Top 3 Tips For a Profitable Business | CPA Hoover

Part of what makes being a business owner so exciting and fulfilling is establishing your own success. entrepreneurs can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the day to day functions. Business leaders need to invest time making sure their businesses are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help your business become more profitable. 

Analyze Your Expenses

This should be the first priority for any business focused on widening profit margins. Leaders should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your business spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified accountant is a great way to make sure this work is done accurately and effectively. 

Establish Growth Objectives

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Businesses that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of clients you want to gain within each time frame, and start developing strategies that help get you there. 

Master Online Marketing

In 2019, the majority of people looking for your business in their area will use the internet to find you. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes you. So how can you gain a foothold in these searches and put your business’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.  For expert help in making your business as profitable as possible, contact our office today. We know how to help your business generate new levels of success.

Truitt, Tingle, Paramore & Argent
Phone: 205-733-8265
5346 Stadium Trace Pkwy
Birmingham, AL 35244