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Ten ways to make your business more profitable

There’s no doubt that Brexit uncertainty is affecting SMEs and it’s likely that the final deal will continue to impact enterprises of all sizes. This is particularly likely to be the case for companies that export products.  In these challenging times, it’s essential to be as economical as possible. Here are ten ways we’ve come up with to streamline your business and make your business more profitable

  1. Get utility smart

Two of the biggest costs facing businesses of all kinds arise from electricity and gas usage. But they’re also an area that can be tackled to make savings. Research shows that utilities account for about 20% of the running costs on an office building and these are set to rise as more tech is utilised as standard.

Every year you should look for better deals and review your utility bills. Often smaller companies can offer better value.

  1. Spruce up your website

Your website is the number one channel of advertising for your business and it should be up-to-date with relevant content. Old websites that look dated and have no new information aren’t going to feature in web searches.

  1. Use social media to foster brand ambassadors

Reaching out to customers and forming online relationships can be effectively undertaken using social media. Promote the best aspects of your company and engage with customers who share your posts. This way you will gain loyal customers who will share information about you without being paid.

  1. Always negotiate

Every successful venture has a good sales team who can close a deal. Business owners must be great negotiators too, as there are so many deals to be done. This could be surrounding the rent of your office or employing your team. Negotiating should be practiced as the more you do it, the better you’ll be.

  1. Use in-house skills to make you more profitable

Rather than employing consultants or outside help when you come across a problem, ask the people already in your team. Encourage employees to suggest solutions and communicate openly. This could save you money and give you some great new ideas.

  1. Don’t allow delays to cost you

When it comes to business travel and arrangements, losing time will literally lose your business money. In many cases, business owners accept delays without chasing compensation. If your train, plane or bus is delayed while travelling for business, always take the time to claim compensation.

  1. Work smarter

Rather than driving to conferences or flying to meetings, consider holding video conferences. Online conferencing is easier than ever, and accessible by everyone, meaning you can communicate with anyone at any time without compromising on sound or vision.

  1. Market your business intelligently

To make a successful business, you need a great product or service. But you also need a great marketing strategy to effectively engage with customers. Marketing is an expense, but if done correctly will provide true return on investment. Use technology for your marketing and make the most of the many social media channels available today. You can get your business seen effectively and quickly by a massive number of possible customers.

  1. Organise your expenses

While business owners generally know about the larger expenses leaving their business accounts, it’s very easy to let the smaller outgoings add up. If you’re not on top of it, they can take you by surprise. Smaller expenses that can slip through the net include stationery and cleaning costs.

  1. Outsource specific tasks

Your business will always come up against specialist challenges, particularly as it grows and changes. These could involve accounts, graphic design and potential tasks such as translation of product packaging, for example. Employing full time staff to deal with these kinds of staff can be very expensive meaning you are less profitable.  It often makes more sense to outsource to specialist companies and individuals.

At the heart of your cost saving should be cutting all extraneous costs while maintaining a high product or service quality. While this can sound daunting, it’s likely to become even more important in the post-Brexit business environment. Start now and you’ll find it’s often simpler than you think.

For more advice or guidance on how you can make your business more profitable contact the team at Turner Little.

About Turner Little

Founded in 1998 in Yorkshire, UK, Turner Little is a specialist UK and offshore company formation, banking and corporate services provider. Our services include company formation, UK and offshore banking, asset protection, credit correction/repair, trademarking and trusts. Other services include Internet services, mail forwarding, wills and probate. Turner Little’s vision is to offer the best possible service, together with market leading products.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.