How to increase business profits in a slowing economy

How to increase business profits in a slowing economy.
 
We often get asked ‘How do I still make more money if my sales go down?’ Using our extensive experience and broad industry knowledge our typical reply is that is actually depends on the industry and type of business that you operate.
 
And then we analyse their business and let them know the best tailored way forward. But there are a few basic things that you can do whatever your business is and below is a helpful list - because everyone loves a to the point list:

1. Improve your product or service quality
2. Diversify your product / service range
3. Increase precise marketing – this is not wasteful payments to marketing companies who return little
4. Up sell - find add on services / products to sell
5. Explore new markets and products
6. Cut costs – reduce bills and payroll if over staffed
7. Ask for referrals from happy customers
8. Clever pricing can lead to raised prices and more profit
9. Reduce the breakeven point
10. Have a customer reward programme
11. Give out free samples
12. Stand out from competition – improve look of business
13. Have a unique selling point
14. Reinvest your profits
15. Become even more honest and professional
16. Provide excellent after sales service
17. Always over deliver

 
We haven’t gone into details about the points raised above, as really most entrepreneurs already know then. It’s more likely that over time they have forgotten to apply or did once apply them but now are too busy doing other things and have lost focus of how important they are. As such they are more a timely reminder for the serious entrepreneur as the UK economy slows down towards the leaving the EU. As they say ‘the cream always rises to the top’ and you just cant stop a good business, so make your business better today for a successful future.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and advisors for small businesses. Helping and supporting business throughout the UK, they regularly help new and established businesses to succeed.

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