Business Cents

Are There 50 Ways To Save Your Business?

I'm not a big Paul Simon fan but the lyrics to his songs can be inspirational. Take for instance Paul's song, “50 Ways to Leave your Lover", use your imagination just a bit and think about how many "Ways" you can come up with for saving and/or making more money in business...

“The problem is all inside your head she said to me
The answer is easy if you take it logically”

So, let’s look at the problem logically for a minute. Here are four basic ways you can increase your profits:

You can increase the price for your products or services. I know how that sounds but hear me out. Often times our prices reflect our insecurity in our market. By raising the price you are increasing the perceived value of your product or service. Just don't get carried away and price yourself out of the game.

You can sell more of your products or services to your    existing clients. The reason being that they know, like and trust you to give them sound advise that you too use.

You can secure additional clients, and indeed you should always be securing more clients and building your client base by giving incentives to try your product and to tell others about it.

You can find ways to cut back on your business expenses. There are always unnecessary items and services purchased, be vigil in what your business really needs and what are self-serving luxuries. 

You need to save as much money as possible, and make as much money as possible, as quickly and easily as possible... without decreasing the quality of your business and service. There are a investments that are guaranteed by the government that you may want to take a long hard look at for your future business funding and retirement funds. The service I use and highly recommend is here.

"Slip Out the Back, Jack" 
(Simple ways to increase your bottom line):

Know your target market. Who are your “ideal” customers?
Where do they shop? What do they read? What solutions are they looking for that your business provides? The more you know about your customers, the better you’ll be able to target your promotions towards them, which will increase your bottom line two ways – it will save you spending money on advertising that doesn’t work, and it will increase your sales, because you’re offering your customers what they already want.

Maximize all contact with your customers. If you sell products, put your contact information on everything –products, bags, invoices sales receipts, business cards, holiday gifts and cards. Keep them informed of sales and customer rewards by e-mail.

Also, maximize your contact with prospects. Have your logo or catch phrase printed on magnetic signs on your car, bumper stickers, back packs for the kids, t-shirts, and polo shirts. Anyone that sees you should know instantly what your business is. Make sure that each person you meet also gets a business card that doubles as a coupon for your product or service and your web site address.

Make it easy for everyone to find you. 

Give away something free. If you have a web site (and of course you do, right?) or a brick and mortar business, give your customers something in exchange for giving you their contact information. Free Ebooks, reports, or software are all good choices (just make sure it’s relevant to your customers). Anytime you send your customers anything – a product, a newsletter, an invoice –include a coupon or information about your latest products or services. To save money on postage, include a copy of your latest newsletter or an informational flyer with your customer’s purchase.

Reward your customers. Offer  a reward for anyone your customers refer to your business who becomes a customer. Or give your customers a free gift when they spend X amount of money with you. When they’re eligible for the free gift, offer them an upgrade to something bigger or better for a few dollars more. 

Start a customer loyalty program. Provide “customer only” sales, or promotions. Let your customers earn points, or “funny money” that they can use to redeem your products or services. One client of ours uses a likeness of himself on the dollar bill and makes a big fuss when presenting these redeemable "dollars" to his clients. He also presents them with a catalog of what they can earn with his funny money.

Blow your own horn... sometimes you're the only one that knows the tune. When you’re brainstorming about creating a promotion or advertising campaign, don’t forget about your local cable TV company. You may be pleasantly surprised by how low their rates actually are. Create your own television commercial or infomercial. Although you may not be ready for prime time, you can still target your ad to reach your customers. What's more the cable company will shoot the advertisement for you. Get a digital copy of your ad for your web site, Google and You Tube, to name a few.

Get involved in your community. Find a nonprofit organization that is doing work you believe in, and either publicly support their program, or be one of their sponsors for an upcoming event or fundraiser. Use the advertising spot to let people know about the fundraiser (and, incidentally, your business). You could put together an inexpensive ad campaign that will help those in need, increase your visibility and let your potential customers know that you're supportive and aware of the needs of the community. 

All of which is 100% tax deductible because it's advertising.

“Make a new plan, Stan” 
(Business Planning Basics):

Punch up your business plan. If you don’t have a business plan, make writing one a priority. Your business plan is more than just a way to interest investors. It’s a road map that will help you get from where you are now to where you want to be. That old saying, “If you fail to plan then you’re planning to fail” really is true when it comes to business.

"No need to be coy, Roy" 
(Ask your customers):

Get video testimonials from your satisfied clients. But don’t stop there. Use them to create your own television commercial that you can run in your store or on your web site? With a video camera and a little ingenuity, you could even create your own infomercial that shows customers how to use or get the most out of your products or services. 

"Just listen to me."
(Stay in front of your market)

Make your presence known. Again, keeping in mind who your ultimate ideal customers are and what their most pressing problems are, write an article, call in to local talk radio shows on the topic, offer a free seminar, teleseminar or webinar. Perhaps you could offer to be a speaker at local chamber of commerce and other organization or community meetings. Being perceived as an “expert” is a relatively easy and inexpensive way to get the word out about your business, and bring in more customers.

Of course, any time you are upgrading your business, speaking to the community or sponsoring a fundraiser submit a press release to the media and be ready to answer questions.

"Hop on the bus, Gus" 
(Expand your business potential)

Work with complimentary businesses, if you sell dog leashes offer another business' grooming services and vice versa. Expand that to the local training service, vet, boarding service and so forth.

 Whether your business is a brick and mortar one or Online, you can still create a joint venture that will help you save money by sharing the costs for advertising. Perhaps creating a special sale or creating a package deal. Promote each other’s products or services to your mailing lists. Buy exit traffic from a complimentary web site. There are a lot of ways you can save money and increase your client base if you’re willing to get creative and be cooperative with complimentary businesses.

"No need to discuss much..."
(Be perceived as the only solution to their problem)

If you keep the benefits of your product or service... no matter how minute or common... in front of your prospects and clients consistently they will come to you every time. Once you have built a solid relationship with your client and instilled client loyalty they will be your walking talking advertisement. Their referral will give you credibility with their friends and family.

"Just drop off the key, Lee" 
(Provide the key solutions)

Let your customers know you understand what their problems are and you have the solution.  They only want to know two things: do you understand their problems; and can you solve them? Give your customers the "key" to their solutions, and you'll have evangelistic customers who come back again and again... and recommend you to their friends.

"And Set Yourself Free."

Free of financial woes, free of  business worries and free of conscience. By being smart, ethical and cooperative with others and consistent you should be well on your way to financial gain. So with a little imagination I suppose that Paul Simon really can give you the advice you need to save your business. Now it's up to you to act on it.

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The information provided here is meant to be a beginning to your own research and just food for thought, I take no responsibility for your application of the information. You may come up with totally different findings as the Net is a constantly and consistently changing place. Keep learning.