Every business yearns to be a profitable business. After all, what is more successful than profit for your business? Profit is the lifeblood of each and every business, in that one cannot run without the other. As accountants and bookkeepers who have been in business for over ten years, the financial experts here at The A Firm have helped countless businesses become profitable. In fact, we’ve helped business owners save hundreds of thousands of dollars in tax; you might say we know a thing or two about keeping businesses profitable!
Using our 150 years of combined experience in the industry, our financial masterminds have compiled the four most profitable practices that we’ve seen used by our most successful clients.
Have Your Finances In Order
Facebook ads, Google ads, email marketing, crm software, full-time employees, part-time employees, building rent, office maintenance; the scale of costs needed to run a successful business can very quickly get out of hand.
Keeping track of where your expenses are going, on top of running a business, can be hectic to say the least.
But knowing exactly how much money you’ll be spending each week, month, and year in expenses is critical to running a profitable business. All of your expenses need to be making some sort of return on investment, or otherwise facilitating an aspect of your business that is essential.
Having your finances in order is a time-consuming task that requires constant vigilance. A qualified accountant, like our team here at The Afirm, can prevent your business from bleeding profits, overspending on unnecessary assets, and provide financial solutions that will scale your business.
Inspire Your Team
A business is only as good as its team! Your workforce is the backbone of your business: they have a hand in everything from goods manufacturing, to sales, to customer service and beyond. It’s important then that they feel the same inspiration and passion that you do for your business.
Most businesses will start out as a one-person show, and after a certain amount of success, will scale to the point where you as a business owner can no longer do everything yourself.
This is the point where your first team members come onboard. They will be picking up the responsibilities that you’ll have to leave behind, in order to focus on higher priority tasks, such as directing your business as a whole. It’s important that these team members do not just simply follow the status-quo: the best team members will learn as they go, upgrading and improving existing workplace processes.
So, make sure each and every team member feels appreciated, heard and respected. Ensuring that their vision and goals can be aligned with that of the business is essential. A happy, inspired workforce is the most productive!
Keep An Eye On The Competition & New Trends
Becoming complacent & stagnating is one of the surest ways for a successful, profitable business to fail. Watching your competition closely and learning from their innovations is a surefire way to keep your business alive and healthy.
However, too many businesses make the mistake of simply copying their competition in their industry. This leads to market oversaturation and ultimately hurts the business in the long-run. Customers in all industries want to buy from, and work with, businesses that are unique and ones that hold themselves to their own vision.
So, take inspiration from your competitors: learn from the ones that are doing well and see what you can improve upon or add your own identity to. Likewise, avoid the pitfalls and mistakes of those competitors who might not be doing so well. Or better yet, let our expert team guide you through the process!
Another great source of innovation is to keep watch on market trends in your niche. Plenty of trends will be either too volatile to work with, or part of a temporary phase, but all it takes is identifying one good trend to put your business ahead of the competition and make your product or service completely stand out.
Be Creative
Speaking of trends: one of the most valuable assets to your business is your creativity! Identifying and capitalizing on emerging trends is only one side of a successful business. The truly successful business owner will create their own trends: this may take the form of a new internal process, a newly designed product or service, or perhaps an entirely new marketing avenue. Whatever it may be, creativity ensures that you are one step ahead of the competition at all times and is a fantastic way to establish your business as a niche authority in your industry. Remember: keeping an eye on your competition is great, but always strive to achieve something new, too.
As you can see, our experienced team of financial solution experts have deduced that running a profitable business is multi-faceted. You must focus as much internally (your team & existing finances) as you do externally (watching competition & being creative.) The good news, however, is that our bookkeepers & accountants can help you deftly navigate and avoid the traditional potholes that would otherwise slow you down, and skyrocket your business into new profitable heights. Just give our A Firm team a call today to learn how!