It’s often been said that a business that doesn’t make a profit is just a hobby. Whilst that is harsh, there is some truth in that statement. A hobby is an activity that we do for enjoyment, we like spending our time (and loads of money no doubt!) on furthering that pursuit, simply as we enjoy it. We’re not motivated by how much money it brings us.

However our business is our job, our source of income. Sure, we enjoy it. But it has its own bills to pay for one thing.  Also it should be paying a fair salary to the person who keeps it going – we’re the one that underpins it all. Even if that salary fluctuates (and often it does, let’s face it) we’re often at the end of the priorities when it comes to business overheads. We too have our own bills to pay. 

More profit, more money

So how do you go about making more profit? Here’s three things you could consider for your profit-making strategy.

• Selling more products – To do this, you could create products (or services) that are better suited to your target market. These could be entirely new ones for your business, or a fine tuning of an existing offering. What makes a better fit? What isn’t on offer? If you’re product-based, you offer a service – or vice versa. Or you might focus on how to sell more quantities of what you offer at the moment. Where is your product available and do enough people know about it?
• Customer loyalty – it’s easier to sell again to someone who has already put their faith in your business, and has reaped the benefits. Loyal customers are more likely to refer word-of-mouth too, so look after them with after-sales processes too. You could let them know about new developments, or allow them access to special deals and discounts not available to all.
• Customer experience – Look at how your customers can maximise how they might better use your product or offer some alternative suggestions that they might consider buying from your business. Maybe they need more support or training which would aid their understanding. What problems are they having, what did you do well or not so well? Source feedback or allow listening opportunities to find the answers. 

Always room for improvement when it comes to business. Anything you’d like to add to the list?