Investing in your Bottom Line

Investing in your Bottom Line

It is Business 101 to care and pay close attention to the bottom line, or profitability, of your business. You must know if your business is making a profit and if it’s in the red or if it’s breaking even, or if it’s making a profit and there is still enough cash flow in the account. If you have the latter going on, then continue what you’ve been doing. However, if you bottom line is looking unsatisfactory, then check to see where you’re investing your time, energy, and money within the business.

You already know you shouldn’t be tied down to those mundane tasks in your business that are not generating revenue. Filing paperwork, moving around office furniture, randomly posting on social media, etc are tasks that can be delegated to someone else. It’s been discussed that doing those tasks could allow L.O.V.E., loss of valuable energy, to cost you your business.

So what else should you be investing your time, energy, and money towards to increase your bottom line? Your people. Your Process. Your Pitch, that’s sales pitch.

Your People are the cherry on top.
There is a saying that you can teach “aptitude but not attitude.” Hire people with great attitudes with the capabilities of doing their job and you can always teach the job. You should be creating a culture of innovation and ideas within your business. Give your people a voice because you want their buy-in. You want their great plan for a marketing campaign. You want their amazing design for your Facebook business page. When their happy, it will show in their speech and demeanor. Remember, people buy-into people. You will get new and repeat clients off the strength of your people. Yes, it helps if you product/service is great, too, but make the people happy and they will exude it outwardly.

The Process should be seamless.
There should be a consistent analysis of ensuring that your business has an efficient, simplified process- for your clients and your people. Check social media for comments on a business. Most positive comments relate to how efficient or easy the process was or how quickly their problem was solved followed by great customer service. Invest in getting the client in and out or their start to finish project completed as quickly and accurately as possible. Do not skimp on doing quality work but keep in mind process times. If first quarter, your process time was 17 minutes and now in the second quarter, you’ve reduced the time to 14 minutes and is still able to provide the same quality work, that’s progress. There should be a continuation of analysis for a seamless process.

Pitching like your life depends on it.
Your business depends on your ability to sell. If you’re in business, you’re in sales. Period. Keep in mind the problems your product/service can solve. You leverage that information in your pitch. You want to engage an emotional connection with the client or potential client during your pitch. Develop relationships with prospects, especially if they tell you “no” on the first pitch. It was shared during a webinar about doubling revenue by Fire Your Boss Coach Raeyvn Jones that “80% of sales are closed after the 5th attempt and only “20% followup after 5 follow-ups.” So get your follow-up game up!

The story of your bottom line should tell the tale of how you were willing to invest in it. Be sure your investment creates a good read!

@TJayPR

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