• Culture
    • Music
    • Art
    • Literature
    • Movies
    • Architecture
  • Business
    • Career
    • Marketing
    • Startups
    • IT
    • Productivity
    • Finance
  • Technology
    • Artificial intelligence
    • Cryptocurrency
    • Virtual reality
    • Apps
    • Internet
  • Other
    • People
    • Education
    • City Guides
    • Countries
    • Pets
    • Mind and body
    • Sports
    • Personal finance
Facebook Twitter Instagram
Facebook Twitter Instagram
Cultbizztech
Subscribe
  • Culture
    • Music
    • Art
    • Literature
    • Movies
    • Architecture
  • Business
    • Career
    • Marketing
    • Startups
    • IT
    • Productivity
    • Finance
  • Technology
    • Artificial intelligence
    • Cryptocurrency
    • Virtual reality
    • Apps
    • Internet
  • Other
    • People
    • Education
    • City Guides
    • Countries
    • Pets
    • Mind and body
    • Sports
    • Personal finance
Cultbizztech
Home»Business»5 Alternative Ways Your Business Can Increase Profit
Business

5 Alternative Ways Your Business Can Increase Profit

By James Daniels2 February 2018Updated:2 February 2018No Comments3 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Email

Recent economic woes have meant that some businesses have had little growth and disappointing profits. Sometimes that’s just the way things go in business, but it doesn’t mean that business owners have to sit by and let it happen.

There are many different ways for your business to increase profit, even if it has been having a downward turn. If things have been running smoothly, then growth and profit should be the next step.

Branch Out 

One way to ensure more money comes into the business is to branch out. You can do this by adding complementary services to the products you already provide, which is good thinking since the major infrastructure of the company is already there, along with clients.

Extra services could include reseller web hosting from a company like Dream VPS, or storage space if you have a big enough warehouse. There are thousands of different ‘add-ons’ that can bring in a big increase in revenue.

Go Further

If your business concentrates on a small area, you might find that you saturate the market. If this is the case, your profits won’t be getting any bigger, and they could easily fall.

Check a map and draw a circle around the area you currently operate in. Are you able to make that circle bigger?

Could you sell items online if you don’t already, for example?

Or if you provide a service, could you take that service to more people?

Try the next town, try the next state or county. Try the next state if it’s possible. A bigger area means more people and more profit.

Bundles 

Bundling products together may seem like it’s going to give you a loss, but in reality, these bundles bring in more profits when they are done right, and they could be exactly what you need to do.

Bundling products means selling a group of items together for less than if you were to buy them separately.

If you were selling hats, for example, you might add gloves and a scarf to the bundle. Or if you were selling notebooks, you could package them with pens.

Do the math right and bundles have a higher overall profit even if the price of buying the items separately is higher – and you will sell more of them.

Find Your Old Customers

Finding new customers costs around five times as much as retaining old ones, so it makes sense to concentrate on the people who have already bought from you.

Remind them that you exist with a mailshot or email. You might even want to offer them a discount for coming back.

Your marketing could talk about how much you’ve missed their business, and let them know that you have a lot of new stock or exciting new services available. Persuade them back and do a good job and they’ll wonder why they ever stopped buying from you in the first place.

Layaway 

If you can’t or don’t want to reduce your prices, then you could consider a layaway program.

The buyer pays an initial deposit, and then either weekly or monthly they pay the rest of the cost of whatever it is they want to buy. When the entire price has been paid, they can take their item home.

It helps people purchase items that they might not be able to otherwise, and it enables businesses to sell more.

featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous Article5 Things Businesses Can Do To Stop Climate Change
Next Article How Social Media Marketing Can Boost Your Business
James Daniels

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.

Related Posts

Want a domestic short-haired cat? Read our guide first

21 January 2023

Everything You Need To Know About RPA (Robotic Process Automation)

19 January 2023

The 19 Best Guerilla Marketing Tactics In 2023

19 January 2023
Add A Comment

Leave A Reply Cancel Reply

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to our best stories

  • Facebook
  • Twitter
  • Instagram
  • YouTube
About
About

Cultbizztech is a new source for culture, business, tech and much more. Subscribe now to get our best stories in your inbox.

Follow us
  • Facebook
  • Twitter
  • Instagram
  • YouTube
© 2023 Cultbizztech
  • Advertise
  • About
  • Contact
  • Privacy

Type above and press Enter to search. Press Esc to cancel.