3 Keys to Profitability
When you entered into 2020, you probably made some New Year’s resolutions. While losing weight, traveling more, or learning a new skill are great resolutions, what about your business? If you want your business to continue to succeed in 2020 it is important to have business resolutions as well. One resolution or goal every business has is to keep the company profitable. Earning a profit is important because profitability is essential to a company’s survival. Check out these three ways to keep profits rolling in all year long.
Tip 1: Have a Customer-First Mentality
The first way to keep profits coming in all year long is to have a customer-first mentality. This means your mindset focuses on creating the ultimate experience for your customers. When you have a customer-first mentality your ultimate goal is to show your customer you put their needs ahead of everything else. A customer-first mentality means you continue to work on ways to improve your business and keep your customers happy. However, the needs and wants of your customers are constantly changing. Therefore, it is important to realize you can never be complacent. You must continue to adapt to the needs and wants of your customers and be ready to help them in any way possible.
The customer-first mentality is one that does not come easy. Your actions must reflect your customer-first mentality at all times. That means when a problem occurs you handle it right away. For example, when a message comes in from a customer, you respond right away and immediately start searching for answers. Doing these things will result in your customers trusting you and referring you to others. Ultimately, resulting in profits coming in for your company.
Tip 2: Increase Productivity
Another way to ensure your business will be profitable is by increasing your productivity. Instead of wishing for more hours in a day, be disciplined in how you spend your time at work. If you want to accomplish what needs to be done, make the most out of your time. One way to do this is by setting self-imposed deadlines. This means you create a deadline yourself on a project and stick to it. Beware, this may cause some self-imposed stress. However, a manageable level of stress can help motivate and keep your focus on the task at hand. Another good rule to follow to increase productivity is the “two-minute rule”. Recommended by entrepreneur, Steve Olenski, the “two-minute rule” helps you make the most of small windows of time that you have. It means that when you have a task that can be done in two minutes or less, you do it immediately. Doing the task right away actually results in less time than doing it later.
Being productive will help make your business profitable in every way. Increasing productivity results in more time for you to accomplish tasks, handle situations quicker and overall become more focused.
Tip 3: Stay Visible and Connected
The final way to help your business stay profitable is by remaining visible and connected. This means that your business stays connected with your customers via all networks: social media, email marketing, and print. It is important to make your message known and show customers who you are as a company. Keeping your customers up to date across all platforms will help them remember who you are. Staying connected allows you to build relationships with prospects, leads, current customers, and even past customers.
When creating the message, be sure to showcase new and exciting things that are happening at your business. Such as new updates, new products, sales, company news, etc. This will help keep your customers interested and wanting more. When a customer knows who you are as a company and what you stand for, they are more likely to buy your product. Be sure to know what platform your target audience communicates on most and actively post there. Doing all these things will make your business more popular, likable, and well known. Thus, resulting in more potential profits.
If you’re thinking about starting a concession business, it can be overwhelming. But we can help! Find important recommendations in our blog, What to Consider When Starting a Concession Business. Then connect with a concession specialist at Poppa Corn.