12 Ways To Instantly Increase Business Profits

Increase business profits

There is always a way to increase your sales and make more money. Sometimes we're just too deep in the pit of despair to see them. And other times we're too frustrated with what's not working, unable to see what could. No matter how big or small your business is, or how well or badly you did up until now, let's look at some key strategies to help you instantly increase business profits.

1. Ask for referrals

It can't get easier than this. If you delivered a great result for one client, chances are they know someone else who can benefit from your product or services. Tell your current and past customers that you're open for business. Ask who they know who might benefit from services you offer.

2. Create a promotion

People like discounts and sales. If you can offer something cheaper, why not? Everybody else and their mom are doing it. You know why? Because it WORKS!!!

3. Increase your price

If you're not a big fan of discounts, this strategy works like a charm. Simply announce that you will be raising prices in couple days/ weeks and watch people join your program or purchase products/services. Some of your customers might want to stock up for longer term to save, so be prepared and have your inventory ready!

4. Sell coupons or gift cards

This is a wonderful way to make money before you sell the product. It looks something like this: "For every $50 you spend today, you get $10 off your next purchase of $50 or more." Your customers have an incentive to spend more and you'll get additional $50 in purchases when they apply their future-use coupon.

5. Package your products or services

You can always bundle your products or services according to theme (season, topic, whatever) and sell as a special package.

6. Contests

These are fun to do. Have people buy a product or service and pick ONE winner out of all purchasing clients. Works like a charm. People want to spread the word about it, they invite their friends and family members to join the contest, they might even enter multiple times to increase their chances of winning.

7. Upsell

"Do you want fries with it?" should be a question you ask at every check out. Ok, maybe not this exact same question, but you get the point. What else might be interesting for your customers? Offer it to your customers at checkout as an option. Not everyone will take it, but some will.

8. Boost your marketing

Many small businesses are afraid to mention their product or ask for sale. Here's the deal... if you don't ask, they won't know that you're selling. You MUST ask to receive!!! It's a universal law. So get out there and tell people about the solution you have. YOU are a business owner and it's your responsibility to let people know about your products and services. If you don't tell them, they'll find someone else who will. Don't be a fool!

9. Gift with purchase

I love these... This promotion alone nets beauty product companies billions of dollars. What can you offer that will make sense to your clients?

10. Cross-promotion

This works great for B2B businesses. Offer a directory listing or advertising spot for customers who purchase within X hours or over X dollar amount.

11. Free shipping

Have you noticed that shipping charges are slowly becoming obsolete? Absorb shipping cost with purchases over X dollar amount to entice customers to spend more. This one strategy is creating nightmares for brick and mortar businesses. Suddenly, people are willing to wait because there's no extra charge for shopping, plus there's no need to head out in cold, rainy or sweaty (haha) weather.

12. Partner up

This is becoming my favourite way of running my business. I regularly partner up with others who have complimentary skills, experiences, products or services to enhance client experience. Our clients love it and as soon as they are happy, I'm glad to share support other businesses.

I tried to keep it short and sweet. Now pick your favourite strategy and use it TODAY to increase your sales.

To your success,

Signature Silvia Pencak

PS: Let me know on social media or in the comments below what strategy you used and how it worked for you. I can't wait to find out!

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