4 Changes You Need to Make To Make To Increase Profitability In our Business
There is no doubt that creating and increasing the profitability of your business can be challenging at times. Even when you dedicate full-time effort. Sometimes you get to a point where you are making no progress at all.
But the honest truth is that if you want things to change, you have to make changes, according to Tope Williams Adewunmi, Fashion Professional and Founder of Martwayne, a Training and Consulting Outfit that helps Individuals and business owners turn their passion to profit and a viable business.
Here Are Some Changes You Need To Make In Your Business To Increase Profitability
STOP PLANNING, TAKE ACTIONS
The starting point of many great businesses started from having an idea and backing it up with appropriate actions. Too many entrepreneurs set out plans on how to start and manage their business, marketing strategies and even plan the funding. Sadly, some get overwhelmed with the planning or able to see the end results but fizzle out without even making a move towards this goal.
It is one thing to be aware of the changes you need to increase profitability in your business, it is another thing to act on it. So how exactly do you avoid fizzing out? It’s quite simple!
Just do it! Yeah, don’t overthink it. Do the necessary research, map out your steps, break them into milestones and take it one step at a time. The first step usually seems like the hardest, once you make the move, you begin to have a sense of fulfillment, at this point your “Why” becomes your motivation.
Even experienced entrepreneurs do not relent in acquiring knowledge. They keep learning so as to evolve and make more profits. To make more profit, you need to learn more. Technology is advancing every day, new innovations and techniques are developed. The only way to stay abreast is to be curious enough to want to learn more.
Never be satisfied with the little profits you have and think yes you are successful. As they say, learning is a never-ending journey. From cradle to grave, we are in a continuous cycle of learning new things.
Read books on topics you need to improve on, business updates, even stories of other business professionals and stand on the shoulders of the giants. Hence, you won’t have to make the same mistakes they have made.
Aside from enrolling in a course to acquire some knowledge, you can also attend Seminars, Conferences which puts you with people of like -minds. Consequently, you are able to make new connections and networks. More connections more chances of getting more business opportunities ,as a result, increase your profit.
UNDERSTAND YOUR INDUSTRY
Trust me, if you are in the habit of looking away from updates outside of your niche, then you will need to make a change now!
Inasmuch as Marketing is perhaps the most important activity in a business , as an entrepreneur, you need to understand your industry. Not just your own niche but the industry as a whole so you will know the disruptions happening and how they impact the industry. As a result, you will be able to make informed decisions.
For instance, the advent of Covid-19 led to numerous changes in different industries , ranging from the education sector, to Fashion Industry, Finance , Food Industry. Some business owners were smart enough to do their research , understand the changes and tapped into the available solutions.
Fashion brands had to release diffusion lines to sell clothes suitable for staying and working from home.
There is no doubt that marketing has a direct effect on changing the profitability in your business and it should be taken seriously. Having a well optimized website, an active social media presence, an effective sales team etc.
Irrespective of the size of your business, you should invest in marketing . People need to know you exist for them to patronize you. You need to be creative with how you reach and manage your target audience . This article will help you understand how to improve your website.
If you want things to change, you have to make the changes. If you want to see change in the profitability of your business, you have to be ready to take actions, learn more, understand your industry and market more.
Here are some bonus tips!!
1. Be Optimistic.
2. Learn to Listen.
3. Share your burden.
What changes are you ready to make to improve your profitability in your business?