If you were not happy with the way your first quarter went this year, then let’s talk about ways you can improve your home business. I’m going to go over seven things you can do this next quarter to help you improve your bottom line.
1. Evaluate your Business Activities
You need to know exactly what activities you do in your business that are profitable or unprofitable. Maybe you have one product that is very profitable but other products are barely brining in anything or even bringing in a loss. When you know exactly where you are making the most profits, then you can focus your efforts on them and expanding on those while letting the others ones go.
2. Analyze your Competition
You should always be aware of your competitors and what they are doing. Are there places that they’re focusing on that you’re not? Are they doing things a bit better than you? Are they advertizing in places that you’re not? Does your products and services compare with theirs? Are you priced too low compared to them? It’s good to know all about your competition and you may be surprised at how much you learn in the process.
3. Set Realistic Targets and Goals
Do you think your goals where a little too unrealistic for the first quarter? Maybe you could take those goals you didn’t reach and break them into smaller more reachable goals. If you didn’t reach the profit margin you wanted, maybe you can set a more realistic goal for the profits you want in the second quarter.
4. Incentives for Repeat Business
To encourage your clients to keeping doing business with you, depending on your type of business, try offering incentives or even discounts to encourage them to keep doing business with you. Do you have a business funnel in place? If you don’t, contact me and we can set one up for you.
5. Expand your Online Marketing Efforts
How much online marketing are you doing? Have you thought about advertising in newsletters that other people put out to your target market? Do you make sure that you blog at least twice a week? Are you making steps to increase your own newsletter list? Do you have a Facebook fan page for your business? Look into ways that you can increase your online presences.
6. Optimize your Website
Is your business website well optimized with the correct keywords for you target market? Don’t let the fact that you are not computer savvy keep you from having a wonderful website. If you are not sure how to go about doing this, then hire someone to do this for you. If you want your online presence to grow, then having an optimized website is a must.
Remember, if you aren’t good at something on this list then have it outsourced. All of these tips can greatly improve your bottom line as long as you implement them. Following these tips will help you have a great second quarter.