Last Updated on Mar 11, 2020 by James W
Despite the recent economic downturn, the UK’s recovery is slowly building momentum as some analysts predict a 3 per cent growth in GDP for 2014. But how can your business help in getting the country back in gear whilst increasing growth opportunities at the same time? Profitability is key if you want to take your business further, which means that even if your sales are advancing, you have to boost the bottom-line in order to go beyond break-even. Profit is what drives business. Here are four ways that you can improve your profitability this year.
1.Track Your Assets
Increasing profit is not necessarily about making more money but instead about being smarter about monitoring cash-flow and planning budgets accordingly. One effective way to track the movements of your products is by using up-to-date asset tracking technology from trusted companies like Assetware. The combination of the hand-held tracking devices with an effective desktop application make the technology essential for businesses that have to process continuous amounts of different stock. The software ensures that you an easily track goods and weave the results into your annual budget for better asset management.
Marketing is evolving in 2014. Online consumer engagement has increased ten-fold with smartphone devices and social media at everyone’s finger tips. But before you dive head-first into the latest trend, keep focused on the fact that marketing must be about increasing brand awareness and converting into sales. Pump less into paid advertising but instead get on the ground with networking and more intelligent SEO campaigns for your websites.You’ll see more returns for fewer costs.
In order to manage profits with maintaining your offices and employees, there are a few things that your business can do. Instead of offering company cars, try reimbursing employees for petrol mileage instead. Increase cheaper employee incentives within the workplace to compensate for this. Also consider renting-out extra office space to other companies. The extra income will help to go towards overheads.
4.Utilise New Technology
The past few years have seen the advent of ‘cloud storage’ solutions such as Dropbox or Google Apps. It’s worth investigating the possibility of online storage for the masses of valuable data and files on your office systems for a number of reasons. They increase fluidity and flexibility as employees can access files quickly and conveniently at home, in conferences and at meetings in different locations. All the data is secure, backed up and protected and becomes easier to sync and share within the company. Another new trend is the increased popularity of ‘webinars’ and online conference calls through mediums such as Google Hangouts or Skype. These are great for cheaper, easier business meetings and increase the possibility of establishing more international connections.
Stay connected in 2014 and keep in touch with the latest tools that could suit your business and increase profits. In order to stay ahead of the competition and realise your business’ full potential, it is essential to keep your ear on the ground and sometimes take risks with harnessing new techniques for managing your cash-flow and optimising strategic targets.