3 Ways to Increase Profitability In Your Small Business THIS Week

No matter what stage of business you are currently in, there are simple ways to drive profitability on a daily basis. I say “simple,” but what I’ve realized is that most people aren’t doing them.

None of my companies are new, and none of them are lacking clients, but we still do something every single day to increase profitability for each one of them. I call it a Profit Push. And it can mean the difference between your small business failing or thriving. 

Obviously there are a million ways to make your business more profitable, but I want to focus on three that you probably aren’t doing, even though they’ll really move the needle—immediately.

Are you ready?

#1: A weekly financial audit

Don’t roll your eyes at this one. I recently did three live sessions where I walked attendees through a Profit Push, and people were getting results before the sessions even ended. Some of them were saving hundreds of dollars a month within literal minutes of looking at their credit card statements. 

If this is so easy and simple, you might be thinking, then why aren’t more people doing it? You tell me. Why aren’t you doing it? For a lot of people, it comes down to two things: overwhelm and fear. And I’ll tell you what: actually knowing where all your money is going causes way less anxiety than avoiding a close look because you’re afraid or overwhelmed.

Before the week is over (and today if possible), I want you to go through all of your credit card and bank statements for the past three months and write down every single expense. All of them. Don’t skip a single thing. 

Then, for each expense, consider whether or not you can:

• Negotiate a price (or rate) change 
• Cancel because you don’t need it
• Consolidate a few expenses into one (this is ideal for software)

Then get busy.

I’m telling you—you will be amazed at what you can cut! There are expenses on there that you haven’t thought about in months—or even years.

Now, as a word of warning, there are three things you should NOT cut:

• Advertising
• Coaching
• Team

Those are the areas that are required if you want to grow your small business into something wildly successful.

But everything else? Is fair game. 

I pride myself on being really smart with my money in all of my businesses, and we still recently cut thousands of dollars in redundant or unnecessary expenses after an audit.

Do this weekly, and I guarantee you’ll increase profitability.

#2: Make a new offer to current or past clients

Who doesn’t love long-term loyal clients? I know I do. But are you serving them as well as you could be? And I’m not just talking about something that benefits them. I’m talking about ways to bring more money into your business just by getting creative with the people who have already bought from you. 

Reach out to past or current clients individually with a brand new offer. Maybe it’s a VIP day. Or an addition that makes sense for the current program they’re in. You could also come up with a great way to restart a relationship with a client who has moved on. 

Thoughtful personalization and customization is key here. Don’t just dream up random offers. You want to carefully select the offer for the person you’re extending it to. Make it even more personal by sending custom DMs or voice memos.

Making a new offer to a current or past client is always going to be easier than getting a new client to buy from you, so start there. But getting new clients is obviously also very important, which brings us to our final way to increase profitability this week.

#3: Make a list of EVERY person who has expressed interest in your services in the past six months, but hasn’t taken the leap.

Hopefully this is a list you’ve already compiled. Hopefully you’re keeping track of people who comment on your posts, send you DMs, and attend your free workshops. But if you’re not, you can still look back through your social media and find them.

Then I want you to reach out to every single one of them and see if they’re still looking to get the result they came to you for initially. Be friendly, be helpful, make it personal, and keep it short and to the point.

Hey, Carrie! Hope you’re doing well! I remember you had some questions about growing your email list. Is that still something you’re trying to figure out? I would love to help you if so!

If they say no (or don’t respond), you don’t need to bother them, but if they say yes, invite them to a call. You never know who is just sitting there with a problem you can solve, but they don’t think to ask you—or they’re afraid to. Make it easy on them by reaching out first!

It’s the simple things that make the biggest difference

Do these things seem basic? Were you hoping for something a little flashier, more novel? If you’ve been around here for long, you know that I’m all for creativity and innovation and trying new things, AND there are some foundational basics that just plain work.

Remember: things that are simple to do are also simple NOT to do. When was the last time you did each of these three things? If you have a sales team, when was the last time they did these three things?  

Sometimes we’re sitting on countless opportunities to move the needle in simple ways, because we’re off chasing complex and shiny new strategies. The basics always work. When you execute them consistently and effectively, they work. Period.

Take the time to incorporate these three simple strategies into your weekly routine, and watch your profits soar!

Want a simple strategy to bring in organic sales, every week? If you have ONE HOUR a day to spend nurture and converting leads, the Miracle Hour framework will help you scale simply.

I’ve put together a free download walking you through it here! Grab your copy HERE!