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5 Ways to Boost Your Bottom Line
Entrepreneurs are always wondering: how can I increase my bottom line? If you're just starting out or if you're an experienced business owner it may be time to look at your bottom line and see what you can do to increase it.
I've got 5 simple tips for you to decrease expenses and increase your bottom line.
1) Outsource your workload:
I know what you are thinking… how does paying someone else increase your bottom line? Here is the simple answer: increasing your personal time to work on more money-making projects will increase your profitability. Entrepreneurs wear about 100 hats in their business and when you start out you may try to be your own bookkeeper, social media manager, podcast manager and personal assistant. While you may be able to do that for a while it is not sustainable for you to try to do it all and can affect your profits. To fix this you need to figure out what tasks make you money and which tasks are necessary to run your business. Try to outsource tasks that are pain points for you. Whether this is answering emails, creating graphics, posting on social media, or even cleaning your house, you need to shed what does not bring you joy in your business! There are tons of competent people out there who love doing the tasks you dislike and honestly are probably better at doing them. The trade-off is that you get time to focus on the more profitable side of your business as well as create and think up your next big business idea or offer!
2) Examine your expenses:
Part of increasing your higher bottom line is seeing if you can decrease your expenses. You should be auditing your expenses monthly on your P&L statement–or at the very least quarterly–and seeing if you can cut costs anywhere. For instance, if you are paying for a workspace but not using it consistently, maybe you can make your office at home? Are there subscriptions or platforms you are not using that you could delete to save some money? As the CEO of your business, you need to be intimately involved with monitoring your spending. It is vital to the health of your business because spending too much money on your business can be so detrimental to your bottom line.
3) Increase your pricing:
Inflation is REAL and just like you are feeling it in your own personal pocketbook you are probably feeling it within your business. Here is the key to remember—Your business needs to adjust pricing to be able to keep up with inflation! If you want to increase your bottom line you need to have prices that reflect the current economy. Additionally, you should be increasing your pricing consistently every year based on your experience and equipment. Just like you would in a normal job you should be giving yourself raises every year for your increased experience and the annual rising cost of business. Remember you need to value yourself and your business and know your worth!
4) Look for ways to create passive:
Think of a really simple portion of your business that you can sell online whether this is coaching other business owners through an online course, or offering digital guides, or providing bite-size classes. By launching fast via the world wide web, bringing on a small group of paying customers, and adapting to make your solution great for them over time, you can easily cultivate followers into passive income. Passive income is usually the most successful when the work to create it is upfront. This way you can work hard to create the product and the workflows to get that product into customers’ hands, and then watch it bring in money while you sleep.
5) Ask your customers what they want:
I am always shocked to find out that some small businesses never poll their own customers or social media followers. Without asking them for help, you'll never know what they may be wanting to see from your business. But, if you figure out what your clients want and what they like about your business, then it's easy to create an online product or course to give to them. Give your clients what they want because they are the ones who help make your business possible!
Well, now that you have some simple steps to increase your bottom line you should make sure that hard-earned money is being protected through your business! Take this quiz to find out if your business is protected and legally legit!
THIS BLOG POST IS NOT A SUBSTITUTE FOR LEGAL ADVICE. EVERY SITUATION IS DIFFERENT & IS FACT-SPECIFIC. A proper legal analysis is necessary based on your location and contract. Consult an attorney in your home state for advice regarding your contract or specific legal situation.