6. Hire an apprentice to deal with the details.
Each entrepreneur that is serious about profitability must find a smart, new graduate from a local university and pay him or her a ridiculously low wage to do every non-core task of the business. The new graduate will have a job and learn the ropes while the entrepreneur is freed up to do the core tasks of the business necessary for higher profits and success.
7. Re-evaluate your pricing.
We live in an environment with competitive pricing available at our fingertips, finding a lower priced competitor may cause panic and an urge to drop your prices . Many small companies fail because they do not generate enough revenue to maintain all their operational expenses and have money left over to invest in growing the business. Study and understand pricing and build out projections based on sales and volume. Can you really afford to run the business for 3 more years with a lowered or discounted price?
8. Sweat the small “costs.”
Review the small bills quarterly and make sure you aren’t wasting. That includes phone bills, utility bills, office supplies, website subscriptions, etc. These small bills typically make up a large portion of business expenses and saving on them will affect the bottom line. Typically you are always paying for something you don’t need or are no longer using.
9. Create a focused brand.
Create a strong brand that embodies who you are and identifies with your values then live your brand to create an insanely loyal following to your brand. Pick one channel of communication that works best for you–be it video, audio podcasting, blogging, speaking–and use it consistently to deliver your message with your brand.
10. Eliminate staffing overhead.
Starting a small business is all about eliminating overhead. My company, builds mobile applications, thus, we have little relative hardware expenses. To ensure our success, avoiding extra or unnecessary employees was essential. I put a great deal of effort into the hiring process, making sure that all my employees were versatile, highly qualified and committed. This allowed me to keep a tight, productive team without wasting overhead on excess employees.
Connect with YFS Magazine on Twitter.
Photo: Saint James
© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.