It's no secret that I'm a fan of money... to be clear, having it, NOT not having it. Are you following me? I'm not shy about the fact that I'm in business to make money. Hell, I even named my small biz coaching business The Profit Goddess! I didn't go with The Break Even Goddess or The Loss Goddess (which does have a certain ring to it, but only if I was a weight loss coach) for obvious reasons. I want to help my clients make more money and increase their bottom line by being smarter about how they run their business. So as the end of the first quarter approaches, I thought it'd be a good idea to remind ourselves of a few ways to do just that.
If you're not happy with your bottom line, time to do something about that! It's never too late to make minor adjustments, tweaks or even big changes. Since small changes are easier than major ones, let's talk about that. There are simple things you can do that will make a big difference to your profit margins. Here are a few ways to fatten up your bottom line.
Become A Profit Goddess (or God) With a Fatter Bottom Line!
- Raise your prices without "raising your prices." Huh? I'm talking about how you can bring in more money from your customers by getting them to pay a little more once in a while. Are there any extra services you can offer for a fee, like concierge-style pricing? Tiered pricing or a pay-as-you-use strategy can be an effective way to put more money in your pocket. People pay extra for the add-ons they want, they don't pay for the ones they don't want. Think baggage fees when you fly, or paying an extra $1.50 for avocado on your BLT.
- Cut your expenses. This one is pretty obvious (isn't it?), but still worth mentioning. Take a long hard look at everything you spend. I mean everything people! FedEx charges, office supplies, gas and parking, coffee and meals, tips, subscription fees, client gifts, utilities, etc. This list could go on for miles. Figure out how much you're spending on all of this and see where you can cut. Maybe with better planning, you can skip FedEx in favor of regular mail. Or you can make your own damn coffee!
- Get more efficient. This one's a little harder. Sorry. But it's important. This doesn't just mean that you should stop wasting time — though yes, you should stop wasting time! It means you should evaluate your processes, work flow, time management, how organized you are (or aren't), and frequency of meetings to see where you can make improvements.
Be Oh So Quotable This Week!
Oh by the way, do you feel like you're too busy? Or like you're always working but not much is getting done? Your solution is right here and it's FREE!
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Bottom Line – Tip #1:
"Control your expenses better than your competition. This is where you can always find the competitive advantage." – Sam Walton
Bottom Line – Tip #2:
"Look everywhere you can to cut a little bit from your expenses. It will all add up to a meaningful sum." – Suze Orman
Bottom Line – Tip #3:
"The combination of hard work and smart work is efficient work." – Robert Half
Bottom Line – Tip #4:
"The key to being insanely efficient is minimizing unproductive behavior." – Anonymous
Bottom Line – Tip #5:
"The moment you make a mistake in pricing, you're eating into your reputation or your profits." – Katharine Paine
Let's talk! I'd love to hear how you've fattened up your bottom line!
Is you bottom line worth bragging about? I would LOVE to hear from you! Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week!
Oh by the way, in case you're looking for something to help with time management, we've got this fun little quiz to test your productivity. Are you a Vodka & Red Bull? A Dirty Dirty? Or a plucky Blue Sapphire? Find out which cocktail you are by taking our quiz right now!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!
Disclosure: The Party Goddess! is a participant in the Amazon Services LLC Associates Program. This post contains affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through an amazon.com link. However, these are all products I highly recommend and support!