Leading CPA Pauline Ho, head accountant at Laus Consulting in Orlando, FL, lays out essential information to help small business owners increase their profits. For more information please visit… http://lausconsult.com
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In a recent interview, leading CPA Pauline Ho, head accountant at Laus Consulting in Orlando, FL, revealed vital strategies to help small business owners boost their profits.
For more information please visit http://lausconsult.com
When asked to comment, Ho said, “More often than not, small business owners don’t need to make monumental changes to their operations to expand profit margins. However, they should be flexible enough to try various strategies to see which one works in bringing in more money.”
One vital strategy for boosting small business profits, according to Ho, is to cross-sell and upsell existing customers.
When asked to elaborate, Ho said, “Widening the range of products already on offer and selling these products to existing clientele is more cost effective than attracting new clients.”
Ho added that one of the best ways of achieving this is to bundle products that are already offered by a business to avoid the costs that are involved in developing a new product.
Another way that small business owners could expand their profit margins is to create a follow-up strategy for their customer base.
“Many small business owners often overlook the significance that good customer service has on retention rates. Follow-up methods such as telephone calls, text messages, emails, and social media messages can greatly add to the quality of a company’s customer support system,” she said.
Ho added that it’s important to know the needs of a specific clientele so a business’ follow-up method won’t be off-putting to customers.
Small business owners, according to Ho, should focus on increasing their online presence as an easy way to draw in more capital.
“In today’s digital age, any business – big or small – needs to have a good online reputation that speaks volumes to their reputation. One great way to do this is to have a blog on your company’s website that provides valuable information for customers,” she commented.
“A business should also be active on social media, which will allow for easy and rapid communication with customers.”
Knowing where to direct expansion efforts can be the difference between maintaining the status quo and boosting the bottom line.
When asked to elaborate, Ho said, “Small business owners should accurately pinpoint the customers to determine the best strategies in moving forward. Using the 80/20 rule – which shows the 20% of your clientele base that makes up 80% of your profit – can be extraordinarily helpful. You can run a needs analysis on those customers and act accordingly for the best possible results.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Pauline Ho
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814, USA
Phone: 407-401-9768
Website: http://lausconsult.com
Source: MM-REB
Release ID: 462665
