How You Can Make More Profit In 2019
While you’re having a look at your results from 2018, it’s also important to check the profit you’re making in your business.
Have you increased your profits last year?
More profit = more bonuses and dividends available to take as a Director and importantly, more money available to invest back into your business to keep it going in the right direction.
So, take some time to look at the profit you’ve made last year and what investments you made in your business that gave you the best return on your time and income.
You might be surprised!
What service or product has made you the most profit in 2018? Where can you attract more work like that? Do your marketing messages still support them? Check.
Also identify what services or products make you the least amount of profit based on the time or cost it takes to deliver them.
Why are you still offering those low-profit services? Do they lead into services later on in your client’s lifetime journey with you that do generate more profit? What tweaks can you make to make them more profitable? Is it time to have a closer look and make some changes?
Make sure YOU are profiting from all your hard work.
Many things will have gone up in price around you. Check you’re still not applying the same price points as you did a few years ago or you might be in a situation where your profits will be considerably less or eroded completely.
Also note, are you doing work where you’re not making enough profit AND it’s draining your energy or taking up way too much time? Look at how you can change it this year. Highlight this now and consider what you can do for the better.
The more you track and understand your financial situation the more you know where profit comes from, this will help you have a more profitable business that’s sustainable.
Be mindful of how you can create a more profitable business in 2019.
If you need my help working this out, contact me by email or give me a call on +44 (0) 7968 016585 to get advice and clarity today.
To your success and happiness.