inaccurate scales could be costing your business money. While an error of 2% may seem inconsequential, cumulatively over time, you are potentially losing a huge amount of money. Digital options such as the Avery Berkel scales not only weigh accurately but can be integrated into your EPoS system to provide logistic data too.
4. Cultivate customer relationships
Businesses often focus their energies on attracting new customers which, of course, is vitally important. However, for your business to be sustainable, you need to cultivate the relationships you have with your current customer base. This starts with the very first interaction that they have with your business. Your success will be determined by whether you can make your customer return to you. You don’t just want customers; you want brand loyal consumers. Use social media to engage your customers and turn them into brand ambassadors.
5. Show gratitude
Gratitude is important in business and can be shown throughout your venture. When your employees know that you value them for their efforts, they are more loyal and productive. Gratitude does not have to cost your business money, a simple thank you can work wonders to boost morale and enrich your business’s culture. When your customers feel valued and listened to, they will be more likely to return to you.
Efficiency and productivity go hand in hand in a successful business. It takes time and energy to streamline your business and make changes. However, by making small adjustments, big differences can occur.