Running and managing your business should be fun. Working IN and ON your business should be something you love and enjoy. But for some business owners the fun and enjoyment of having their own business is overshadowed by financial stress and worrying about how to improve their bottom line. For some business owners the stress can be almost paralyzing.
So here are 9 simple ways you can add to your bottom line and reduce money stress:
- Talk to More People!
Get out there and build relationships. With so much email clutter and phone call or an in-person visit with stand out in a big way. Plus, nothing beats face-to-face networking.
- Implement Your Marketing Plan!
Learn what works for you and create a marketing plan that you can stick to — direct mail, email marketing, blogging, social media, networking, speaking, launches — and implement day after day, week after week, moth after month, year after year.
- Be Proactive!
Don’t just sit back and wait for clients, referrals, and money to come to you. Take action and make it happen.
- Have Clear Positioning!
Build a reputation for being the best at one thing and soon people will seek you out and refer new business to you over and over. If your audience isn’t crystal clear about what you’re the best at, they won’t refer their contacts to you.
- Stick to Your Budget!
Create a yearly budget with your bookkeeper and know your numbers. Review it monthly to stay on track and make tweaks here and there to support your income goals.
- Be Frugal!
Look for deals and don’t be afraid to ask for savings, deals, or discounts.
- Don’t Wait to Bill!
Stay on top of your billing and invoicing. Remember the squeaky wheel gets greased, so if your clients go past 30 days be the squeaky wheel and make sure you get paid. If you can’t do this, hire someone who can.
- Create Retainer Relationships!
Review how much your clients are spending with you on average each month and invite them to transition to a retainer-style relationship with you at a savings.
- Accept Credit Cards!
Make it easy for clients to work with you and buy from you by accepting all major credit cards and offering payment plans.
Do you have other ways to improve your bottom line? I’d love to hear your strategies! Please share them below.