While the COVID-19 pandemic is far from over, lockdown measures are indeed continuing to be eased and lifted, allowing businesses and people to find a “new normal” and get the economy booming once again. With that said, profitability has never been more of an issue as small businesses in Wales look for ways to adapt to health guidelines and measures while providing customers with exceptional products and customer service.
If you find your small business is struggling to maximise profitability, these three tips may prove to be extremely useful.
Hire a Professional Accountant
Sure, this may sound like a simplified tip, but it is amazing what an experienced and knowledgeable accountant can do for a small business. As the well-known accountants in Cardiff, Hodge Baskhi, point out – they are able to not only look after all your accounting and tax-related questions, but they can also offer insight and advice on how you could be maximising your profits.
This Welsh accountancy firm has been around for 40+ years now and is now one of the largest family practices in the Cardiff region. It is this level of knowledge and experience that can truly give your company the edge it needs to start realising higher profits at a time where it is more important than ever before.
Get Rid of Products That Aren’t Performing Well
If you’re in the process of trying to maximise profits, this is not the time to keep under-performing products around. Take a close look at your product line-up, figure out which ones are bringing in little to no profit, and get rid of them.
Work On Converting One-Time Customers into Returning Customers
Another tip is to work on converting those one-time customers you’ve had into return customers. Repeat clients can end up being the bread and butter of your business, so it’s well worth the investment, time, and energy. Statistics have showed that recurring customers come back often, and often spend more than those one-time customers.
So, how do you successfully make that conversion? There are a few tips you can use, such as keeping in touch with them through such things as emails, provide special offers when they use recurring billings, offer discounts on the products or shipping for returning customers, and of course, providing an exceptional customer service experienceeach time.
Streamline All Processes
Did you know that by streamlining and even automating processes, you can also save money? By streamlining, you will be making the business more efficient, which means it can operate better and for less money.
Make Sure the Company is Staying Visible
The final tip is to make sure the company is visible and is connecting with customers and potential customers on a regular basis. Sitting back and just hoping to get sales isn’t going to prove to be profitable; there needs to be an active and robust marketing plan that creates interest, buzz, and ultimately sales.
Start Bringing In Higher Profits
By using each of these tips, you’ll be able to truly maximise the profits of your small business and ensure that it is successful and carves a spot out for itself in the industry.