10 Tips to Help Your Business Become More Profitable

10 Tips to Help Your Business Become More Profitable

Every business has a different set of goals. But increasing profits is a pretty universal objective for businesses of all sizes. There are plenty of different ways to go about working toward that goal. Members of our small business community shared some simple steps you can take in the list below.

Test Your Financial Literacy

To make sure that your business is on the right track financially, you’ll need to make sure that you’re financially literate enough to make that determination. This Sageworks post includes a quiz made to test out your financial literacy so that you’ll be better equipped to make those tough decisions.

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Focus on Managing Your Payroll

Payroll management is part of running a business that can sometimes get neglected. But it’s incredibly important for you to have people dedicated to managing your payroll operations and transactions, even if you have set processes in place. Hmd Ali explains more in this post for The Raymond Solutions.

Form Habits That Lead to Long Term Success

Making a quick dollar is nice. But you’ll need to think differently if you want your business to actually succeed over the long run. That means you have to form habits that can actually lead to long term success, as Martin Zwilling shares here in the Startup Professionals Musings blog. You can also see conversation surrounding the post over on BizSugar.

Avoid These Usability Mistakes That Destroy Mobile Conversion Rates

If you want your business to make money in 2016, you need to be able to convert mobile customers. That means that your site or platform needs to actually be usable for people on mobile devices. So you need to avoid the usability mistakes outlined in this post by Jeremy Smith in the Jeremy Said blog.

Convert Blog Visitors Into Customers

Having a lot of blog readers or visitors can be great for your business. But that alone won’t necessarily make you any more profitable. Instead, you can check out this post by Neil Patel and work on converting all of those blog visitors into actual paying customers.

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Understand That Your Products Are Commodities

No longer are products just products. In this Kexino post, Gee Ranasinha explains why businesses now create products that are also seen as commodities to consumers. And the BizSugar community also share thoughts on the post too.

Consider Changing Your Legal Structure for Tax Year 2016

If you got hit hard by taxes this year, you might want to consider changing your business’s tax structure for the coming year. In this CorpNet post, Nellie Akalp discusses some ways you might be able to change your business’s structure so that you could benefit come tax time.

Keep Track of Your Online Reputation

You already know that your reputation is important. But it can also have an impact on your business’s bottom line. This post by Rachel Strella of Strella Social Media includes some tips for tracking and managing your online reputation. And BizSugar members comment on the post here.

Follow These Investment Tips for Beginners

Investing can be a tricky game, whether you’re personally investing what you’ve made from your business or making investments specifically to help your business grow. But this Noobpreneur post by Ivan Widjaya includes some investment tips specifically aimed at beginners.

Use These CRM Tools to Skyrocket Your Success

Any business that wants to make money needs customers — and more specifically, loyal customers. If you want to keep your customers happy and engaged with your business, you’ll need some kind of CRM system. Apple Pineda shares some options in this post on the RightMix Marketing blog.

If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to:  sbtips@gmail.com.

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Annie Pilon Annie Pilon is a Senior Staff Writer for Small Business Trends, covering entrepreneur profiles, interviews, feature stories, community news and in-depth, expert-based guides. When she’s not writing she can be found exploring all that her home state of Michigan has to offer.

9 Reactions
  1. Payroll was so hard to learn for me when I was just starting out. But it must be done. I actually ended up attending some seminars just to learn.

  2. Investing is just as important as saving. And I am not talking about investing in other business. It is essential so that you can keep your business going.

    • Absolutely – what you do with your money can make a huge difference for your business

  3. Starting out can be hard. And with the online world, you really have to keep track on what people are saying about your brand.

    • Completely agree – you have to constantly be aware of what’s out there regarding your business

  4. Be sure you are doing the right thing when investing. You must consider a lot of things first before anything else, and some of them to consider are the risks when you invest your money. It’s usually a good idea to put your money into a number of different products and asset classes, because If one investment doesn’t work out, you still got the others to fall back on.

  5. Very nice suggestions are explained here in this article. As you told “Convert Blog Visitors Into Customers” is really working for me. Previously I was totally depend upon adsence but when I analyse and put some affiliate links on my blog of the same niche. I got unbelievable response.

  6. Thank you for sharing the tips. It can be overwhelming if your business is suffering and you cannot figure out why. Staying on top of everything and making sure you’re organized will help prevent this from happening.