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10 Ways to Save and Make More Money in Business
Don’t you just love Paul Simon?
The lyrics to his songs are not only pleasing to the
ears, but can be inspirational. Imagine yourself enjoying
the warm autumn sunlight while listening to Paul's song,
“50 Ways to Leave your Lover”. Now, stretch
your imagination just a bit and think about how many
"Ways" you can come up with for saving and/or
making more money in business...
“The problem is all inside your
head
She said to me
The answer is easy
If you take it logically”
So, let’s look at the problem logically
for a minute. Here are four basic ways you can increase
your profits:
1. You can charge more for your products
or services.
2. You can sell more of your products or services to
your existing clients.
3. You can find additional clients.
4. You can find ways to cut back on your business expenses.
"Slip Out the Back, Jack"
(Simple ways to save money):
So, if you’re on a shoestring budget
(and who isn’t these days?), then obviously you
need to do everything you can to save as much money
as possible, and make as much money as possible, as
quickly and easily as possible. Here are 10 simple ideas
you can use:
1. Know your target market. Who are
your “ideal” customers?
Where do they shop? What do they read? What solutions
are they looking for that your business provides? The
more you know about your customers, the better you’ll
be able to target your promotions towards them, which
will increase your bottom line two ways – it will
save you spending money on advertising that doesn’t
work, and it will increase your sales, because you’re
offering your customers what they really want.
2. Get double duty out of any contact
with your customers. If you sell products, put your
contact information on everything –products, bags,
invoices sales receipts. Make it easy for everyone to
find you. Give away something free. If you have a Website
(and if you don’t, then get one), give your customers
something for giving you their contact information.
Free Ebooks, reports, or software are all good choices
(just make sure it’s relevant to your customers).
Anytime you send your customers anything – a product,
a newsletter, an invoice –include a coupon or information
about your latest products or services. To save money
on postage, if you have a brick and mortar store, put
a copy of your latest newsletter or an informational
flyer in your customer’s bag after each sale.
3. Reward your customers. Set up a reward
program. Offer them a reward for anyone they refer who
becomes a customer. Or give your customers a free gift
when they spend $50 (or whatever amount makes sense
in your business). When they’re eligible for the
free gift, offer them an upgrade to something bigger
or better for a few dollars more. Start a customer loyalty
program. Provide “customer only” sales, or
promotions. Let your customers earn points, or “magic
money” that they can use to redeem your products
or services.
4. Get ready for your close-up. When
you’re brainstorming about creating a promotion
or advertising campaign, don’t forget about your
local cable TV channel. You may be pleasantly surprised
by how low their rates actually are. Create your own
television commercial or infomercial. Although you may
not be ready for prime time, you can still target your
ad to reach your customers.
5. Get involved in your community. Find
a nonprofit organization that is doing work you believe
in, and either publicly support their program, or be
one of their sponsors for an upcoming event or fundraiser.
Use the advertising spot to let people know about the
fundraiser (and, incidentally, your business). You could
put together an inexpensive ad campaign that will help
those in need, increase your visibility and let your
potential customers know that you're supportive and
aware of the needs of the community.
“Make a new plan, Stan” (Business
Planning Basics):
6. Beef up your business plan. If you
don’t have a business plan, make writing one a
priority. Your business plan is more than just a way
to interest investors. It’s a road map that will
help you get from where you are now to where you want
to be. That old saying, “If you fail to plan then
you’re planning to fail” really is true when
it comes to business.
"No need to be coy, Roy" (Ask
your customers):
7. Get testimonials from your satisfied
clients. But don’t stop there. What about creating
your own television commercial that you can run in your
store? (With a video camera and a little ingenuity,
you could even create your own infomercial that shows
customers how to use or get the most out of your products
or services. If you’ve got a Website, put an audio
testimonial on there. (And don’t forget to include
pictures).
8. Speak up. Again, keeping in mind
who your ultimate ideal customers are and what their
most pressing problems are, write an article, offer
a free seminar, or offer to be a speaker at local chamber
of commerce or other organization or community meetings.
Being perceived as an “expert” is a relatively
easy and inexpensive way to get the word out about your
business, and bring in more customers.
"Just hop on the bus, Gus"
(Expand your business potential)
9. Create joint ventures. Even if your
primary business is a brick and mortar one, you can
still create a joint venture that will help you save
money by sharing the costs for advertising. What about
creating a special “sidewalk sale” with other
business owners on your street or in your neighborhood?
Or finding businesses with complementary products or
services to yours, and creating a “package deal”?
If your business is only online, look for ways you can
partner with other businesses – maybe you could
create solo ads and promote each other’s products
or services in your mailing lists. There are a lot of
ways you can save money and increase your client base
if you’re willing to get creative.
"Just drop off the key, Lee"
(Provide the key solutions)
10. Let your customers know you know
what their problems are. It's sad but true that your
customers don't care how good your products or services
are. They only want to know two things: do you understand
what their problems are; and can you solve them. Give
your customers the "key" to their problems,
and you'll have evangelistic customers who come back
again and again.
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