There are two sides to making more money: the one is to introduce new initiatives and actions to improve the profitable, the other side is a matter of losing less money. What I mean is you need to stop losing money through your actions.
Tip number 1
Cut out the emotions in your decision making process. This may include stopping the production of products that have only sentimental and emotional value, or merely because this is what you have been doing for years. If it does not make pure business sense, cut it out.
Tip number 2
Create hype. Tell everybody around you how good business is and be convincing. Then work on making your business that good. You will motivate yourself in the process and give yourself confidence. Be positive and excited about the future. Talk about business opportunities and avoid negative talk.
Tip number 3
Ask the same price but offer less. Charge the same rate per consultation but reduce the time or offer fewer goods for the same price. This could be a risky move, so do this with caution.
Tip number 4
Change the packing. Give it a new fresh look, change the colours and follow the latest trends, where they apply.
Tip number 5
Source alternative suppliers. You may have built a special relationship with your suppliers, which could make you feel uncomfortable moving over to alternative suppliers or even seeking alternative quotes. But approach your buying policy with new eyes and make sure you are still using the best suppliers for your needs.
Whatever you do, just keep thinking and challenging the way you do business and you will find you are less likely to fall into a rut.
Article written by Gerrie van Biljon – Executive Director at Business Partners Limited.