6 Strategies to Increase 2020 Business Profits

By November 30, 2019 January 9th, 2020 Business Advice
6 Strategies to Increase 2020 Business Profits

Is your business growing, and you want to bring it up to the next level? Or perhaps you seem to be stuck on a financial plateau and are wondering how to climb out of it? Here are six ways that will help increase your business profits in 2020.

1. Invest In Sales Training

Increased sales mean increased revenue, so think about revving up your sales team. Consider enrolling your salespeople in a training course and holding frequent follow-up sessions. Aspects of the training should be reviewed and practiced through role-playing. Your goal: convert more prospects into sales without increasing your marketing budget.

2. Don’t Just Rely on Technology

Old-fashioned approaches to relationship-building can grow your business profits. Keep nurturing business relationships that are important to you. Meet people face-to-face and find out what their needs are and how you can help. These “seeds” can sprout and mature into plants that yield an abundant business harvest.

3. Up Your SEO Content

Take a look at your content marketing strategy and which keywords and phrases are generating traffic. Zero in on a tight combination of search engine optimization and content marketing that is likely to produce more leads.

4. Focus on Lead Conversion

You might be generating more leads, but how many of them are converting? Review your lead generating strategy and work at refining it, so you only attract more qualified leads. Then look at the best way to convert those leads into paying customers.

5. If You Want to Expand, Hire

Is your business getting more good leads than you can comfortably handle? If so, don’t hesitate to hire even if you haven’t budgeted for new employees. You might worry that you won’t be able to cover extra salaries consistently, but hiring more people will lead to a higher conversation rate and an increase in business profit.

6. Don’t Spend Time on Low-Value Tasks

Your business can only grow if you devote your time to tasks that will actually grow your business. So offload lower-value tasks like accounting to others. This will free your mind to concentrate on improving your product offerings, obtaining new customers, etc.

Start 2020 with Knowledge

Increasing your business profits begins by getting a better handle on your company’s finances. Orcutt & Co’s financial services can provide you with a clearer picture of your business. Orcutt & Co can help you take the necessary steps to increase your profits in 2020. So make it a New Year’s resolution to give us a call.