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But how do you make your business more profitable in 2024? We’ve come up with a few very practical suggestions you could use. These tips to make your business more profitable in 2024 have worked marvellously well for many businesspeople. We believe they will do the job for you too, if you implement them smartly.
Ruthlessly Slash Expenses
You need a no-holds-barred approach to overseeing expenses in 2024. That’s one piece of the profitability puzzle you absolutely must fit in its place. Without it, your efforts at growing your profit would falter. The first step to making this happen is to keep detailed records of where your money goes. This way, you’re better able to spot waste or spending on items you could do without. When you do discover such things, move immediately to cull them from your regular expense list.Upsell Products
Upselling means getting your customers to buy higher-value versions of the products they’re currently purchasing from you. This typically translates to convincing them to order higher priced goods—an action that’ll swell your profits, other factors held constant. Your aim this year should be to improve your selling skills so that you’re able to haul in more high-value sales. Thankfully, there are lots of mini-courses on the web that’ll show you the best upselling strategies for your business.Sign up for the Connect Nigeria daily newsletter
Be Smart About Changing Prices
One way to increase your profits would be to raise prices. But this isn’t always popular with customers, who are often shopping for the best bargains. You can avoid this discontentment by presenting your price climbs as a win for them (and make sure that they are). Improve your offering in the best ways you can manage, effect a phased price increment, and emphasize the enhancements you’ve introduced in your communication with customers. Another way to change prices is to introduce smaller units of the things you sell, with quantities adjusted in ways that mean you’re making more of each unit.Go On Aggressive but Well Targeted Marketing Campaigns
Besides shrinking operating costs and tweaking prices, another strategy for boosting profits is to sell more goods. And you can make this happen by attracting new customers to your business. With marketing that consistently zeroes in on the many benefits of using your products or services, you’ll score great success at drawing in traffic to your doors. Just be sure that such campaigns are targeted at the particular demographic to which your ideal customer belongs.Convert Employees and Customers into Brand Advocates
We aren’t asking you to appoint your customers and employees to paid ambassadorial roles. Rather, we’re suggesting that you turn them into willing ‘evangelists’ for your brand. You do this by convincing them of the benefits of your offering, and by asking them to point others in the direction of your enterprise if they need the products or services it sells. Word-of-mouth marketing of this kind is bound to expand your customer base if executed successfully. That in turn translates to a rise in revenues and overall profits.Register to attend the CN Business Mixer
Get into New Markets
This seems a difficult ask in the current business climate—at least on the surface. In reality, getting into “new markets” may be as straightforward as partnering with businesses that sell products which complement yours, and selling to their customers, who you may not have reached previously. Or it may amount to creating a version of your existing product that caters to other demographics besides the one(s) you currently serve. There’s also the option of going global, with a website that has international payment channels embedded in it, and a partnership with a logistics company that can ship your goods worldwide.Final Words
You are perfectly capable of realizing greater profits this year than you’ve ever recorded. Believe that this is possible, and follow the tips I’ve provided to make your business more profitable. In time, you’ll see it all bear fruit, and you’ll be glad that you took action when you did.Got a suggestion? Contact us: editor@connectnigeria.com