5 ways to make more profit in your business

Straight Up Small Business

We have three months to go until end of financial year. You may be asking yourself whether it’s just something for accountants to get excited and post champagne photos about, or if you should care about it too. The truth is, it’s important to know where your business stands and whether you’re in a profit of loss situation. Today I share 5 ways to make more profit in your business to ensure you’re in the best position you can be come tax time.

Do you know where your profit stands at present, and are you on track to achieve your financial goals this year?

Now is the ideal time to take stock of things and put plans in place for the next three months to achieve your goals or shoot the financial lights out in a way that satisfies you that you gave it a good hard go.

Profit means you earnt more than you spent. Loss means that your business spent more than you earnt. Generally speaking, a business exists to make a profit and I encourage you to aim for profit even if you need to pay tax, which can hurt sometimes.

In today’s episode, I run through some tips that I’m personally applying in my business over the next month:

• Review your pricing upwards to factor in inflation and rising costs of living
• Cross-sell and upsell your current services or products by reminding existing customers of the valuable things you can do and offer
• Review and reduce your expenses, remembering that small actions can make a significant impact on your profit
• Think outside the box and do a project piece of work to bring extraordinary money in, like creating a course or writing an ebook
• Keep things simple and up to date, knowing you’ll be able to make great decisions when your business makes sense

Think of 30 June as the official line in the sand for your business, knowing that with some good strategies in place and an awareness of where things sit, you can run towards it with a positive mindset.

I hope today’s episode helps and inspires you to take stock and go into this next quarter with clarity and a renewed sense of confidence.

LINKS:

Previous episode mentioned: Why every business needs a budget

Register your interest in the Bookkeeping it Real Mentoring Program here.

Check out my course Bookkeeping it Real here!

Where to Find Bec:

• Website:https://straightupbookkeeping.com.au/
• Instagram: @straightup_bookkeeping
• Facebook: @straightupbookkeeping
• LinkedIn: @straight-up-bookkeeping