One of the most important things to do in business is to make money. The point of risking yourself financially is to make money on your investment. It is your lively hood.
It is important to do all you can to make more and grow your business. Increasing your gross profits means more money in your business and ultimately your pocket. These are simple ways to increase it.Without customers you are nothing. So it is crucial to keep them coming back.
The more they buy the more you make. It is a great idea to give buyer awards. This will keep existing customers coming back to try to redeem their awards. That will help persuade them to buy more and more. At my nursery we have a program where you get one stamp for a twenty dollar purchase. When you get ten stamps you get twenty dollars off.
This gives us so many repeat customers. New customers will give you a piece of the money pie you never had before. They can spend money with your company that you didn’t expect. It is easy to gauge repeat customers spending but new customers are unreadable.
They could spend one dollar or thousands. Think outside the norm; advertise where you haven’t before to try to gain new customers. This will gain you followers that had maybe never heard of you before. Touch markets you maybe didn’t advertise to before. Every demographic can be reached with the right advertising technique.Another idea is to think of ways how you can increase profits through your products.
You can begin by advertising products that have higher profit margins. That way you will sell more of what makes you the most money. You can start carrying premium brands and make people pay for them. That way each purchase will make you more money.
We do this at my nursery by selling organic soils. The organic soils are cheap and easy to make. People prefer them for their purities. We buy organic products that you will make three dollars on a bag instead of buying a regular soil that you make one dollar on. We don’t carry the cheaper soil so they don’t have that as an alternative.
People like one stop shopping and will pay the extra two dollars to avoid another stop.Another way to increase margins is to make yourself different. We have started to give sixty day warranties that other nurseries don’t have. That way they feel comfortable knowing their purchase is healthy. Give customers a reason to shop at your store. I do this every day at my job by giving plant knowledge to customers.
They come to my store instead of home depot to hear my advice on plants. They know home depot employees don’t know about plants. I also help customers with landscape plans for free. I will map out what goes where and how to do it. Doing this makes them pay the extra money I charge for plants. It is part of the value in their experience.
They don’t mind paying it because they now have the knowledge and peace of mind that their purchase will survive. They leave knowing they got what they wanted and they received the advice to do everything right.Bottom line you have to make money. Whether your business is successful or not you should use this advice. These ideas will increase your gross profits which mean more money. Increasing your numbers means you have pricing power and you are efficient.
More money will prolong your success. You are in business to make money so use this advice to increase your bankroll.
