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Managing a small business is no small task. Along with the day-to-day operations that keep things running, small business owners are always thinking about how to grow profit and reduce costs. Having a healthy bottom line is important: it allows you to build an emergency fund and continue growing your business. Are you looking for ways to give your bottom line a boost? Here are a few strategies that may help your business get profits growing:
Expand your customer base
There’s no use in waiting for customers to come to you. If you want to reach more people and expand your customer base, start spreading the word about your product or service through marketing and advertising efforts. Make sure your brand is visible online and on social media. You can also use your existing customer base to bring new customers in. Start asking loyal customers for referrals. Word of mouth is often among the best ways to promote business growth.
Identify cost savings opportunities
One of the best things you can do to improve your business’s profitability is to lower costs. Look around – is there anything you can change, streamline, or eliminate altogether to lower costs within your business? For example, consider going paperless and using a digital filing system to save money on office supplies. Or, install LED light bulbs instead of conventional bulbs to save on electricity bills. Don’t be afraid to think outside the box when identifying cost savings opportunities.
Work smarter by outsourcing
It’s no secret that small business owners frequently struggle with delegating. Instead of trying to do everything yourself, work smarter by handing off routine, time-consuming tasks to others. This will allow you to spend more time and energy on core business activities, including growing your business. Many small business owners leverage the power of outsourcing to free up time for their employees. Partnering with an outsourcing provider like Ohio Valley Goodwill for tasks like assembly, kitting, packaging, and fulfillment ensures that routine tasks are accomplished while other high-level tasks are carried out in-house.
At Ohio Valley Goodwill, our Industrial Services Division helps businesses in Cincinnati, Northern Kentucky and Southeast Indiana save time and streamline processes through innovative outsourcing services. All of the packaging, kitting, assembly, and fulfillment services provided by Ohio Valley Goodwill are performed by hand by our large workforce of diverse employees. Our unique approach to outsourcing services saves time and reduces overhead, enabling local businesses to boost their bottom lines and can focus on growth.
Unlike some outsourcing providers, Ohio Valley Goodwill doesn’t work with for-profit middlemen. Our nonprofit mission is driven by a commitment to provide meaningful employment opportunities for individuals with disabilities. Businesses which partner with Ohio Valley Goodwill become a part of this mission, supporting our commitment to strengthening communities and changing lives through the power of work!
Put Goodwill to work for your business today! Contact us to learn more and receive a free tour of our facilities.