Business Profit Leaks – 8 Potential Profit Leaks You Should Know About

This entry is part 1 of 9 in the series Business Profit Leaks
 

In today’s economy, business owners need to be smarter than ever when it comes to generating new customers, holding onto existing customers, maintaining cash flow and more importantly, generating profits.

 

Many local businesses are struggling to keep their doors open today, even if their business is booming. So why is the average local business struggling so hard to find profits? It’s simply because they have too many profit leaks in their business.

 

Just to clarify, a “Profit Leak” exists when a business does not use effective tools and resources that are available to them that will help them bring in more sales and profits.

 

Most business owners are always looking for ways to bring in more customers and boost their bottom line. However, the methods most of them are using simply don’t work the way they used to. Word of mouth, Yellow Pages, Newspaper ads, and TV ads just aren’t as effective as they used to be for many different reasons.

 

One reason is that most people today go online to search for products and services. Everyone is online. Your potential customers are online. Your existing customers are online. You probably spend a lot of time online yourself.

 

This is why online marketing has become the most popular form of advertising today. However, even with online marketing, your methods must be cost-effective and must provide results. If not, it is a complete waste of your time and money.

 

With your target audience spending a bulk of their day on the Internet, does it really make sense for your business NOT to have a solid, strong presence there?

 

If you don’t have a strong online presence and are not utilizing the many tools available to help you boost profits, you have some major profit leaks on your hands.

 

In order to really connect with your local consumers and crush your competitors, you have to fix any potential profit leaks as soon as possible.

 

When it comes to online marketing, there are so many resources that you can use to generate more profits for your business. There’s Social Media. There’s Email Marketing. There’s Mobile Marketing. There’s Online Reputation Management. There’s Blogging. There’s Classified Ad Posting and much more…

 

How many profit-draining leaks does YOUR business have?

 

Although this whole process may seem overwhelming, your business can slowly start to plug these holes one by one instead of tackling all of them at the same time.

 

Once you have plugged most of these leaks, you should notice a steady stream of new customers and a nice spike in profits on your future profit and loss statements.

 

In this series, we'll take a look at 8 of the marketing opportunities many local business owners miss.

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