The company turnover will be the reason you get out of bed in the morning, and your profit margin will be your reward for the effort. Any business owner should therefore look for affordable ways to improve a companys efficiency every day, with the aim of providing a higher quality service to the customers, creating a better place to work for employees and boosting profits for a more successful operation.
One of the best ways you could potentially boost your revenue is to expand your product range or open your business up to new geographical territories. For example, if you run an office cleaning service, why not reposition a company in the market to provide home cleaning services, too. You have all the tools at your disposal to do so, and you have a team of dedicated cleaners on staff who might be happy for the additional work and change of pace.
Also, if you provide office cleaning services in one destination, why not expand your product range to different cities. While it will take time to hire employees, you can guarantee the efforts could be worth it, and you could consider expanding your company exponentially in the future.
Many customers are pouring their money down the drain by hiring a team of staff to manage all aspects of their operations. While you will want to have full control of your company, the many different departments could be taking its toll on your bottom-line, and you could be limiting the scope of your services.
For example, you might have a dedicated customer care team who are on-hand to assist with any customer questions, problems or leads, but they may not have the resources or time to answer every phone call the company receives. This could result in the business missing it on additional custom, as well as resulting in unsatisfied customers who will turn to an industry rival for an improved service.
If this sounds like your company, you should consider outsourcing your communication service to a virtual assistant, such as Ruby Receptionist, who can answer any phone call 24 hours per day, so you never need to miss a customer call again.
Review Your Pricing
If you are struggling to compete with your competitors, it could be due to one of two reasons: your pricing structure is too low or too high. For example, if your product is much lower than your competitors rates, this could seem too good to be true to customers, or they might believe your low price means a low-quality product or service. However, if your pricing structure is too high, you might no longer be in the luxury territory, because people might believe you are offering the same product as everyone else at a much higher rate.
If you want to survive in your industry, it could be a wise move to review your pricing structure. Also, look at what your competitors are providing their customers to see how your service compares. You might discover you have been underselling a product, or that you have been charging too much for a service they can find much cheaper elsewhere.