5 Strategies To Improve Business Bottom Line

What is your business’ bottom line and how can you improve your business bottom line? Umm…, what? This is certainly the response of many people if asked what the bottom line for their business. A company’s bottom line is its net profits or income. There are many ways a company can increase its bottom line. However, two strategies standout –

a). Growing revenues by increasing sales or generating top-line growth.
b). Managing efficiency by cutting costs, which in turn may impact on productivity.

Most times, cutting costs may not necessarily improve your bottom line. For example, laying off staff in order to reduce your costs may have adverse consequences on your business. The best way forward is by maintaining a healthy bottom line, using some proven and viable strategies to achieve the result.

5 Strategies To Improve Business Bottom Line.

These 5 tips are good for your business whether you are a start-up, work at home or you have a well established business.

1. Cutting Costs

No doubt this may or may not have a significant increase in your bottom line. Nonetheless, when done properly, cutting costs in a healthy way can make a good impression on your business and your profits. For example, a 50-pence decrease in the cost of your product or a 50-pence increase in your price can either or both increase your bottom line; but these need to be weighed out carefully to determine which will be more effective.
The best way to decrease your price is to shop around for suppliers or rationalise your supplier base. This is saying that unless your goods are bespoke items that are only available from a single supplier, look for another supplier that can do the same job cheaper and better without compromising on quality.

2. Effective Negotiation Skills.

Oh, I love this! Personally, 80% of the time, I never pay a full price for my items. Buying at the right time and at the right price will make a huge difference to your bottom line. Who says you can’t haggle if the price tag or selling price is attached? Even if I have to pay the price tag, I will not pay for the delivery if applicable.

Assuming you order a product from one of your suppliers, say, 50 times in a month depending on usage or customers demand, a £5.00 delivery charge will decrease your profit by £250.00 per month. However, if you negotiate well with your suppliers, that delivery cost may be conceded thereby increasing your profit by £250.00 per month. Imagine that £250.00 times 12 months? Think of giving 12 of your employees a £250.00 bonus each at the end of the year? What can that possibly do to their morals and their levels of productivity?

What influence can persuasion have on your stakeholders and bottom line?

Any reader will find the research results stunning and frightening. Fortunately, Cialdini concludes each compelling chapter with hints on “How to say no”. No matter how intelligent you are, you have undoubtedly fallen for many of these techniques used deliberately or accidentally. How many poor business investment decisions, product purchases, or strategic moves have been influenced by non-rational factors? You have to read this book.

It is worth remembering that negotiation should be a win-win situation. You are not going all the way to price out your suppliers just for your own benefit; as they too are in business to make profits.

3. Selling Webinar

Any business, great or small can sell a webinar. This is a cheap way of making profits by increasing sales. There is no limit to how many webinars that you can run in a month or in a year; particularly if you often launch new products.
By selling webinars, you are shouting out loud about your products and or services to your existing customers or proposed new customers. Usually, it is for a new product launch or to recruit new customers.
If you are an SME or whatever the size of your business, running an effective webinar is a subtle way of advertising your goods and services.

HINT: In your business, use webinars to drive sales.

The following diagram explains the old, the current and the best way to selling webinars:

Webinar Alchemy

Which of the three ways stated in the diagram above would you rather choose to use?

Facts about running webinars:

1. Webinars can be used to announce a new product launch
2. Businesses use webinars to recruit new customers or grow their lists

Jo grew a list of over 8,000 people in just a few short months, purely running online events she advertised for FREE on her Facebook fan page.

3. When done well, webinars are powerful sales machines that can increase sales significantly in a very short time

4. Anyone can use webinars to generate sales and make profits even if you don’t have your own product or service to sell.
5. Use webinars to promote affiliate products or services if you are a start-up, entrepreneur or a work-from-home individual. Most entrepreneurs have done this and have succeeded at it even without having a website.

Jo Barnes Makes $127,000 From Scratch Jo started with nothing…

At the end of her very first session, she couldn’t even find the button to disconnect from the audience – they listened to her laughing as she fumbled around desperately trying to end the call

Whilst everyone may not be Jo Barnes, the fact remains that using webinars to sell online events as a startup, entrepreneur or an SME business will generate the income your competitors will be so jealous of.

6. If your business is stuck in the rot, running a webinar is a great way to revive it. The good thing is, it can be done for you if you are a busy person.

…When you get the combination right, there’s nothing more powerful for generating sales, launching a product, or even selling affiliate offers, than a webinar.

Having seen proven results of webinars, I am willing to share Webinar alchemy with  all my readers in order to burst the myths about webinars.

This is the way Webinar Alchemy works according to Stephen Renton:

5 Strategies To Improve Business Bottom Line

 

The above process is good to launch new products, increase your customer base or to sell other people’s products as an affiliate. No previous technical knowledge is required

But Jo didn’t let fear or a few technical glitches stop her.

Instead, she got smart about online events by DOING online events.
More specifically, by doing the kind of events that I teach smart entrepreneurs like Jo how to implement in their business.

Selling online events through webinars is a great way of raising income for your startup business.

When Jo finally decided to launch her own product, she had over 500 attendees on her Online Event and…
Almost half the attendees bought her membership system!

If you have used webinars before and would like to try something different, I recommend ‘Webinar Alchemy

To find out more about:

  • how to build authority and trust FAST, especially if you are presenting to a brand new audience – how to monetize webinars, even if you don’t have a product yet
  • how to run autoplay webinars when you are too busy, too lazy or too drunk to run them yourself
  • how to use webinars to generate traffic and sales that will impact your business’ bottom line positively, CLICK HERE:

4. Running Contests or Sweepstakes

Another strategy to increase your bottom line is to run sweepstakes or contests. Everyone likes to take advantage of free offers or freebies.

Recently launched, Amazon giveaway is a new kid in town marketing tool to promote your business. For as long as the item you want to give away is sold by Amazon.com and under $5,000 in value, you can set up a promotional sweepstakes within seconds. You choose the item you want to give away, pay for the item, sales tax and delivery charge whilst Amazon does the rest for you.

5 Strategies To Improve Business Bottom Line

Run promotional giveaways to create buzz, reward your audience, and grow your followers and customers.

Facts About Amazon Giveaway:

What is Amazon Giveaway?

This is a service that anyone can setup easily anytime to run promotional giveaways, which are sweepstakes.

Amazon Giveaway combines five features into one solution that includes: i) selecting and purchasing prizes; ii) hosting the giveaway and determining winners; iii) shipping prizes to winners; iv) handling certain income tax reporting; and v) providing metrics.

As a host, you decide what you want to give away and why, and then create awareness with your audience. Participants can enter giveaways knowing they will be run as advertised, prizes are real and ready to ship, and their information will be protected…

What types of giveaways can I run and how should I choose between them?

At the moment, you can run two win models on Amazon giveaways. First-come, first-served model where entrants are encouraged to respond quickly in order to win the prize. The other being ‘lucky number model’ where the prize goes to a set number. You can use the models to build your followers on Twitter for example.

First-come, first-served awards prizes to the first set number of eligible entrants. This model encourages entrants to respond quickly and the giveaway ends when all prizes are claimed. Lucky number awards a prize to every set number to enter. For example, every 25th entrant wins, up to 10 total winners. This model generates more entrants, the giveaway is likely to last longer, and is more suited to growing Twitter followers.

Does it cost me anything to run a giveaway?

It does not cost you anything, as a host, to run a giveaway. You purchase the price at the prize stated on Amazon.com, pay for the sales tax and shipping costs to the winner(s).

As a host, you purchase the prizes at the price on the Amazon.com site, and pay for sales tax and shipping to the winner(s). Since the winners and their location are not known when you set up a giveaway, you are charged an estimated amount to cover sales tax and shipping, and are refunded any excess when your giveaway ends…

How do I set up a giveaway?

Amazon giveaway is easier to setup than you thought. All you need to do is pick a prize from the millions of eligible physical items that are shipped from and sold by Amazon.com and follow the instructions that follow.

On eligible product detail pages, locate the ‘Set up an Amazon Giveaway’ section near the bottom of the page. Then complete the two step-wizard to enter the details of your giveaway and checkout. Shortly thereafter, you will receive an email with the unique URL to your giveaway. You then can share your link with your audience.

What do I need to run a giveaway?

You will need an Amazon.com account that is in good standing and have a valid credit card that can cover the entire estimated cost of running the giveaway. In addition, you will need to provide any written content or images that participants will see when entering your giveaway. The Giveaway tool is only available to US residents at the moment, hopefully this will be extended to other countries?

Read more about Amazon giveaway here:

5. Continuous Improvement

Getting stuck in yesterday’s habit or the traditional ways of doing things may not get you anywhere in your business. It is worth noting that time is not static, technology is fast advancing and so does your business need to move along with the changing world.

Theory of Constrains (TOC) states that for your organization to have an ongoing process of improvement, you need to evaluate your business or yourself before you can answer these three fundamental questions:
1. What to change?
2. To what to change?
3. How to cause the change?

The ultimate goal is to improve your bottom line (make more money). This cannot be done in isolation. Get everyone of your team involved, let everyone put on their thinking caps as different people may have different ideas which when combined, may lead to goal achievement.

The Goal: A Process of Ongoing Improvement is a good read if you need to find out more about how your business can use continuous improvement to increase sales and revenue, reduce operating expenses.

The Goal: A Process of Ongoing Improvement
"If you are the only one in your place to have read it, your progress along the path to the top may suddenly accelerate...one of the most outstanding business books I have ever encountered..."

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