How to Supercharge Your Business Profits

2024 is your year to shine! Follow these business tips to boost your business income. Just remember, reading these tips won't boost your income - following through by DOING what you read will. So keep yourself accountable. Step out of your comfort zone. Be willing to learn new things. Taking consistent action is the secret sauce of every successful business. I'll give you tips, you put them into action, and the results will be amazing. You can do it!

You know this is true for the 'big' businesses. Just take Stanley, Starbucks, and Target as examples. Why in the world would crowds of people wait outside of a store to purchase a rather expensive hot pink tumbler? Because 3 big brands teamed up to market this - and because of the loyalty of their fans, shopping mayhem broke out. Essentially, the crowds went crazy over the brands, not necessarily the tumbler itself. As a small business, you need to do the same. What look and feel do you want to portray to your customers or clients? How do you want them to quickly identify you so that you stand out among others in your industry? How will your messages speak directly to the people that you desire to serve? It is important to take some time to think about these things, write them down, and then create your own brand identity.

I get it. It can seem like marketing is too expensive. Ad spend can get out of control. BUT how else are you getting your products and services out there and into the hands of your customers? Do they even know that you exist?

There is a reason why spending on advertising and marketing is often a large expense for businesses. There is a proven correlation between businesses with consistent marketing strategies earning more money and businesses that are inconsistent earning less. It simply boils down to this: How many potential buyers are noticing you? If they don't know that you exist, they cannot buy from you. So take marketing seriously. Organic (read that as free but takes a lot of your time) marketing can reach your audience, but targeted marketing done consistently is likely going give you more bang for your buck and propel your business to greater profits. Be thoughtful with your ad spending, but don't be afraid to invest in targeted, well-thought-out, and consistent marketing.

Yes, I just told you not to be afraid to invest on advertising, and now I'm telling you to cut costs where possible. The difference is the return on investment. Take a deep dive into your Profit and Loss Report. Look at those expense categories and figure out which expenses are adding up. When you make a purchase, calculate how much income you will be able to make because of that purchase or how much time it will save you, therefore translating to more time you can spend on income producing activities and increasing your revenue.

An expense category that quickly adds up and goes unnoticed is "subscriptions". I see this all the time. Business owners sign up for subscriptions to software, education/trainings, memberships, etc. Before they know it, they are paying monthly subscription fees to things they never actually use! Their return on that investment is nothing. They are simply dumping money into someone else's pockets.

It is worth your time to do this deep dive into your Profit and Loss - looking closely at each expense category. Then make cuts where it makes sense.

Loyalty is gold! Focus your efforts on your existing customers. Go above and beyond to get to know them, provide exactly what they need, and personalize your service to them so that they know you truly care. You will soon have an army of ambassadors out there sharing your business with others and bringing new customers to you.

This is where good bookkeeping plays the leading role. I know, bookkeeping is not the most glamorous side of business. It certainly isn't as flashy as marketing, and it isn't as relational as building a community of customers. However, good bookkeeping is the behind-the-scenes work that will give you the insights you need to identify areas of improvement and help you make informed decisions.

Do you know which financial statements you should be reviewing each month? At a minimum, you want to run your Profit and Loss Report, Balance Sheet, Statement of Cash Flow, A/R Aging, and A/P Aging. This set of reports will give you a realistic picture of the financial health of your business. Using these reports will give you the ability to identify opportunities for growth, find areas that need improvement, and give you the insight you need to make good decisions.

If you are ready to supercharge your business for success and increase your profits in 2024, but you need a little help to get started with the bookkeeping side of business, I am here to help. It brings me such joy to have the privilege of working with small business owners along their entrepreneurial journeys.

Do you need to set up a brand new QuickBooks Online account? Maybe this is your first year in business. Or it could be the first year that you are ready to make the change to a true accounting software instead of shoeboxes of receipts or manually updating spreadsheets. Congratulations on this new venture and a new vision of bookkeeping for your small business! I can help set up your first QuickBooks Online account for success and offer you up to 50% off of your QuickBooks Online subscription for the first three months.

Do you have QuickBooks Online already, but you haven't touched it for months? I get it! Bookkeeping is one of those mundane chores that just gets pushed to the back of your desk and buried undo your huge to-do list. There's no shame in admitting that you have neglected you QuickBooks Online account. I'm here to help you bring it back up-to-date so that your caught up and once again able to track the financial health of your business.

Do you know (or at least have a feeling) that your QuickBooks Online account is not totally accurate and you're afraid your numbers are so far off that the picture your reports are showing you are not truthful? Maybe you have been making mistakes for a long time, and then attempting to correct those mistakes, only to find out that you made it worse... This is such an awful feeling, but trust me, you are not the only person to do this. QuickBooks is confusing! However, the sooner we find the errors, correct them properly, and get you back on track, the better. And that is exactly what I am here to do. Before you know it you will be able to read accurate financial reports with complete clarity.

Connect with me by simply emailing me at shannan@furnacecreekfinancials.com

I look forward to hearing from you! Together, we can supercharge your business for success and ramp up your revenue in 2024.