If you struggle to keep your business profitable (after paying your salary) – it might be that your prices are too low, or that you focus more on big picture ideas than real clients, or that your expenses are too high… The list goes on and on.

But even if your business is very young and it doesn’t make a lot of money early on, your goal should be to become profitable.

Here is a quick list of the simple things you can do to boost your profits:

1. Make Buying as Easy as Possible

If your buying process is too difficult, so clients need to jump through hoops in order to complete a purchase, they’re likely to either not buy or go with your competitor. Let someone, who is not familiar with your business, go through the buying process, and whenever they’re stuck, hesitant or frustrated… fix the issue.

2. Increase Your Prices

From my experience, most small business owners undercharge. If that’s you… stop it! Could you raise your prices by adding more value to your existing product/service or bundle it into a package? Could you improve your marketing and sales to effectively sell at a higher price? Or could you simply increase your prices? 

3. Increase Your ROI

You should evaluate each marketing method you are using to see which is the one (or two) paying off the best. It might be time to focus more on the top ones that give you the greatest return on your invested money, time and effort.

4. Track the Performance of Everything

You should quarterly track performance of everything in your business – from marketing to suppliers, and re-evaluate what costs are worth it for your business. Then cut the rest out.

5. Stop Chasing New Opportunities

New opportunities can help you grow your business. But that doesn’t mean you should always chase the next big thing. Carefully research and consider the risks involved with new opportunities before pursuing them so you don’t end up wasting time, money and energy.

6. Value Your Time
Most service providers minimize profits by not valuing their time as they should. You need to set prices taking all the time you invest in the process into account. Including the time you invest in attracting clients (marketing and sales activities), delivering your service (including preparation, delivery and follow up) and any administration work involved in providing your service (including sending proposals and invoices).

7. Eliminate Low Value Tasks and Activities
Every cent you save by eliminating the cost of things that don’t add value to your company or to your client, gets straight into your bank account. Once you know what your time is worth, you can focus more time on the things that get results for your business. That means cutting out the things that don’t add much value.

8. Automate Where Possible
Since some of the low value or mundane activities you want to cut out are essential functions, you need to find ways to accomplish them without spending tons of time on them. That’s where automation software and online solutions come into play.

9. Cut Expenses

Consider switching to a less expensive supplier, spending less on supplies or reducing staff or staff hours. Again… every cent you save by cutting expenses – goes straight into your bottom line.

10. Negotiate Hard

It’s also a good idea to negotiate with vendors so you can get better prices rather than just paying the full cost. Take the time to plan out your negotiation strategically and do your research to find better deals. Then go to your regular suppliers and ask them to give you the best deal.

Now It’s YOUR Turn

For five minutes… come up with as many ideas as you can… what could YOU do to boost your business’ profits?