We now have some (60) days left in the year and many small business are thinking…

What Should I Do To Maximize Small Business Profits for 2013

By Dan Norris

We are in what is called the “selling season” and if you are involved in marketing consumer services or products these next two months are critical for maximizing your marketing programs to attract the greatest number of prospects and customers possible.

There are several important action steps that you can consider to achieve and exceed your goals for 2013…as well as to begin preparing for 2014. Consider these steps…

• STEP UP YOUR MARKETING PROGRAMS TO ATTRACT PROSPECTS AND CUSTOMERS

• CONSIDER SPECIAL PRICING AND PROMOTIONS WHENEVER POSSIBLE

• MEET WITH YOUR STAFF TO DISCUSS THEIR IDEAS OF HOW TO FINISH STRONG IN 2013

• TALK WITH YOUR TAX PROFESSIONAL TO DISCUSS TAX-SAVING ACTIONS FOR 2013

• TALK WITH YOUR LEGAL PROFESSIONALS TO DISCUSS LEGAL QUESTIONS AND GET ADVICE

• TALK WITH YOUR BUSINESS CONSULTANT PROFESSIONALS TO DISCUSS ISSUES AND THEIR ADVICE

• TALK WITH YOU INSURANCE BROKER PROFESSIONALS TO DISCUSS ISSUES AND THEIR ADVICE

• REVIEW YOUR STAFFING NEEDS AND PERFORMANCE…TAKE ACTIONS WHERE NECESSARY

• ATTEND YOUR LOCAL B2B CONNECTION GROUPS TO INTERACT WITH YOUR PEERS

• ATTEND YOUR LOCAL SOCIAL ACTIVITIES TO RENEW ACQUAINTANCES AND MAXIMIZE CONTACTS

• BEGIN YOUR BUSINESS PLANNING FOR THE YEAR 2014

Each of these actions would produce better results if you are able to give them meaningful thought before tackling each one.

Let’s take the first item for example…your marketing programs. I would begin by defining the marketing programs that you now have and decide if you want to change or add to what you are doing. Would you like to attract prospects 24/7 as opposed to your having to find them? How can you go about doing this? What is your physical marketing program? What is your internet marketing program? Should you be involved in social media? How? What actions could you implement immediately with little cost that could increase your prospect traffic significantly?

By taking each of these potential action items individually and asking yourself the questions that are important…you will be able to take a critical look at how you can make improvements.

By asking for participation from your employees (if any), and by asking questions and seeking advice from all of your key professionals on taxes, legal matters, and business matters you are leveraging on the advice of experts in many fields. The small business owner can be much more successful by seeking the advice and counsel of affordable and competent professionals!

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HOUSTON CHRONICLE

How to Maximize Your Profits

by Jessica Kent, Demand Media

Business owners want their bottom line to be as profitable as possible. To maximize profits, the owner must be diligent in cutting frivolous costs and boost productivity among employees. This is an ongoing process that often faces many challenges. The key to success is to always remember that at the end of the day, the business’s profits will serve two purposes. The profits will be reinvested in the business to allow the business to grow. The profits will also be distributed to the business owner.

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SCORE

Control Costs to Maximize Profits

The reduction of specific fixed and variable expenses can improve your profit picture. First a word of caution. Do not needlessly cut costs. Legitimate expenses provide the framework for your business and you don’t want to cut your operating budget too deeply. However, you must be ever vigilant when it comes to controlling expenses. Each year, expenses have a way of creeping skywards. It is up to you, to evaluate if those funds are being spent for their maximum effect.

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Dan Norris
Independent Associate
LegalShield

Small Business Consultant

Author