We live in times when generating more profit for our businesses is not just a token of ambition, but of our will to survive the economic crisis that torments most countries during the last decade. But how can we achieve that?
The best way your business can make more money is by diversifying your income. With economic crisis all over the world, this is still the best advice. In order to increase income in business it is necessary to ensure that the rates of diversifying are not decreasing your profits.
The 5 ideas listed below will help you to increase revenue in the most economical ways possible. So devote some time, check them out and try to find ways to incorporate them into your business.
1. Rent out part of your business space
If you find you have more space than you actually need, try renting out part of the area to another business. Many small businesses don’t need much space to operate and will be glad of the opportunity. This way you increase your income by cutting your rental costs. If you actually own the space, then this is money in your pocket. You can add to this amount by sharing secretarial or other services. Use your imagination. Generally speaking, finding ways to increase your income and, at the same time, reduce your expenses are the best thing to do, because the raise in your income automatically doubles.
2. Package your services as products
Instead of charging clients on an hourly basis, you can offer your services in a package and make more money at the same time. This practice will improve sales as well as clients will feel more secure in signing on for longer projects. This will also give you the opportunity to employ freelancers that could part of the job for less money, while you, at the same time, have the opportunity to undertake another job from a different client. Thus, despite having to pay the freelancer, you raise your profits, find more clients and deliver the work more quickly, keeping everyone happy. The key here is to make sure the freelancers employed by you are apt for the job and capable enough to complete the project you assign to them – and timely also.
3. Focus sales on current clients
Instead of trying to attract new customers, focus on selling more to your current clientele. This is an easy way to increase income and may appear obvious but is often overlooked. Your current customers / clients already know you and your products or services so it is not difficult to sell them more. After all, if they are satisfied they won’t want to look elsewhere. This is an excellent way to increase the profits of your business.
4. Sub-contract your employees to other businesses
If you have talented, reliable employees, and if they are willing, you could sub – contract them to other businesses in your field of work. This will earn you more money but be sure you aren’t short – changing yourself and that you can spare these valued members of staff. Again, here, as in our number one method, you have a way of increasing profit while, at the same time, you decrease expenses. The key here lies in costing your employees’ services correctly, taking into account all relevant factors.Should you find yourself in the position of having to lay – off staff, then this would appear an ideal solution for all concerned. Contracts can be drawn up so that you can get back your employees when things have improved.
5. Cut expenses and improve profits
That may seem so obvious that is should probably not have to be mentioned at all. Still, simpler things are often the most difficult to do. By adhering to a realistic budget and cutting unnecessary expenses your profits will certainly increase. So try to discover areas where you can cut down on expenses and improve your profits. Did you know that with a deep tax investigation you can reduce your company liabilities up to 75%?
These simple steps should certainly help bring in more money to your business and as you follow them, no doubt more ideas will spring to mind as well.
PHS as leading tax firm in Cyprus, is supported by a team of qualified tax experts with depth knowledge in Cyprus and international taxation, particularly with respect to corporate tax, personal tax and VAT which can consult their clients οn how to have the minimum expenses and the maximum profits. Learn more about PHS Tax planning
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If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.