Growing a business can sometimes be more difficult that it should be simply because there is so much to learn and so much to know that it can be overwhelming to say the least. To grow your small business into a large recognized company takes persistence and knowledge. I managed to turn my small businesses into successful companies using three important tips for success that should triple your profits, and which I will outline in this article.
Step 1 is critical if you are selling a product, it involves adding on to the sale. When a customer makes a purchase from you, recommend an additional product that they should purchase as well. For example, if you own a hardware store and a customer buys a screwdriver, offer them some screws to purchase as well. You can see this process all over the internet in the form “customers who purchased this item also purchased these items.” Add-on to your sales and your profits will grow.
Step 2 is to make a presence on social networks for your business if you don’t already have one. Popular social sites like Facebook, MySpace, Twitter are all free to use so there really is no reason why you shouldn’t have an account on at least one of them. From these three mentioned sites Facebook is obviously the largest network, so if you’re going to pick one then set up a Facebook account for your business. This one step alone can double or triple your profits or even more in a very short period of time.
Step 3 is to monitor your stats. Every business has finances, expenses, profit margins, and what you need to do is start monitoring them very carefully. Keep track of how many sales you make monthly, how many customers return to you, how many customers don’t return to you, how are customers finding your business, which advertising methods are getting you the most traffic and so on. If you keep track of all of these stats, I guarantee you will find many areas where you are underperforming and where you can maximize your approach to maximize profits.
It is also important for any small business to stay on top of current events and news stories, the breakthrough your business needs or how your business should adapt to consumer demands can all be determined by keeping track of local and global news.