Riding a tough economy is no easy feat, and making a profit could prove to be really difficult. Doubling or even tripling a profit during difficult times could prove to be quite a challenge.
This is what you should do to unlock leaps in potential that will impact positively on your bottom line:
- Once your workflow is computerised and cash streams are being controlled appropriately, your success should be reflected in your bottom line. The final step is to diversify your streams of cash.
- Having your focus on a specialised niche makes monetary sense. People are quite happy to pay more for specialised skills than for generalists. Choose a profitable niche and ensure that you are an expert in your specialist industry. Knowing your market and focusing on your area within the market is important. Always be at the cutting end of trends and technology within your niche and ensure that you have what it takes to serve your customers really well.
Having a passion for what it is that you do and what you were made for will ensure you persevere and don’t throw in the towel when times are tough.
- Make your competition irrelevant by ensuring your brand stands out. Ensure that the differentiating factors of your services and products are superior to those of your competition and that this is evident.
Your brand needs to be seen in an eminent light and should command respect right from the outset.
- Managing your cash flow like a pro is important. Handling cash in and cash out is a huge challenge. When sales are increasing and new contracts are coming in, it is important to plan carefully to ensure that short-term obligations are honoured.
Accounting profit is not cash flow profit and ignorance on this topic could cost a fast-growing enterprise the critical price.
Apply these four key pointers to unlock the potential that will impact positively on your start-up’s bottom line.
