Give some thought to your small business for just a moment. You probably offer several different products or services. Which bring you the most money? Which hardly bring any new business at all?
By focusing on the profit centers in your business, you can boost sales and become known for doing one or two things really well. Anything else, you don’t need. Here’s how to cut the crap.
Start with What You’re Known For
Over the years, we’ve experimented with several offerings here at CorpNet, but we keep coming back to the fact that we know
how to incorporate a business really really well. People visit our site looking for content on incorporating, and they call us with questions. So that’s what we’re known for. We can offer other services, but people will always come to us for this first.
What is your brand best at? If you don’t know, don’t be shy about asking a handful of customers. How would they describe what your business does in one sentence? That’s your profit center, I’m willing to bet.
Look at the Laggards
Now that you know what you need to focus on, let’s trim the fat. Look at the products or services that simply aren’t doing well. Maybe they’re not bothering anyone or taking up space, but they’re taking up energy that you could put elsewhere.
If something isn’t generating you enough revenue, or you simply dread having to deal in that category, get rid of it. I guarantee no one will cry over this spilt milk.
Now Find Ways to Make More Profit
You’ll find that now that you focus on one or two areas, you’ll attract even more business. But there are other strategies for boosting profit around your newly-identified profit centers:
- Raise prices incrementally. Check with your competitors to see how much customers are willing to pay. Offer even more value than anyone else for that price.
- Offer complementary products. What additional offerings would your customers want that complement your profit center? Experiment.
- Nurture customer relationships. Once you have those other offers, you’ll need to put energy into getting repeat customers.
It’s exciting to streamline your business efforts into fewer channels. You’ll feel more nimble and more like an expert than before.
Let us do what we’re best at here at CorpNet: let us show you how to incorporate a business quickly and effortlessly. Our small business experts are standing by ready to help!