Innovative Business Ideas for Increasing Profits in 2013

As we head into 2013, it’s time to start looking at how you can improve, grow, and better your business in the new year. Better yet, how can you increase profits and make more money? If you’re looking for great ways to help you grow your company’s profits in 2013, we’ve got some innovative business ideas just for you:

 

Find new sales channels.

The easiest way to increase profits, and fast, is to start selling your products and services in a new venue or channel. If you’re only selling in a storefront, consider going online and offering delivery options. If you only offer products via catalog or subscription, look into selling your products at local markets or expos. The more venues customers can find your products in, the more convenient and easier it is for them to buy from you. Inherently, if there’s a demand, this helps increase profits.

 

Launch complementary products.

Of all the innovative business ideas you’ll find out there, few are as great at increasing profits as this one. Brainstorm ideas for products and services that your company could offer in tandem with its existing products. Ideally, you want to come up with ones that would complement, go along with, or even improve the use of your existing items. If you sell books, create cute and fun bookmarks and offer them as a bundle to customers for a small extra fee. If your company sells electronics, offer professional set-up services from a technician for an added cost.

 

Why does this work for upping profits? It’s simple: because it encourages an increase in order amount. Instead of focusing on getting more customers to buy your products, you’re focusing on getting your existing customers to buy just a little bit more. A few extra dollars on every order you get can go a long way in increasing your profits.

 

Start a loyalty program.

Another great way to leverage your existing customers is to start a loyalty program. Reward customers for purchasing from you with coupons, discounts on future orders, and freebies. This shows them you appreciate them and their purchase, and it gives them a sense of brand loyalty, making it more likely that they’ll come back with repeat business later. Additionally, give them incentives for recommending your company to a friend, and reward them when those friends make a purchase from you.

 

Get more efficiency.

One of the most effective innovative business ideas around, improving the efficiency of your company as a whole is a sure-fire route to making more money. Look into hiring a consultant or advisor to analyze your business systems, your resources and your technology, and see if they can recommend some areas of improvement. Consider allowing employees to work remotely and move your data and network to the cloud; both of these can cut down on the amount of money you spend on equipment, resources, and electricity in house.

 

Additionally, think about how you can be streamline positions. Can some jobs be combined? Is there unnecessary overlap? It’s possible you have some redundancies that, if removed, could save you tons of money in salary and benefits. You could also reevaluate your production and manufacturing strategies. Consider outsourcing if it could save you a bundle.

 

If you’re looking to increase your profits in the new year, then it’s time to start planning now. Consider new complementary products and services you can offer, and look into launching a loyalty program. Discover new sales channels and evaluate how your company could become more efficient overall.

 

Need more innovative business ideas for increasing profits? Call the Connell Curtis Group today.

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