Is bigger really better?

Is bigger really better?

Before diving in, let me ask: Is your business generating profits?

When we struggle to be profitable, we often (if not always!) decide to launch a new product or service.

I did that for years… until I realized that having many offers wouldn’t help me get more profitable.

Is bigger really better? NO!

In the busy world of business, making profits can be tough for both new and experienced entrepreneurs. Whether you’re just starting out or trying to grow your business, increasing profits can seem hard. But don’t worry! There are practical strategies that can help you succeed in the long run.

It’s important to build a strong foundation for your business before exploring new ways to make money or ambitious growth plans. Ready to learn how? Here are three easy (and essential) tips to help you maximize profitability and unlock your business’s full potential!

The first tip is to evaluate current operations.

The journey towards greater profitability begins with thoroughly examining your existing operations.

After my first year of operation, I realized that my profit was only $10,500 despite generating a six-figure revenue. I took a step back to evaluate my business and the reasons were simple.

  • My overhead costs were too high.
  • I had zero marketing strategy. Every time a project was completed, I looked for the next client, and sometimes, I needed a few weeks before signing one.

If you want your business to make more money, you should check your business model, how you do things, and what you spend on.

Here are some questions to help…

Can you use technology to do repetitive tasks?

Are you spending too much on certain things?

By looking closely at how your business works, you can find ways to save money and work better. For example, you can pay suppliers less or make things run smoother. Every improvement you make helps you make more profit.

A few weeks ago, I went through the same exercise again. I reviewed every cost to see which ones were no longer essential to my new branding (done-for-you services and my new group program – The Profit Path Plan), and I cut over $1,000 in monthly expenses!

Profitability tip #2 – Understand your market

In today’s fiercely competitive market, your success hinges on your ability to understand and cater to your customers’ needs. By investing time and effort into comprehending your customers, you can take control of your business’s direction and growth, empowering you to make informed decisions.

Do thorough market research, examine industry trends, ask your customers for feedback, and check out what your competitors are doing. What new trends are happening in your industry? What problems do your customers have, and how can you better help them than your competitors?

When you possess a deep understanding of your market, you can offer products or services that resonate with your customers, attract more clients, and ultimately, drive up your profits. This potential for growth and success should inspire and motivate you to delve deeper into your market research.

If you need help to better understand your market, here are some questions:

  1. Who is your ideal customer? Describe their demographics, such as age, gender, location, income level, and occupation.
  2. What are the pain points and challenges your target market faces in relation to your products or services? How does your offering address these pain points?
  3. Where does your target market spend their time online and offline? Which social media platforms do they use? What publications do they read? What events do they attend?
  4. Who are your competitors targeting, and how are they positioning themselves in the market? What unique advantages do you offer compared to your competitors?
  5. How does your target market perceive your brand? What do they value most about your products or services? What improvements or additional offerings would they like to see from your business?

Tip #3 is focus on value proposition

What sets your business apart from the competition? Your value proposition is the essence of what makes your business unique and valuable to your customers.

In 2015, I revamped my offer and here is what I did:

  • Highlight my unique skills or expertise in business strategy and finance. 
  • Offer tailored solutions to help business owners create value so they can one day sell their businesses and move on to other adventure.
  • Focus on delivering exceptional customer service that goes above and beyond expectations.
  • Highlight the unique functionalities of my offer. For instance, our first discovery call, where we give them different options and strategies for the endgame plan, is FREE.  
  • Share the story behind my business (I launch my business with nothing more than a dream and a laptop).
  • Create memorable experiences for my customers.
  • Target a specific niche to become the go-to expert in the industry.
  • Emphasize the tangible results or outcomes customers can expect from our team.

Take the time to refine and articulate your value proposition, highlighting the distinctive benefits and advantages you offer. What problems do you solve for your customers, and how do you do it differently or better than anyone else?

By strengthening your value proposition, you not only differentiate your brand in a crowded marketplace but also cultivate greater customer loyalty. This, in turn, enables you to justify higher pricing and enhance profitability over the long term.

Remember, the journey to profitability is not a sprint but a marathon. It requires diligence, strategic foresight, and a commitment to continuous improvement. By evaluating your current operations, understanding your market, and refining your value proposition, you can position your business for sustained success in the months and years ahead.

So roll up your sleeves, embrace these strategies, and watch as your business thrives in the pursuit of profitability! 🚀

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