Building a profitable business isn’t easy; most will fail within their first year. Yet it’s still possible to make small tweaks to your business and have them stack up over time.
A smoother workflow. Smarter prices based on research. Implementing AI solutions. These changes don’t demand huge budgets, and some are even ‘set and forget’. They just need your attention, and many business owners tend to ignore them.
Strengthen Branding and Visual Presentation
Good branding matters, whether you’re running a multinational or a local mom-and-pop store. It shapes how your customers feel about your business, with strong visuals increasing trust and leading to conversions.
First, cover the basics. Refresh tired signage, replace menus, labels, and optimise your store layout. Make sure your branding is consistent; it should be clear that your Instagram account links to your physical location, for example, colours, logos, and the overall visuals should match.
You also want to look at what’s not quite as obvious. For example, use colour choices that influence mood and trigger conversions. Use colours with intention, not just because they ‘look nice’.
Test designs, too. Don’t just launch them without knowing whether they will work. Use split testing to see what users prefer on your website, or even run a survey. Don’t commit to new branding without doing a little bit of research first.
Improve Efficiency
Your business should cut waste where possible, freeing up both time and resources. You may think you’re fully optimised, but you would be surprised by how many different ways you can improve workflows:
- Automate invoice processing or bookings using third-party SaaS providers.
- Track time spent on tasks; where are hours disappearing?
- Streamline communication, cut down on having too many platforms. Slack is often enough for most things; ignore the rest.
- Write clear SOPs to ensure everyone knows what they should be doing, thereby reducing minor mistakes.
- Review workflows regularly.
The important thing to remember is to take each process to the end. Don’t waste time by starting and stopping, or investing a lot of time into efficiency, only to restart the process from scratch in the future.
Optimize Pricing
Businesses often keep their prices the same for far too long. Or they simply increase them based on inflation, nothing else. But pricing has a science to it; approach with caution.
You’re probably already doing this, but compare your prices with local competitors first. Are you competitive based on pricing, or is something else affecting conversions?
Use discounts strategically, don’t offer them too often, or your customers will start expecting them as standard. Offer bundles for common pairings, and track which products give the best margins.
Enhance the Customer Experience
Happy customers will not only spend more, they’ll also come back. And they will tell their friends and family. It’s the best profit booster, and there’s an easy way to improve your retention figures: customer service.
It’s not always about having the best product or service; consumers want to feel that companies care about them. Add small touches, like follow-up messages. Offer loyalty rewards for customers who keep coming back.
Also, communication needs to be on point. Your customers should have various ways to contact you, whether it’s by phone, chat, or email. Reply to queries faster (no longer than 24 hours), and don’t keep people waiting.
Track Key Numbers
You can’t run a business without data, and it’s surprising just how many completely ignore their numbers. But you can’t improve what you don’t measure, so it’s essential that you follow some key metrics:
- Follow weekly revenue, costs, and margins.
- Track top-selling items.
- Monitor return rates.
- Review customer feedback.
- Set small monthly targets.
- Use basic spreadsheets to avoid complexity.
There are third-party apps that will help you do this without a high up-front cost. For instance, Google Workspace can do much of the heavy lifting, and you don’t need to spend a penny.
Be Patient, Profits Take Time
Even if you implement every tip in this editorial to the letter, profits will not change overnight. But it does work like compound interest; get that ball rolling, and you will eventually see the results snowball.
