Ways to make your business more profitable
When you own and run a business, profitability is a primary concern regardless of the size of your operations. It’s why many are driven to innovate. Through this, they can find new ways to maximise productivity and improve on financial viability. From investing in equipment like water tanks to lower running costs and greater operational efficiencies, here’s how every business can grow their profits.
Invest in the necessary equipment
More often than not, we only realise the true value of such investments in times of crisis when we lack the equipment required. Don’t let this be the case. A good example of this might be a generator or inverter that ensures you have power in the event of the dreaded load shedding. Another possible piece of equipment that guarantees your business can still function is that of a water tank. With water shortages becoming a more regular occurrence in many parts of South Africa, it’s important that these fluctuations don’t impact your business and your bottom line. Through proper water storage, you won’t be left high and dry, nor will you face the reality of having to halt your operations because you don’t have water.
With compliance being a non-negotiable element that comes with running a business, water storage is essential for fire safety. Should an emergency or inspection arise, lack of compliance could prove to be a major issue. If you’re shut down, you’ll find yourself making no profit at all, so it pays to have the proper equipment at your disposal. At SBS® Tanks, we’re a fully authorised and listed ASIB supplier. This means that our tanks are professionally designed and engineered from top quality materials. As a result, they help our customers remain profitable and compliant.
Become more efficient and watch those running costs drop
One of the most effective ways to improve on your profit margin is bringing down your operational costs. Whilst this is largely trial and error, you’ll soon see which costs can be cut and which processes should be eliminated altogether. Of course, this should never come to compromise the overall quality of your products and services. We suggest taking a closer look at those spreadsheets to determine which areas of the business cost the most to run. You might find that some of your daily activities can be streamlined or even scrapped in order to make way for more efficient and cost-effective operations. It’s worth engaging with those within the business to see which areas require intervention.
Re-evaluate your pricing annually
When last did you increase your prices? For some businesses in tough markets, this is often a last resort due to worry that clients will be put off of their products and services. Don’t forget, you always get what you pay for. These days, many customers would rather pay more for the peace of mind that comes with a more premium product. We suggest increasing your prices every year so that they can keep up with your cost increases too.
Place added emphasis on more profitable clients
Whilst every customer is important, high-profit clientele has the potential to impact your bottom line more so than the ones who yield little to no profits. By forging great relationships with them, you’ll be able to upsell and ensure that they’re ordering more frequently. By asking these clients what you can do to improve your product or service offerings, you’ll get more than just valuable feedback. In asking for their input, you can show them that their opinions matter, which could help to reinforce their belief in your business.
Partner with the right suppliers
Linking up with the right service providers is just as vital as the quality of the products and services that you provide. Through the right suppliers, you can improve your productivity and reduce your running costs. For more on our range of commercial and industrial solutions that make us trusted specialists in fire protection and storage of water, why not contact us today? With on-site installation that can be completed from only a few days, your business could soon enjoy peace of mind, less risk, greater compliance and even increased profitability.
© SBS Holdings 2023