One of the many threats facing small businesses in New Zealand always, and there are over 400,000 of you according to stats NZ 2017, is making enough profit from the products and services you offer.
It is not difficult however to improve your profitability by simply implementing either an immediate change or incremental targeted changes over time. Both strategies work.
Increase prices, lower costs or find more profitable customers to sell/market to, or even divest less profitable ones …. arghhhhh I hear you say, I can’t do that.
Usually most SME owners work ‘in’ rather than ‘on’ their business and the difference can often mean the difference between mediocre success and enormous success.
The trick is to know the difference then begin to recognise when you are getting caught in rather than on.
The old adage that ‘I don’t have time to work on improving my profits’ can be solved by finding someone who can help you with just that.
Someone who can spend some time looking in detail at your products, services, costs and pricing structure and offer some suggestions.
Did you know that if you raised your margin by 10% you’d have to lose 22% of your customers before you were going backwards. Wow I hear you say? How the heck do I do that? But what about the market, the competition blah blah!! The answer is simple. Connect with someone who knows and can help. breathe@oxygen8.co.nz