10 Ways to Increase Small Business Profit and Productivity

1. Utility Costs.  Install sensor lights in the bathrooms or rarely used hallways.  Turn off machines and power strips over the weekend.  Don’t leave cell phone chargers plugged in to a socket unless they are charging something.

2.  Comparison Shop.  Whether you are looking for insurance or a new computer, take the time to pull together two or three quotes to make sure you are getting the best value for your money.

3. Travel.  Reduce travel costs by utilizing teleconferences and video conferences instead of travelling to see colleagues or established clhappyients.

4. Continuing education.  To the extent allowed by the profession, utilize webinars for continuing education instead of all day seminars.  You will be more productive in the office than out of it.

5. Accounting.  Review the books at least monthly.  How much is coming in?  How much is going out?  What small changes or steps can you take in week 1 of next month to improve the numbers in the next 30 days?

6. Team Building.  At least once a quarter pull the whole team together for an open discussion on what is going right and what is going wrong.  What are ideas the team has on how to improve things? New products? New ideas? New customers?  Make this an employee led discussion so you can really hear what the team is saying.

7. Social media.  Have a strategy and a marketing plan.  Implement and utilize it.  Use the 80-20 rule — 80% of your posts are for information and inspiration related to what you do.  Only 20% are trying to get a sale.

8. Blogs and articles. Stay in front of potential customers by submitting short articles (less than 500 words) to industry publications as well as local newspapers.

9. Focus on Profitability.  When you have a list of ten things to do, prioritize that list by how much money each task generates.  Then do the tasks that generate the most money first.

10.  Values.  Establish a mission statement for your company and daily practice values in line with your mission.

By |2013-05-19T16:42:30+00:00May 19th, 2013|Uncategorized|0 Comments

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