Make Your Business Profitable

More money coming in than going out means you’re profitable. More money going out than coming in means you’re not profitable – you’re making a loss. Asking these five questions could make your business profitable.

1/ Can you reduce the steps your customer must take to do business with you?

Your customers need to know who you are and what you do. They need to know how you can help them, and your prices. They need to know they can trust you in order to buy from you.

Make sure your marketing (website, paid for ads, social media posts, etc.) is telling them what they need to know. Give them several channels of communication (phone, email, online form, correspondence address, etc.) so they can get in touch with you easily. How many verification checks and how many lengthy forms are you asking them to complete? What payment methods are you offering?

Reducing the steps will make it easier for the customer to say “yes” and pay you.

2/ Can you reduce the time it takes to process an order?

Orders are likely to be processed faster if you use standardised order forms, automated data capture, and digital records that facilitate multi-departmental collaboration, for example. Is it worth speaking to a consultant who can help you automate and streamline your order process and protect your customer data?

The quicker you process the order, the quicker you can get on with delivery.

Coins and a leafy twig in a jar. Symbolises a profitable business.

3/ Can you reduce the time from order to delivery?

Customers value fast delivery. If you’re selling a product, then speeding up delivery means prioritising and scheduling orders in advance and selecting the fastest, most cost-effective routes possible so that customers aren’t kept waiting. Is it worth investing in logistics software?

Remember that perceived waiting times can feel longer than actual waiting times. This is especially true when queuing in a shop to buy a coffee or waiting on a consultant’s report, for example. So make sure you’re engaging and informing the customer at every stage of the delivery process and minimising any distractions that prevent you being customer-focussed.

The quicker you can make delivery without any mistakes, the happier your customers will be.

4/ Can you reduce the time it takes to resolve a typical problem?

A simple way to improve your response time is to create a “canned response” – i.e. a template that saves you having to write out a new reply to a question that’s been asked many times before. Canned responses are particularly useful for acknowledging out of hours emails and voicemails, and may offer some reassurance to customers who want to know that their inquiry will be dealt with.

Where possible, give your customers agency, confidence and autonomy by providing them with self-service options. Does your website have a FAQ page, for example? Does it have “how to” articles and videos on common topics, categorised with intuitive tags? Is it worth investing in a chatbot that can provide quick answers to frequently asked questions?

The quicker you resolve the problem, the sooner you can get back to making sales.

5/ Can you eliminate any recurring problems?

Your business can’t afford to waste time and resources on dealing with the same problems over and over.

More often than not, the trouble lies in a poorly designed support workflow with too many steps and too much room for error.

My bookkeeping service puts essential data at your fingertips. I’ll help you determine which parts of your business are working well and which areas require immediate attention. You’ll be in a better position to understand the financial implications of any decisions you may or may not make. Your accounting worries will be removed and your business life will be easier.

Need a little help?

My Accounting Emails are for business owners who want a better understanding of their financial position. They’ll help you manage your cash flow and stay in the black.

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Need more help?

Contact me today and we’ll talk about the help you need.

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“As a small business it is important to always have financial clarity and often it is difficult to try and do this yourself. Paul has worked with us for several years and has streamlined and organised all of our accounting systems. He provides us with a complete accountancy service and is very professional in his approach as well as being a likeable guy.” - D. Walsh, Director. DualTEC Services Limited, Keighley.
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“Paul has done a great job putting my accounts on to Sage Business Cloud, and also got a discount for me. I like that the software is MTD compatible and I can access it from anywhere. Paul sorts out all my invoices, does my bookkeeping and produces reports every quarter (or whenever I need them). He is friendly, reliable and easy to work with - it's good to have him on board." - C. Milne, Proprietor. CAM Properties, Carnforth.
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