7 min
Ep 34 - 3 Strategies to Increase Profit in Your Business Business Minded Mama - Balancing your books, business, and motherhood – Bookkeeping, WAHM, mompreneur, online business
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- Entrepreneurship
In today's episode, I am going to give you THREE strategies to increase your profit margin!
If you listened to episode 32, then you should now know the difference between revenue and profit and hopefully, taking some time to look over your financials so that you can get a better understanding on those as well. Now I want you to dig in to those numbers and together let's figure out how to increase your business profit!
1) Reduce Costs - start to analyze all of the expenses that are flowing through your Profit & Loss statement. Is there anything you can cut back on? Maybe there is a product that you can swap out for a less expensive version? Start to pay attention to these numbers each month and see where you can make changes.
2) Increase Pricing - are you currently in line with the market and your competitors? Are you devaluing yourself and your services? Now is the time to make sure you are charging the correct price.
3) Get More Sales - easier said than done, right? Use the power of social media and email lists to really push your product and services. Connect with your community by creating affiliate links or sending them sample products to share with their audience. Don't get crazy but get strategic!
*BONUS* - become more efficient. Figure out how you can be your most productive self. For me, in episode 33, I tell you the things that I need to do before each work day. In addition to that, it is crucial that I have mapped out work time blocks and specific tasks for each of those time blocks in order to be my most productive and efficient self.
xo,
Stephanie
Join the e-mail list here https://bit.ly/BizBasicsBootcamp to be the first to know when the Business & Bookkeeping Basics course officially launches!
Let's connect!
Business Minded Mama Facebook Community
Instagram: @stephanieparenza
In today's episode, I am going to give you THREE strategies to increase your profit margin!
If you listened to episode 32, then you should now know the difference between revenue and profit and hopefully, taking some time to look over your financials so that you can get a better understanding on those as well. Now I want you to dig in to those numbers and together let's figure out how to increase your business profit!
1) Reduce Costs - start to analyze all of the expenses that are flowing through your Profit & Loss statement. Is there anything you can cut back on? Maybe there is a product that you can swap out for a less expensive version? Start to pay attention to these numbers each month and see where you can make changes.
2) Increase Pricing - are you currently in line with the market and your competitors? Are you devaluing yourself and your services? Now is the time to make sure you are charging the correct price.
3) Get More Sales - easier said than done, right? Use the power of social media and email lists to really push your product and services. Connect with your community by creating affiliate links or sending them sample products to share with their audience. Don't get crazy but get strategic!
*BONUS* - become more efficient. Figure out how you can be your most productive self. For me, in episode 33, I tell you the things that I need to do before each work day. In addition to that, it is crucial that I have mapped out work time blocks and specific tasks for each of those time blocks in order to be my most productive and efficient self.
xo,
Stephanie
Join the e-mail list here https://bit.ly/BizBasicsBootcamp to be the first to know when the Business & Bookkeeping Basics course officially launches!
Let's connect!
Business Minded Mama Facebook Community
Instagram: @stephanieparenza
7 min