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Strategies to improve profitability in your business

Posted: 27 April 2021

Business Efficiency

Whether you have a small start-up or a large enterprise, unnecessary running costs can be detrimental to the success of your business. By reducing your expenses and implementing strategies that bolster your online presence, you can drastically increase the profitability of your business.

10 simple ways you can increase profits in your business: 

  1. Be smart with your space. By downsizing or shifting to remote working you can significantly reduce your monthly production costs
  2. Modernise your marketing strategies. Harnessing the internet can help you network and advertise at virtually no cost
  3. Go paperless. Encouraging your team to make digital copies of all important documents and stick to soft copies are just a few ways your company can be more cost-efficient and sustainable
  4. Increase productivity in the workplace. Time equals money so it’s crucial to ensure your staff are driven and focused throughout the day 
  5. Reduce waste. This can be anything from an excess of stock to time spent on unnecessary tasks
  6. Email marketing. This can help you keep your customers updated on specials, new products and other changes in the company 
  7. Social media. With people spending a large portion of their day on social media, platforms like LinkedIn, Facebook and Instagram have become some of the most effective marketing tools online
  8. Update your website. An up-to-date and informative website will help your business build credibility with new customers
  9. Sign up with Google My Business. Through Google My Business, you can manage and promote your online presence on Google for free
  10. Create a blog. Having original and thought-provoking content can drive traffic to your website and educate your readers on your business and its services/products 

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