We all want to make more money and have a bigger profit
margin. On this Money Monday I want to talk about bringing in a better income.
We may have the same goal, but not too many people know how to reach it. Here
are three tricks to grow your profit margin.
First, don’t keep firing and hiring employees. Turnover
costs more money than training or retraining an employee. It is actually more
beneficial to invest in educating your current employees versus hiring and firing
over and over again. Unless an employee committed and employment “sin”, try to
work with him or her to help your own bottom line.
Don’t wanted 15% of your work week, which is the national
average, on social media. You can delegate this work to an intern or a
freelancer. 15% of your work week can be
focused on seeking out and proposing new business leads versus working on
social media. Writing blog posts and updating social media is important but a
huge time water. Invest in someone else to do this for you so you can go after
bigger business.
Finally, reward your customers. Find a way to give customers
a reason to stay with you. Repeat business is important and easier to obtain
than finding new business. If you have to give away a free Starbucks to a
customer every month or pay for their business cards to be printed, do it. Do
whatever it takes to keep old business- even if it comes to discounting a
service or a product. In the end, you will make more money using this system.
Money is why we work.
If you are not making as much as you can each day then what is it that
you are doing?
Until tomorrow,
Coco the CEO
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