7 Tips To Increase Profits For Your Small Business

Research reveals that 63% of small businesses were profitable in 2020, while 23% recorded losses and ceased operation entirely. Knowing how to generate higher profits from your firm is essential, as the last thing you want is to splurge on costs and expenses without making money. Direct costs on manufacturing, software, and wages may vary according to your business output or sales revenue. Indirect costs, on the other hand, may include utilities, insurance fees, accounting services, and office expenses. Keeping both types of costs low while running a highly productive operation is essential to boost profits. With that said, here are more tips on how to help your small business to thrive and remain profitable. 

  1. Analyse expenses and revenue regularly

Profitability is key to running a successful business, so not generating more money than you spend could be detrimental. Determine and carefully analyze your costs for the previous few months; then, you can set reduction goals for each item. Consider performing cost forecasting at least monthly. Regularly monitoring expenses and revenue will help determine if the business will boost your profits. 

  1. Aim for better shipping rates

Negotiation may seem an obvious business tactic to improve profitability, yet several retailers fail to capitalize on it. Not seeking better deals could mean missing out on opportunities to reduce expenses. Asking for discounts is one key strategy to cut back on delivery costs. Understand that advertised shipping rates are usually negotiable, so aim for a fair deal if you are shipping supplies in bulk. Sometimes, directly speaking with representatives works better than email communications. Couriers may offer affordable delivery rates if your business signs up for a fixed-term contract, so keep this in mind. 

  1. Expand the business

Cross-border trade effectively boosts profitability, so expand the business overseas while considering other costs. For example, international tax rates and customs fees may be fixed. But you can find alternative areas to cut back on expenses. There are many marketplaces across the world that you can sell internationally. For example, your fixed company costs like warehouse, staffing, and overheads won’t vary much over time, so the only additional costs you may incur include listing fees and commissions – which you can cover with a sales increase. While cross-border trade is a fantastic idea to sell more and improve profitability, you must consider multi-channel inventory management to obtain full visibility over your stock to avoid shortages and overselling.

  1. Reduce the operating costs

Lowering the operating costs will increase your profit margin, helping you control current expenses and keep the business running even in difficult times. Cut unnecessary expenses and adopt efficient systems to optimize your operations to save money. For example, a logistics company must follow the best practices for operating a fleet, such as prioritizing safety and compliance. From a profitability and efficiency perspective, not optimizing business operations can hurt growth. Before cutting spending, try to obtain accurate information on your operations. You can get this data from a system that strategically manages your business costs, profitability, and performance. 

You can benefit from graphic analysis and advanced simulation for various economic situations. This will help prepare monthly reports, budgets, and operation evaluations. Business energy consumption can also affect profitability, especially if you don’t use efficient systems. It helps to replace incandescent bulbs with energy-saving alternatives like LED lights. Encourage your team to turn off machines, including printers, HVAC units, and computers, when not in use. Leaving devices on standby mode can increase your utility costs. Consider an energy audit to identify more energy-saving opportunities to reduce utility costs and improve sustainability.

  1. Use technology to streamline your business processes

Streamlining business processes like online sales will ease stress, freeing up valuable time to build on the company’s assets. Manual tasks increase the risks of human error. However, mistakes can be costly for businesses, leading to reputational damage and inefficiency risks. So, what business processes are worth streamlining? This can cut across several manual things, so keep this in mind. Apart from stock control, which is vital for balancing customer satisfaction and business profit margin, you can automate inventory management, order fulfillment, warehouse management, and order processing. 

  1. Watch out for false sales impressions

Note that large sales volume doesn’t always translate to large profit margins. Sales increase may cast a wrong impression about prosperity, but it could actually consume all your profits. To increase profitability, you must watch out for false impressions and use resources efficiently. One way to increase revenue is to set competitive prices for products and optimize the returns on investment. Strategizing sales campaigns and enhancing procedures and internal methods can impact your profit.

  1. Think of sustainability

Business energy consumption can affect profitability, especially if you don’t use efficient systems. It helps to replace incandescent bulbs with energy-saving alternatives like LED lights. Encourage your team to turn off machines, including printers, HVAC units, and computers, when not in use. Leaving devices on standby mode can increase your utility costs. Consider an energy audit to identify more energy-saving opportunities to reduce utility costs and improve sustainability.

7 Tips for Balancing Motherhood with a New Career

Motherhood can be a demanding vocation for many, but it’s also one that instills moms with great passion and purpose. A mom will always find it amazing to see their little ones enjoy life and explore who they’re meant to be. Moms also love being around to see their kids reach important milestones, whether it’s their first crawl, their first time standing up, or their first time to hear their baby say “Mama.” 

But being present in a child’s life and being able to meet one’s family obligations both take time and commitment. Achieving these can be doubly challenging if you want to have your own career on top of being a mother and a partner. Knowing that you have dreams and ambitions just like everyone else, how can you balance your professional development with the duties of motherhood? 

Whether you’re looking at prospects for job hiring in Manila or in another city, here are seven useful tips for juggling motherhood and a new career and ultimately achieving work-life balance for yourself, your partner, and your kids: 

1) Establish Clear Boundaries 

Setting boundaries is crucial when it comes to maintaining a healthy balance between your career and your responsibilities as a mother. Clearly define the times when you’re committed to work versus the times dedicated to your family. For example, early mornings and evenings can be set aside for enjoying meals and catching up with your family, while the usual 9-to-5 can be relegated towards work commitments. 

Communicate these boundaries to your employer, colleagues, and family members. This lets them all understand and respect your designated time for both aspects of your life. Setting these boundaries will allow you to feel less burned out and be fully present in whichever role you’re fulfilling at the moment.

2) Practice Effective Time Management

Effective time management empowers you to be productive at work while still having space for important moments with your loved ones. It also ensures that you’re devoting adequate time to work, family activities, and self-care. 

Mastering time management is crucial to successfully balancing motherhood and a new career, like in content marketing, finance, or virtual assistance. To help you manage your time effectively, you can use tools such as calendars, to-do lists, and mobile apps as well as practice time-blocking techniques to allocate specific time slots for different tasks. 

3) Leverage Flexible Work Arrangements

If your company offers flexible work arrangements, take advantage of them from the get-go. Flexible hours and work-from-home (WFH) setups will give you the freedom to adjust your schedule based on your family’s needs. Such arrangements also ensure that you’ll have time to attend your child’s school events and doctor’s appointments, as well as other family commitments, without neglecting your professional responsibilities. Moreover, it’ll be easier for you to begin practicing work-life balance that honors your lifestyle as both a mother and career woman.

4) Delegate Your Tasks and Seek Support for Both Your Work and Your Family Life

Mothers eventually become experts at multitasking and handling a lot of responsibilities, both at home and at work. But although you’ll always have a lot on your plate, remember that you don’t have to carry it all alone. It might go against your nature, especially if you’re always used to personally taking charge, but asking for help will allow you to free up time and mental space to focus on your career goals and be present for your family. 

At home, enlist the support of your partner or family members to share household responsibilities. At work, on the other hand, consider collaborating with your colleagues and delegate tasks when appropriate. If you work solo, weigh the pros and cons of outsourcing some of your work and hiring freelancers to help you meet your targets. 

5) Get into the Habit of Open Communication

Effective communication is key in both your career and in motherhood. Keep the lines of communication open with your employer and colleagues about your responsibilities as a mother. Discuss your needs, challenges, and potential adjustments that you can make to your workflow to support your efforts in balancing both roles effectively. Being transparent and proactive with the people you work with will foster trust and collaboration among you all, leading to a more supportive work environment.

6) Focus on Quality Time with Your Kids

You don’t necessarily have to sacrifice a large chunk of your time to create lasting memories with your children. What’s more important for your little one is for you to be fully in the moment when you need to be. Prioritize quality interactions with your kids, which they’ll appreciate as they get older. Avoid thinking about work or bringing work into the picture when you read a bedtime story, play games, or have heart-to-heart conversations with your kids so that both of you can concentrate on strengthening your parent-child bond. 

7) Dedicate Time Exclusively to Taking Care of Yourself

Lastly, as a busy mama, you should never forget to set aside time for yourself. Though your fast-paced and other-oriented lifestyle may make it difficult to do at first, make it a point to honor your wants and needs. 

Whether it’s engaging in regular exercise, practicing mindfulness, pursuing creative hobbies, or simply catching up on your favorite movies and TV shows, this time spent nurturing your own well-being will be very important for living both a productive and well-rounded life as a mom and career woman.  

As a working mom, you’ll encounter various obstacles in both your professional and family life that may make it tempting to give up. But once you get into the habit of adapting, finding the right accommodations, and asking for the support you need, it will be like second nature for you to practice being yourself, a mom, and a breadwinner for your family all at once. Good luck, and here’s to your success in multiple important chapters in your career and family life!

Provide A Smooth Ride With Your Business

When you’re running a business, it’s important to ensure that you are keeping things as easy as possible for your customers. In doing so, you can guarantee that they are more likely to provide you with the fantastic reviews that you need while also returning for the critical repeat sale. This is key to longevity on the market. So, let’s explore some of the factors that you must consider here. 

Keep Security At The Right Level 

First, you need to make sure that you are keeping security standards at the right level in your business model. Without the right standards of security, you are always going to struggle to gain the trust of your customers and ensure that you have a positive reputation on the market. If you want to ensure that your business reaches the right standards here, then you should consider investing in an IT support solution. They will monitor your business network and make sure that any gaps in security protocols are filled in without any further delays or issues. 

Hire The Best Team 

Next, you should make sure that you are hiring the best team in your business model. Without the right team, you are always going to struggle to deliver the high quality, smooth service that customers and clients expect. One of the best ways to find the best team would be to use a recruitment agency. A recruitment agency will allow you to cut through the maze of candidates on the market who may not be suitable or qualified enough for a position in your business. They essentially act as gatekeepers for the best people who you can hire to work for your company in every sector and position.

Automate Elements Where Possible

Finally, you should strive to automate elements of your business model where possible. There are various elements of your business that can be automated. For instance, you might want to learn how to optimize the merchant onboarding process using the right tools and software. In doing so, you can guarantee that there are no delays in terms of payment processing in your business model. This is just one example of how automated solutions can help guarantee that your company does run smoothly in the future. 

Offer Advanced Client And Customer Support Solutions 

Finally, you need to make sure that you are providing the right customer support solutions. If anything does go wrong in your business, you need to make sure that you are resolving the situation as quickly as possible without any further delays or issues. There are various ways to ensure that this is the case. For instance, you might want to consider using a call handling solution. With a call handling solution, you can ensure that your customers never have to spend hours on hold waiting to talk to someone from your business. 

We hope this helps you understand some of the key points that you need to consider to ensure that you do provide everything that your customers are looking for from your business. 

Why Is It Important To Take Risks In Business?

Perhaps more than ever before, today’s successful business owner must be prepared to take a risk. Entrepreneurship requires a healthy dose of risk-taking, so if that’s not something you’re comfortable with, you might want to look into other career options.

Many owners of small businesses have taken calculated risks to build successful enterprises. However, just because you’re willing to take a chance on something doesn’t mean you should go into it blindly and expect to succeed. You have to consider each risk carefully and know what the outcome will be – as far as possible, at least. Read on to find out more about why calculated risks are so important for success in business

Photo by Gladson Xavier: https://www.pexels.com/photo/king-chess-piece-59197/

You’ll Seize More Opportunities

To be innovative, people have to change the way they do things. When you add in the fact that customers’ needs are always changing, you have a lot of chances to get new business. As a constant state of progress, it is about sharing and teaching what we know and putting new ideas into action.

Risk is something that business leaders are willing to pay for opportunities and new ideas. They know it can’t happen if you’re not willing to take the chance that your plan could fail. But the level of risk may be lower if you make all possible calculations and figure out which options are best before taking the next step. The more you can prove that your idea or direction is right, even if it’s risky, the more likely you are to succeed.

You’ll Learn – Even If Things Go Wrong

Some risks might not pay off, but a person who takes risks with optimism will always see failure as a chance to learn. The key to business growth is being willing to try out new ideas.

You will learn how to think and plan strategically by making mistakes. Just keep in mind that not all risks are good, and when you fail, take what you can from it and move on. For example, you’ll know what measures to put in place, such as engaging a high risk merchant account for online pharmacies, in the future.

You’ll Have A Competitive Advantage

Most people try to avoid taking risks, so those who are brave enough to do so already have an edge. Similar to the idea of a first-mover advantage, when most people avoid risk, those who do take risks have less competition. This means that if you find a good opportunity and no one else has taken it, you’ll be the only business making money and talking to customers through it.

So, whenever you think about taking a chance, think about your competitors. If you don’t take that risk, they might instead. But as long as you know what you could get out of it, you’ll know if it’s worth taking the risk or not.

You’ll Be More Satisfied

Most people aren’t willing to take risks, but a study about risk-taking showed that being willing to take risks is linked to happiness. You won’t think about what could have happened or how scared you were when things weren’t clear. Instead, you know what came out of that “what-if” situation and can be proud that you were willing to take risks to grow your business.

Again, this doesn’t mean you should take risks at every turn. Instead, you should take risks that you have carefully thought through. It can be just as satisfying to avoid taking unnecessary risks and say no to new ones based on your past experiences. 

14 Years of Blogging and These are the Things I Learned…

It was one afternoon a Japanese restaurant when I decided to blog. At that time, the easiest and the most accessible tool was called LiveJournal. My mom, dad and sister loved eating out so I wanted to start food blogging. Blogging wasn’t really something that you could earn from at that time. It was hobby that people got into when they wanted to journal and document that food that they ate, the clothes that they wore or their recent trip.

On that same year around December, I met a guy who later on became my boyfriend. This man started a blog with this family called Manila Reviews. I loved the idea, so I volunteered to be one of the writers, too. Fast forward to two years after, we were planning our wedding and he and I took over Manila Reviews while other family members started their own blogs, too.

Me with my husband, Ej! 🙂

Manila Reviews was the first blog that we kept for many years (2007 to 2015). It was a lifestyle blog where I would write about food and beauty, because these were the things that I was interested in writing about. I also started Manila Fitness, a blog about fitness and health (2009 to 2015).

We got our first brand deal from Nokia way back in 2008, but never really thought of monetizing our content until 2010, when I was writing for other blogs as a freelancer writer. It thought to myself, “why am I making money for other people?” This is when I decided to turn this passion into something profitable.

Run “Content Creation” like any Business…

This is the time when I started creating a media kit, a professional influencer bio and impressive proposals. I was working as a banker, so I applied all my professional skills into my blogging career. And that apparently worked! We were getting brand deals here and there. We were earning around $6,000 to $10,000 per year from content creation.

I kept both these blogs going until 2013, when I started MommyGinger.com. This was the time when I had my first child, and since my intention for the blog was to document my life, I was writing about my experiences being a mom. This was the time also that I started an events business called Manila Workshops. In my blog, I would also write about my experiences on setting up a business and juggling my time as a mom and as an entrepreneur.

Be Clear with what the Job of your Blog is…

From merely documenting my life, my purpose for the blog evolved to it being a platform where I can help other aspiring entrepreneurs create and sustain a business. I am a firm believer that you need to know exactly what it is that you want to say, what your purpose is and what you believe in. In these times when the influencer marketing industry is on track to be worth $15 Billion by 2022, you need to stand out. You can do this by being authentic to your own personal brand, enjoying what you’re doing while providing value to others and by using that “voice” that you have to make positive changes around you.

Don’t stress about monetizing your content…

Focus on developing quality content that offers value. Whether it’s to provide education, entertainment or information, focus on what value you want to give your audience. If your readers and followers get value from your content, you will have loyal followers.

Experiment using different platforms…

Through the years, different social media platforms have been created and each one targets a particular niche. It’s good to experiment and see which platform can effectively help you carry on your purpose. My belief when it comes to this is to be at least present in all since presence increases credibility and trust. You can be active in those platforms that you are comfortable in using, platforms where your audience is and platforms that allow you to deliver your message effectively.

This is why I blog… For this little cutie!

I’m trying a new platform now called Intellifluence. It allows me to earn by reviewing products that I love and would like to try out. Opportunities like these are out there, so keep your eyes peeled!

These are some of the things that I have learned as a content creator and vlogger/blogger.

My journey is far from over. I’m still learning a lot from creating content so I’ll prolly do this for another decade. For those who have questions or need tips on blogging or business, don’t hesitate to reach out to me and book a call. We can talk about growing your brand, starting your blogging business and fulfilling your purpose!