3 Ways to Increase Profit This Month: Quick and Easy Strategies
Posted on February 11, 2022 by Janet Johnson MBA, One of Thousands of Business Coaches on Noomii.
This blog post will discuss three straightforward strategies to increase your profit this month. Implement these quick ideas today!
Are you looking for ways to increase your profit this month? If so, you’re in luck! This blog post will discuss three easy strategies that you can implement today to boost your bottom line. These strategies are quick and straightforward, and they can help you achieve your financial goals in no time. So without further ado, let’s get started!
NEGOTIATE A LOWER PRICE WITH YOUR SUPPLIERS
The world of business can be tricky, especially when it comes to your bottom line. One way you might consider improving your company’s profitability is by negotiating a lower price with your suppliers.
Small business owners should not be afraid to negotiate deals. It’s often the only way to get a reasonable price on the items or services you need. Businesses that can negotiate better prices for the goods and services they need are more likely to succeed in the long run.
I like to project the quantity I intend on purchasing next quarter based on current orders. That way, I can negotiate for a lower price point at a higher volume.
TODAY, NEGOTIATE ONE PRICE.
Consider your most substantial expense. If you produce products, perhaps that’s raw material. Perhaps the most significant cost is an external resource if you’re a service company. When was the last time you had a quote? Based on your usage, call your supplier and see if you can get a discount.
SELL OVERSTOCK
One way to increase sales quickly is by selling overstock. When your inventory level gets too high, it can be challenging to move products quickly. However, if you sell them at a discount, you can get rid of them and free up space for new stock.
Also, when it comes to getting people to buy items quickly, the fear of missing out (FOMO) can be a powerful motivator. Use this tool wisely and sparingly. By highlighting that stock is limited and might not be available later, you can encourage customers to make a purchase right now.
MAKE ONE OVERSTOCK OFFER TODAY.
What do you have to sell right now? It might be a tangible or intangible good such as an info product. Perhaps you can sell your time if you’re a service provider. What open hours in the month do you have to offer your clients as a paid hourly service? Reach out to your top three customers, check-in to see how they’re doing, and make your offer.
INCREASE YOUR PRICES
You could increase your prices to grow your profit this month. When you raise prices, you typically make more money on each item since customers are willing to pay more for the same product. Additionally, rising prices can help dissuade customers from buying your product in favor of a competitor’s product that is still within their budget.
It’s preferable to increase prices in small increments each month or quarter. Sudden price jumps can scare off customers and wonder about the state of your business. If you feel “funny” increasing prices, consider packaging alternatives or bonuses to sweeten the deal.
TODAY, INCREASE THE PRICE FOR ONE OFFER.
When was the last time you increased your prices? If you haven’t done it in a while, it’s time to pull off the bandaid and take a look. Are you worried you will be judged, criticized, or seen as greedy? Are you afraid your customers will run to your competition? Don’t let these fears hold you back.
DON’T LET YOUR FEARS HOLD YOU BACK.
You can always focus on negotiating lower supplier rates and selling more overstock. However, if you want to boost profitability this calendar year, I suggest we talk. Reach out to me and apply for a complimentary consultation. I’m happy to see how I can best help you.
IN CONCLUSION
In this blog post, we’ve discussed three ways to increase your profit this month. The first way is to negotiate a lower price with your suppliers, and the second is to sell overstock inventory that you may have lying around from previous sales. Finally, once you get these two things squared away, it will be time for us to talk about increasing prices. To do this effectively, make sure that if any discounts or promotions are going on, they end before the new fees go into effect, so customers don’t feel like they missed out on anything. This should give them confidence in their purchase while also boosting profits simultaneously!
Which of these quick and easy strategies did you find most helpful? Let me know.
