How can small changes make big profit?
How can small changes make big profit? Sean Purcell, business and leadership coach answer this fundamental business question.
How can small changes make big profit?
This must be the question of all questions that is trending at the top of the list right now. How can small changes within my business make big profits? Before I get in to the how, I will start with a statement of proven fact.
“Once you're in a position to take a step away from your business, your vision for the future can become very clear and you’ll take small wins with big dividends”.
When you decide to embark on the assignment of expansion, increasing profits and company growth, the first thing you need to focus on is yourself. Give yourself sufficient time and head room to give your all to this obligation.
Improve productivity and trim costs
Look at staff productivity, note unused systems and packages which you are paying fortunes for, as well as others that you need but are yet to install, in case they may become invaluable in the not-too-distant future.
You may debate the issue of paid for spaces, your business premises, the hours worked by your team and how you can better monitor this.
Lead by example and try to determine clear deadlines for certain tasks or blocks of work to help everyone stay on track throughout the day, no matter where your workforce is based currently. Managing remotely is evolving rapidly, so ensure you are on top of the changing needs of your team and maintain staff engagement.
Think of inspiring incentives for staff to show your appreciation as their employer. Show them just what an important piece of the business puzzle they are. When staff see what they contribute, they will focus on getting the job done and make better use of their time and yours.
The most productive, successful teams are the ones that have a clear purpose and a dedicated leader, not those who are micro-managed, which wastes a substantial amount of your time.
Once this is in place you can then start to add to your client base, and because all your ducks are in a row, your confidence in your business’ ability will be soaring. Your confidence, and that of your staff will emanate like light or heat. Even in the most unpredictable times, this will set you and your business head and shoulders above your competitors.
Test and measure the changes you make to ensure there are improvements in customer retention, revenue and ultimately profit.
Too many people shy away from charging the right rate for the value of the service or product that they provide and have often frozen their prices or reduced their fee.
The problem with that is, overheads continue to increase, causing profit to fall. Ensuring that you charge the right rate and making a price increase where appropriate means that the extra money flows straight in to profit. Increasing prices for the product or service you currently provide is the quickest way of adding profit.
Business sustainability, especially in recent times, has been bolstered by online networking such as Zoom calls and Teams chats. I have discussed this at length several times recently, and it was agreed every time that without these tools, many businesses would have struggled further, if not failed in their efforts to remain trading at all.
Keeping open lines of communication is absolutely vital right now, no matter which other businesses you network with. Cross-sector networking is proving to be extremely popular, and the things you didn’t require previously are on the hot list now. Face masks, additional technology, dedicated human resources support for overall wellbeing and many more items and solutions you never thought you would need to rely on are now required, almost daily.
We can safely say that the ‘new normal’ is here to stay, so ensuring that your business can sustain remote working where required and that you can continue to develop in this ever-changing arena will be pivotal to your business success.
Business and leadership coach, Sean Purcell, is Director and Founder of Sean Purcell, MillenniALL Media and ActionCoach Colchester. He is an award-winning business and leadership performance coach, speaker and entrepreneur who educates and trains SME business owners and entrepreneurs to create businesses fit for the future. Sean is also author of number one best-selling book MillenniALL, a guidebook for the Millennial generation.