It’s common for businesses to experience lulls in business. We’ve shared the best tips to make your business more profitable during slow periods.
We’re sure most business owners would agree that there’s always something to do, even when business is slow – but will those activities make you more profitable? Regardless of when your slow time is, there are things you can do to improve profitability.
Five Surprising Tips to Make Your Business More Profitable
Tip 1: Become Socially Aware & Give Back
Being a socially aware company is great for business because it shows you care about your community. Find local charities that you can support, whether financially or hands-on. If you select something you are passionate about you will be able to engage in a more genuine way. This is a great way to give back to the community and potentially reach new customers.
Tip 2: Get Social, Really Social
Social media is one of the best ways to engage with customers and stay relevant. Most social media platforms are free to use and utilizing them is a great way to stay connected with clients and attract new ones! Share your latest promotions or new products, do a “live” video showing your business, or interact with different groups on social media. Think of a plan, map it out and implement it!
Tip 3: Stay Ahead of Promotions
We recommend having marketing ideas mapped out ahead of time so that you aren’t trying to juggle too much at once. Another helpful tip if you don’t have a marketing department, gather your team and ask them for their marketing ideas. Not only will this help empower your employees, but they might also provide you with some great concepts to try.
Tip 4: Get With the Program
There are many programs you can incorporate into your business, such as loyalty and referral programs. Loyalty programs are extremely helpful in enticing customers to keep coming back. Referral programs are also great because they reward the clients who already like and use your business.
Tip 5: Teach a Class
Depending on the type of business you have, hosting a class can be extremely beneficial. It allows you to attract potential new customers that are already interested in the product/service you sell. For example, if you own a bakery, you could teach a baking class. Opening your doors is a great way to stay engaged with customers and make you more profitable – classes can even be done virtually if you work from home.