5 ways to make more profit in your business
EPISODE 60
Notes
We have three months to go until end of financial year. You may be asking yourself whether it’s just something for accountants to get excited and post champagne photos about, or if you should care about it too. The truth is, it’s important to know where your business stands and whether you’re in a profit of loss situation. Today I share 5 ways to make more profit in your business to ensure you’re in the best position you can be come tax time.
Do you know where your profit stands at present, and are you on track to achieve your financial goals this year?
Now is the ideal time to take stock of things and put plans in place for the next three months to achieve your goals or shoot the financial lights out in a way that satisfies you that you gave it a good hard go.
Profit means you earnt more than you spent. Loss means that your business spent more than you earnt. Generally speaking, a business exists to make a profit and I encourage you to aim for profit even if you need to pay tax, which can hurt sometimes.
In today’s episode, I run through some tips that I’m personally applying in my business over the next month:
Review your pricing upwards to factor in inflation and rising costs of living
Cross-sell and upsell your current services or products by reminding existing customers of the valuable things you can do and offer
Review and reduce your expenses, remembering that small actions can make a significant impact on your profit
Think outside the box and do a project piece of work to bring extraordinary money in, like creating a course or writing an ebook
Keep things simple and up to date, knowing you’ll be able to make great decisions when your business makes sense
Think of 30 June as the official line in the sand for your business, knowing that with some good strategies in place and an awareness of where things sit, you can run towards it with a positive mindset.
I hope today’s episode helps and inspires you to take stock and go into this next quarter with clarity and a renewed sense of confidence.
About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
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