Episode 37 - Five Simple Steps to Bring in More Profit into Your Business in 2022

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Five Simple Steps to Bring in More Profit into Your Business in 2022

Today on the podcast, Danielle shares 5 Simple Steps to Bring in More Profit into Your Business in 2022! Based on the feedback she recieved on Instagram, many of you are looking to monetize your business or bring in more profit in this new year. This is why she’s giving her top tips to bring in more business income and reach your financial goals for 2022! 

Key Takeaways:

  • Understand your finances

  • Increase your profit margin by raising your prices and minimizing expenses

  • Examine your lead generation and conversion

  • Prioritize income-generating activities

  • Create bundles & packages

5 Steps (in order)

  1. Understand your finances - Get a business account separate from your personal account. Take time to actually plug in the numbers and to help you understand your income and expenses. Hire an accountant/bookkeeper/financial planner. 

  2. Increase your profit margin:

    • Raise your prices: Make sure you understand the expense of each product or service, then add on a profit margin to make sure you are accounting for all of your expenses.

    • Decrease or minimize expenses: Audit your expenses. What are some expenses or overhead that you currently are either not using or are not currently supporting your business growth? 

  3. Lead Generation & Lead Conversion: 

    • Lead Generation: Do you have a way for people to discover and say YES to your product? 

    • Lead Conversion: Are your followers and community converting into clients/customers? If they aren’t, take time to find the disconnect.

  4. Focus on your income-producing activities in your business: Understand what your highest profit activities are and prioritize action steps that support those activities.

    • If you are a service-based business: Book discovery calls, follow up with potential clients, run a campaign to your e-mail list with a call to action, publish a podcast episode with a call to action, post on LinkedIn, post an Instagram reel, carousel or stories with a call to action, ask your network for a referral etc. 

    • If you are a product-based business: Pitch a wholesale distributor to carry your products, send out your weekly e-mail to your newsletter list, book a spot at a market as a vendor or pop up, share on social media (Instagram, Pinterest) improve your SEO so you can get found online (Pinterest etc.).

  5. Create bundles & packages: If you feel like raising your prices is not the answer, then creating bundles and packages could be a way to boost your income.

Links:

Danielle Wiebe