If you’ve reviewed any economic predictions for 2023, then you know the prediction is not all sunshine and roses. Some are predicting only a .3% growth in the GDP. Whether they’re right or wrong is to be seen, but what you do know is that you want your business to grow this coming year. What’s the best way to boost your business finances in 2023?
Create New Offerings
With a little creativity, you can probably create a new offering. It may be an actual new product, but it might be a maintenance program or some sort of educational venture.
Often, people don’t use products or services as often as they should because they just don’t know better. Consider ways you can educate your current customer base. If you’re in HVAC, you know how much a customer can extend the life of their furnace if they change the filters when they’re supposed to. Or when they change the oil in their car, their engine runs more smoothly and for longer.
You can also attract new customers through education. What do people need to know if they’re just starting out in what you offer? If you sell greenhouse supplies, teach some classes for beginning gardeners. If you’re a personal trainer, educate people on the best fitness tools. Not only are you establishing yourself as an expert in your industry, you’re breaking down barriers people have that hold them back from getting started.
Raise Prices or Reduce Expenses
Profit margins are a black-and-white issue. Every business owner wants to reduce the red and grow the black. Right now, many companies are raising prices due to price increases in their materials and labor. But they’re also reducing overhead.
This year, you will probably need to increase your profit margins by either raising your prices or reducing your expenses. Just remember — your customer’s experience will factor in when they decide to return to your business or choose one of your competitors. Don’t cut costs in a way that negatively impacts how a customer feels from beginning to end.
Increase Your Visibility
Whether you’re a realtor, mobile dog washer, chimney repairman, or running an apartment complex, no one will hire you if they don’t know you exist. A few of the ideas previously mentioned will help you grow your customer base, and more customers means more sales. But a guaranteed way to grow your customer base is to increase your visibility.
If you’re a brick and mortar business, your customers expect at least 3 exterior signs for your business. Your storefront signage is your business’s first impression. Let an experienced designer help you with this, from colors to size to font selection. (Yes, we have in-house designers!)
If you’re at the farmer’s market, flag banners and tent graphics are a must. A-board signs help too!
And for all businesses, a vehicle wrap is the fastest way to get the most eyes on your brand.