8 Ways For Small Business to Boost Profits

From a great article giving 8 classic ways for small businesses to boost profits I want to recommend to you the TOP THREE for folks working in media. The article is from NewsMax Finance and its worth reading the whole thing because all 8 tips are business-school-basic for any business. Of course if you're a freelancer, you often don't see yourself as a business but you are. So whether you market yourself under a banner or as an expert service provider and whether your a one-man band or a company with employees these three tips will be essential to your success. Here they are:

Offer new services — Create bundle plans, such as a series of services or a number of products, at discounted prices, The Balance recommends. Business owners benefit in the long run from specials and giveaways.

-- For people in media we often think we're too small to create a "Package" or a "Bundle." But look at it as just a simplified message to get the customer's attention. Be willing to hone your service or product down to a special application--one that is widely desired...and make it easy, fast and cheap! If you are a specialist consider partnering with someone with a complimentary skill so you can offer something different in a promotable package that will benefit you both. Say, a writer making a deal with a camera op to package short business videos of a certain type.

Online activities — Enhance the business website with blogs that connect to clients and take full advantage of social media outlets, as well as using online marketing tools available to attract new customers to the site.

-- Media Pros are often too busy to promote themselves but it's an important way to break that Boom-to-bust cycle. You know, when you finish a job and then have to look around for the next one? The trick is to walk and chew gum (or work and promote yourself) at the same time! one of the best ways to do this is blogging. In short blogs you present yourself as an expert and build credibility. Just remember you're writing to impress a future client -- not to rant or blow off steam.  And if you tweet or use other social media make sure make sure your messages are always relevant to  people woh might hre you!

Expand your marketing area — Perhaps you’ve exhausted efforts in the local market. Expanding into other geographical markets promises to bring new customers and contacts with related businesses, according to Intuit QuickBooks. It may also trigger new ideas for more profits.

--So, what's a new market to you? It's not geographical! It may be creative or stylistic or something else. It's easy to get caught up in a particular world—especially if you're sucessful and business is humming. But maybe it's healthier to dip a toe into another would. Maybe you love doing corporate videos and have built a nice business in that world. Still, why not explore something else? Say, trying your hand at a documentary? Or a pro-bono TV Spot for a Non-Profit org? Expand your creativity, your chops, your reputation and your marketing!

So those three jumped out at me as particularly important for Media Pros.  I'm sure you'll find others equally as useful to you. Here's the whole article:

http://www.newsmax.com/Finance/Personal-Finance/small-business-profits-boost/2017/03/05/id/777012/?ns_mail_uid=40356225&ns_mail_job=1716924_03062017&s=al&dkt_nbr=m8j7frmc

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Tuesday, 12 December 2017
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