Profits Plummeting? 5 Areas to Address

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When profits plummet in business it can be extremely stressful. Finance in business is always a fine balancing act, and if you’re not making enough not only will you be losing out on profit but you can quickly get into debt with your suppliers and things can take a downwards turn in a short space of time. If you’re in this situation, here are five areas to address.

Increase productivity

Sometimes plummeting profits can be a simple productivity issue. If the work isn’t getting done fast enough in your business, then it’s easy to fall behind, miss deadlines, upset clients and lose opportunities for new work. Increase productivity by setting goals, check in with your employees and make sure they have everything they need to do their job properly. For example, if slow systems or old manual methods are taking too much time then upgrading to good business software could see an instant boost in productivity.

Look into price monitoring

One issue many retail type businesses can face is their products being re-sold, with seller price wars hurting your margins and even counterfeit goods masquerading as your own stealing your customers. Speak to a price monitoring company who can keep tabs on all of these things, ensuring that unauthorised listings on other websites and ecommerce sites are spotted and removed.

Improve customer service

Customers expect the best service when shopping with a business- if they don’t receive a service that’s up to standard then they will simply go and shop elsewhere. If this happens you lose your repeat customers which are an important part of the sales funnel for many types of companies. Make sure complaints are dealt with politely and efficiently, implement a ticketing service in email and on social media to ensure that all customers are replied to within a reasonable timeframe. Customer service staff should be trained to deal with any complaints and issues they come up against in a friendly and professional way.

Boost marketing

Marketing in business is so important, it doesn’t matter what you do or sell- you need to be reaching the right people. If your marketing efforts aren’t up to scratch then you’ll most definitely notice a decline in profits. Speak to a professional marketing agency who will have the skills and experience needing to improve your visibility, utilise blogger outreach and improve your ads. They will help you create a buzz and interest around your business that will get you the sales you need.

Check reviews

Finally, if your profits are plummeting but you aren’t sure why, checking your reviews is bound to give you some insight. It can be frustrating and upsetting to see negative reviews of your business but these can give you an idea of what to change. Maybe the materials your manufacturing plant are using aren’t up to scratch, perhaps delivery times are too long or maybe customers feel you’re overpriced. Go through reviews as well as reviews of your competitors, see what can be done to improve business and make those sales again.

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