{"id":830,"date":"2021-05-19T08:00:43","date_gmt":"2021-05-19T12:00:43","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2021\/05\/19\/5-smart-ways-to-increase-the-profitability\/"},"modified":"2021-05-19T08:00:43","modified_gmt":"2021-05-19T12:00:43","slug":"5-smart-ways-to-increase-the-profitability","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/5-smart-ways-to-increase-the-profitability\/830\/","title":{"rendered":"5 Smart Ways to Increase the Profitability of Your Business"},"content":{"rendered":"<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376258 = window.plc376258 || 0;\n            document.write('<' + 'div id=\"placement_376258_' + plc376258+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,376258, [300,250], 'placement_376258_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc376258++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n<p class=\"wp-block-paragraph\"><strong>By <em>Ross Kimbarovsky, founder and CEO at <a href=\"https:\/\/www.crowdspring.com\/\">crowdspring<\/a><\/em><\/strong><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Global competition is fierce. And, for new businesses, it can be intimidating.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">From the moment you sit down to write a<a href=\"https:\/\/www.crowdspring.com\/how-to-write-a-business-plan\/\"> business plan<\/a>, you discover that you have a lot to do but little time to accomplish everything when <a href=\"https:\/\/www.crowdspring.com\/how-to-start-a-business\/\">starting a business<\/a> that aims to do business globally.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Whether your business succeeds or fails comes down to profitability (the amount of money remaining after all business expenses are paid). That\u2019s the only way to build a sustainable business.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Here are five practical tips you can implement today to increase the profitability of your business:<\/strong><\/h3>\n<h3 class=\"wp-block-heading\"><strong>1. Evaluate what isn&rsquo;t working.<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">It\u2019s OK to have occasional unproductive days, but most successful businesses figure out what works and what doesn\u2019t \u2013 and focus on the things that work for them.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Existing businesses can do this already. If you\u2019re starting a new business, don\u2019t delay this type of assessment until you\u2019ve been in business for several years. Work it into your quarterly strategy.<\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc428354 = window.plc428354 || 0;\n            document.write('<' + 'div id=\"placement_428354_' + plc428354+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,428354, [300,250], 'placement_428354_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc428354++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n<p class=\"wp-block-paragraph\">Apple became successful only after eliminating most products and focused on a few strategic products that formed a foundation for their brand. This important change also helped Apple build a global brand and not just a niche brand popular primarily in the U.S.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Are you and your team spending a considerable effort on daily activities that aren\u2019t contributing to building your brand, sales, and profits? Are those daily activities connected to the goals you\u2019ve set for the business?<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It might be fun to spend two hours daily on Facebook or Twitter hunting for customers. Still, the more critical question is whether your prospective customers are looking for your business on those social networks.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How you can start today:<\/strong> Start by listing all of the tasks you do regularly (hourly, daily, weekly, monthly). Do your best to break these tasks into logical areas, such as sales, accounting, marketing, inventory, etc.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Next, consider how long it takes you to do each task and assess whether each task is essential. You\u2019d be surprised how many things we all do during a typical day that add little value to our business. Once you understand the importance of each activity, rank the activities (or logical areas) to understand better where you should be focusing.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Focus on the areas where you bring the most value to your business and find the right people to fill the gaps in areas you don\u2019t.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Find time to develop a strategy.<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Most successful business owners develop intelligent strategies and execute those strategies. Yet, many confuse decisions and strategy.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Every business owner makes decisions about their business. For example, they decide where to market, how to market, how much money to spend on marketing and sales, what types of products and services to market and sell, etc.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">These decisions are important \u2013 but they are not a strategy.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">These day-to-day decisions are like the moves we make in a game of chess. Knowing how to make a move lets you play the game.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It takes strategy and execution to win, especially on a global scale.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">For example, it\u2019s impossible to match supply to customer demand unless you build a strategy and predictive models to evaluate how to better model consumer behavior. Both <a href=\"https:\/\/www.globaltrademag.com\/supplying-hurts-profits\/\">over and under-supplying hurts profits<\/a>.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How you can start today:<\/strong> Ensure that you set aside sufficient time every month or quarter to assess and develop a strategy.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">When you develop a strategy, you\u2019ll want to focus on your goals (it\u2019s impossible to create a strategy if you don\u2019t understand your goals). Assess your product\/service offerings and determine whether you need to expand or reduce the number of products\/services you offer. Some questions you might ask about your business:<\/p>\n\n\n\n\n<ul class=\"wp-block-list\">\n \t<li>What is my current strategy?<\/li>\n \t<li>What is happening in my industry or with my competitors?<\/li>\n \t<li>What are my growth, sales, and profitability goals?<\/li>\n \t<li>What products and services do I currently offer?<\/li>\n \t<li>What products and services do I want to offer in the next X months?<\/li>\n \t<li>What will I need to do to sell these new products\/services?<\/li>\n \t<li>How will I compete against X, Y, Z competitors?<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\"><strong>3. Market to your existing customer base.<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">It\u2019s <a href=\"https:\/\/hbr.org\/2014\/10\/the-value-of-keeping-the-right-customers\/\">5 to 25 times cheaper<\/a> to market to your existing customers than to find new customers.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How you can start today:<\/strong> Look at how your customers are using your products or services. Are they staying with your products\/services for a long time or using them for a short time and leaving (this is called \u201cchurn\u201d).<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">A churn rate is the percent of customers who terminate their relationships with your company in a specific period (a month, for example).<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Once you establish a baseline churn rate for your business, evaluate why customers are leaving. And then build models that can help predict which customers are more likely to leave or stop using your products or services.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Remember that churn rates may vary in different countries and markets, so assess your churn rate on a market-by-market basis.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Churn rates can offer many interesting insights into your business. For example, a high churn rate could mean that you need to focus on improving your company\u2019s products or services. It can also mean that you\u2019re simply marketing to the wrong customers and using your marketing budget unwisely.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Audit your expenses.<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Take a close look at your expenses and ask your leads to do the same thing for their teams.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not uncommon for business owners to sign up for services and then stop using them or reduce usage.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes, a cheaper plan is perfectly sufficient, saving you hundreds of dollars per month in fees.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Other times, you\u2019ll find you no longer need the product you tried using six months ago and then promptly forgot to cancel.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">I regularly audit our vendors and find that we can save from hundreds to thousands of dollars<\/p>\n\n\n\n\n<u>every month<\/u>\n<p class=\"wp-block-paragraph\">by reducing specific monthly plans and eliminating other products that we no longer need.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to outsourcing things like custom graphic design services, for example, don\u2019t assume that you\u2019re getting the best value. Look for pricing sweet spots. Use this <a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/\">cost of design guide<\/a> to understand better what custom logo design, website design, and other custom design services should cost.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The significant advantage of cutting expenses is that for every dollar you save by eliminating a cost, you gain an extra dollar in profits.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How you can start today:<\/strong> Look at the paid products and services you use and eliminate those you do not need.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t hesitate to negotiate with vendors if you\u2019re paying for certain recurring products every month \u2013 many vendors will entertain a discount if the alternative is to lose you as a customer.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Also, take a close look at your employees to be sure they\u2019re correctly trained. It\u2019s not uncommon to have extra expenses because your staff is incorrectly trained and is doing certain things that could be done differently and for less money.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. Ask your employees for ideas.<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Your employees sometimes know your business better than you know it.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Chances are they\u2019ve been talking with customers and have their ideas to cut costs or to increase revenue. But they\u2019ve stayed silent because they\u2019re busy doing the jobs for which you hired them, and nobody asked them for their opinion.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Leverage your team \u2013 ask!<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">We have only one weekly meeting at crowdspring. It\u2019s our \u201croadmap\u201d meeting, where we discuss and evaluate suggestions from our team. We\u2019ve done this for 13 years, and it\u2019s one of the reasons we continue to innovate and lead the market.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How you can start today:<\/strong> Make sure to acknowledge employees who offer suggestions \u2013 even if you ultimately decide not to use those suggestions.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s crucial that employees feel you are listening to them \u2013 not just asking for ideas. Otherwise, they\u2019ll hesitate to offer suggestions the next time you ask.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">And if you implement an employee\u2019s idea, make a big deal out of the fact that they suggested that idea. And importantly \u2013 find a way to track all suggestions and what you\u2019re doing with them. A simple spreadsheet or document is sufficient (we use Asana to track ideas we generate internally and Basecamp to discuss those ideas asynchronously).<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately, the only guarantee that you\u2019ll be in business five years from now is for you to build a sustainable business. Start by applying the five tips we shared in this article to your business.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bio:<\/strong><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><em>Ross\u00a0Kimbarovsky is founder and CEO at\u00a0<a href=\"https:\/\/www.crowdspring.com\/\">crowdspring<\/a>,<\/em>\u00a0<em>where more than 220,000 experienced freelancers help agencies, small businesses, entrepreneurs, and non-profits with high-quality custom logo design, web design, graphic design, product design, and company naming services.\u00a0Ross\u00a0mentors entrepreneurs through TechStars and Founder Institute, was honored as one of Techweek100\u2032s top technology leaders and business visionaries, and enjoys wearing shorts to work after a successful 13-year career as a trial lawyer.\u00a0Ross\u00a0has founded numerous other startups, including Startup Foundry, Quickly Legal, and Respect<\/em><\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376259 = window.plc376259 || 0;\n            document.write('<' + 'div id=\"placement_376259_' + plc376259+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,376259, [300,250], 'placement_376259_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc376259++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n","protected":false},"excerpt":{"rendered":"<p>Global competition is fierce. And, for new businesses, it can be intimidating. Whether your business succeeds or fails comes down to profitability (the amount of money remaining after all business expenses are paid). That\u2019s the only way to build a sustainable business.<\/p>\n","protected":false},"author":7,"featured_media":831,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","editor_notices":[],"footnotes":""},"categories":[1],"tags":[3],"topics":[2],"class_list":["post-830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brands-marketers","topics-editorial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Smart Ways to Increase the Profitability of Your Business | AW360<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advertisingweek.com\/aw360\/news\/5-smart-ways-to-increase-the-profitability\/830\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Smart Ways to Increase the Profitability of Your Business\" \/>\n<meta property=\"og:description\" content=\"Global competition is fierce. And, for new businesses, it can be intimidating. Whether your business succeeds or fails comes down to profitability (the amount of money remaining after all business expenses are paid). 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