Before you get too carried away with planning your new year business goals, take some time to reflect on where you’re at, how far you’ve come, and the challenges that may need to be overcome before new goals are achieved.
If one of your missions in the new year is to conquer your money mindset, or to make your business more profitable, I want to share with you these 6 easy ways to master your money and build your business. The simple process of reviewing your progress actually does wonders for motivation and keeping your mindset on track for success.
So here goes, 6 ways you can make your business more profitable…
Let go of the past
Whatever your feelings are about how you did business in the last year, let them go. Don’t hang onto emotions like regret, fear or even pride and joy. Wipe your emotional slate clean and look at the new year with fresh eyes and a fresh heart. Whatever you did last year, you can do better because you now know better.
How your business performed in 2017 (and 2016 and so on) is only relevant in what knowledge you can gain from it. You may have made mistakes that you need to learn from. You may have made some excellent business decisions that you need to remember and try to recreate. The educational lessons you have to gain from the past year should be kept with you, but the emotions of it, you may
need to let go.
Review and reinforce your values and goals
Think about why you started the business in the first place. What was driving you? Are these still the things that are most important to you? Are you on track to achieving them? If not, why not?
When you are reviewing your values, don’t just think solely business; think about things like your work-life balance too. Did you start your own business to be able to support your family financially, or, to have more flexibility and time with them? Did you want to build a legacy that you can pass on?
It’s a great idea to review your goals for your business every year, and make sure you are still heading towards them. It is easy to lose yourself in the minutiae of work and forget about what is driving you. The everyday slog can be exhausting and mind-numbing, and make you forget why you did this in the first place. Restating your goals can help to get you fired up again.
Your focus may have shifted, and you may be being drawn in another direction. This is fine too, but if this is the case, then write yourself up the new values from that new direction, and then focus all your energies towards them.
Increase the knowledge and skills base of your business
While it is natural to get caught up in the day to day running of your business, this is only how to keep afloat, it is not how you learn to swim. If you want to improve your business, you need to put more knowledge into it. Increase what your business knows and what it can do.
Some ways you can do this include:
- Taking a course to improve your knowledge of marketing or financial management
- Further study to upskill yourself in your specific service area, to increase what services you can offer as a business
- Hire someone who has skills you don’t, to deal with a task you can’t handle, or to increase your market reach in what you offer
- Outsource things like administration, data entry, marketing or finances to someone with more time to focus on them
- Researching markets across the globe to see how you can source things cheaper, or get more of your products out there
- Survey existing clients to see how you can improve, and what needs do they have that are not being met
Trim the fat
You may need to get a little bit ruthless. Every business has clients that they hang onto for sentimental reasons, even though they could be charging them a lot more. Or perhaps you offer some services that are a drain on your time and energy, but a handful of clients like this service still. You might have tried to branch out into something new that you really hoped would flourish, but didn’t. Get some courage under your belt, and look sternly at any part of your business that is not pulling its own weight.
Cut services or clients that are not bringing in money or are wasting your time or sucking up your will to live.
Cut areas that are not working, no matter how much you wish they were.
Don’t offer a wide range of services if some of them bring in no business. If you spread yourself too thin, you will never have the strength to grow bigger. Work out what you do well, and what you can do better, and then focus on that.
Embrace online business
You have probably already started this, but because social media changes so fast, you need to be constantly moving with it. And if you haven’t yet embraced how much business social media marketing can bring in, then it is time for your wake-up call. There is a lot you can do by yourself, either just by playing around on Facebook or Instagram (click the links to follow me there if you like), or you can do some online courses for free and learn more. What might be even better is to get guidance from a digital marketer or social media manager, who can tell you where you should be posting, what to post, and how often.
There are always new social media platforms, and some will work better for your business than others, so it pays to get on top of this knowledge. Learn which platforms are best for you right now, and also keep your eyes on up and coming ones for the future.
While you are at it, give your website a bit of an audit. Run some analytics on it and see what pages are bringing in customers. Freshen it up with new content, images and videos. Share more of your business story with your customers. Make sure that your website loads fast and looks great on mobile devices.
This is where you can reach the majority of your target market, so embrace it. Get started, and then keep doing it, because this is a great way to expand and grow your profitability.
Think bigger and believe in yourself
The whole focus of this article is how to GROW. In order to grow, you have to think bigger, and then believe that you have the power to get there. There is an awesome saying:
‘If you think you can, or think you can’t, you are right.’
Again, the everyday slog prevents you from doing this, but right now try to ignore the everyday slog, and imagine a business that’s as big and as wide as you want it to be. What could you achieve?
- Are there more services or products?
- More customers, or better ones that pay more? Or both?
- Do you have more business sites, or are you spreading across the country or the world, into other markets?
- Do you want to grow your online presence?
- Do you have broader, better networks?
- Are there larger contracts you could be tendering for?
- Could you source more investment?
- Could you licence your product?
- Can you create a passive-income opportunity from your services, such as an eBook or training package?
- Could you offer a franchising or business opportunity?
- Could you set yourself up for life, and then sell your business, or retire?
It may not come true, but if you don’t try for it, then it definitely won’t ever happen. Get your head out of the everyday workload and look to the future.
The only thing that is certain is that next year is just around the corner, make sure you are ready to seize it!
Profit First can benefit the growth of your business from DAY ONE!
Subscribe to my newsletter and get my free Beginner's Guide to Profit First ebook.