It's Q2 and what a great time to assess what's been going on so far this year.
Maybe you are exactly where you want to be. Or maybe things have exceeded your expectations! Or maybe, things haven't been as great as you thought?
Either way, there is still plenty of time to make shifts, get clear, and make 2024 your best year yet!
But how can you do that? Where do you get started?
I'm so glad you asked! Here are 3 simple (but not necessarily easy) things you can do to maximize your profit now!
- Analyze Your Expenses - This is the first place to look because it's so easy to get mixed up with expenses that become the little leaks in your business. Most often it can show up, especially in the subscriptions you are paying every month. Take a look through your statements and make sure every expense either has a purpose or an explanation. If it's unnecessary cut it. If it's something that provides value but you don't have the capacity to utilize it, cut it. Sometimes it's just not the right time. When you're needing to build some profit margin, the best place to start is with your expenses.
- Review Your Pricing - It can be easy to overlook this simple solution but your profit margins must be solid for everything you sell, whether goods or services. If your margins aren't great, you're business will struggle, if not now, eventually. Breaking down the costs associated with the creation of your goods and services is important. Even more important is adjusting your pricing to meet your goals. This past couple of years has caused the cost of everything to go up! If you haven't raised your prices in a while it might be time to.
- Assess Your Efficiencies - This is one that I've been recently thinking of. I heard on a podcast or ebook that simple is better, especially when it comes to how we operate our business. The thing is that we sometimes think that complexity is attractive and makes us a "legitimate". When we have no system or too much system and things are unorganized or overly complicated we can't be as efficient as we could be. When we are efficient, our profit margins improve. So as you are taking a look at the last few months or few years, think about what areas that need a system or need to be simplified. You might be surprised!
There are many different parts of your business that impact profit and it goes beyond the obvious. Make these first couple of steps and you're heading in an amazing direction to increase your profitability!
If you want to dig into your profit even more, I want to invite you to join me for a webinar on Growing Intentionally on April 9th at 12pm CST. Register here today: https://training.sidekick-accounting.com/home-page
