7 Growth strategies to improve your bottom line

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StrategyDriven Strategic Planning Article |Growth Strategy|7 Growth strategies to improve your bottom lineIn business, it’s all about profit and loss. The numbers are important.

A top line and bottom line is a form of that financial analysis. These names are quite easy to form an idea of their understanding for anyone. The top must mean something positive and the bottom must be some bad news. This presumption is not half wrong.

The top line refers to business growth. It’s a measure of a company’s ability to market and sell its products against its competitors. More revenue means that the company has more to spend on advertising, marketing and new product development.

The bottom line, on the other hand, is a company’s net income, displayed at the bottom, hence the name. It is an important indicator of overall conditions in the company’s target markets. However, mainly businesses want to improve these numbers. And by that they mean, they want to decrease the bottom line which is referencing the operational and overhead costs for the business.

Growing revenues and reducing overhead expenses is the simplest way to improve the bottom line. But a lot can be included in this one statement.

Here are some strategies that can help:

1. Adjust Pricing

A customer wants the cheapest product they can find at peak quality and businesses need revenue. There is always a place for compromise.

Re-evaluate your pricing strategy. If sales are high but revenue is low then increase the prices of products where it is fair to both the business and the consumer. If sales are low then try to analyse the reasons that can be changed and decrease the pricing where there is room.

Analyze the price margins and evaluate if the current prices are truly covering the costs of the overhead. Do periodic research on both, the product and business competitors, to keep the pricing optimum with change.

Make sure you are aware of any fees you are paying for using different payment platforms, as these should be forming part of your pricing structure. If you are unaware of the actual cost of the fees, this can eat into your profits. Use a Paypal fee calculator if you accept payments via Paypal to help you set your pricing.

2. Market Smarter, Not Harder

There are various digital marketing services today that help regulate better marketing strategies for the business. Incorporate them.

This is one way that businesses can increase both the top line and bottom line at the same time. Focus on acquiring only the best customers through social media campaigns, and stop spending money on low-value customers. Do some research, think about who is most likely to benefit from your product or service, and then consider how to reach out to that group of people. Market to those customers that will surely invest in the business, not the masses.

Segmented marketing campaigns have a better chance at bringing in customers to the business rather than untargeted trials. Marketing should always be targeted towards people who are most likely to buy the product or services and generate more sales at less cost.

3. Create Conversions

Once the digital marketing campaigns are drawing traffic to the website, the next main thing to do is to regulate the conversion rates for bottom-line growth. Not all the investment should be done on getting traffic to the page, if there is no conversion then the visits are wasted.

Make the landing pages easy to understand and engaging and cover the same points as the campaign that brought the visitor there. Ensure some or the other form of data or commitment from the visitors so that better campaigns can be channelled to them again.

Do not focus alone on getting traffic on the page, after a point those efforts should be shifted towards conversion. Know the shift, and accordingly, change.

4. Upselling and Cross-selling

Cross-selling and upselling are surely very time-consuming practices but they bring significant improvement to the bottom line. Upselling is the practice of encouraging customers to purchase a comparable higher-end product than the one in question, while cross-selling invites customers to buy related or complementary items.

While finalizing a deal with a new customer, suggest other products or services that the company offers that would go well with what they’ve purchased. Upselling is a little harder to do without seeming greedy so make sure to keep the main goal of providing the best value to the customers clear in mind. Customers should never feel like they’re being sold to.

Cross-selling options are a great way to bring the customer’s attention towards other products that usually complement the one in question. Showing statistics like “usually brought together” or “x% of viewers of this product also looked at this” helps convince them of the purchase subtly and also gives them a sense of community.

5. Tighten Credit terms

Credit terms are simply the time limits businesses set for the customers to pay for their merchandise or services received. These are important because cash flow is very important for a business to sustain. Longer credit terms mean the business will have to wait longer for the cash inflows.

This is why the credit terms of the business should be designed to improve cash flow. Having multiple delinquent client accounts is a sign that a company’s credit terms are too loose. This can seriously affect the bottom line and create cash flow problems.

Try revising the general terms and charging late fees or interest on unpaid invoices. Many businesses try to give customers special discounts and coupon options if they choose prepaid options or pay within a specified period through affordable instalment plans. This provides the customer with an incentive to pay quickly which in turn improves cash flow.
can also encourage clients to reliably send in a check for services rendered.

6. Automation

Sure, robots aren’t taking over yet. There are various steps in business that need improvisation so automation isn’t going to replace manual labour. But that is not to say that automation doesn’t still have many benefits that should all be taken advantage of.

It brings efficient work, integrated systems, and better processes. It reduces errors, reduces delays in the business process, improves the speed of customer service processes and helps provide the rest of the team valuable time to focus on other strategic tasks.

Whatever can be automated or outsourced to a trusted service for less money than the cost of the company’s own time should be automated. Initially, an investment in the technologies that enable automation will look like another expense, but the benefits are cumulative and businesses who embrace workflow automation can see big results in their bottom line.

7. Employee Training

With budgetary restraints, most of the time the first thing to move to the bottom of the list, if not completely off it, is employee training. An underrated protocol that businesses usually overlook. But, it has many long-term benefits that go unnoticed due to ignorance.

Having trained professional employees who know what the scope of their jobs are and who are held accountable for their productivity can save companies thousands of dollars each year. Any employee is a part of the team and should be an enthusiastic brand representative, whether in office or not. A strong training program focuses on developing functional skills, improving company processes and streamlining strategic goals.

It assists in ensuring savvy customer service representatives and productive team members. This also helps businesses to understand and track the employees that excel from the ones that may be underperforming.

Conclusion:

Scheduling time to closely examine all company expenses and business costs can truly help realise where money can be better invested. Always calculating the return on investment for every action can truly make a difference in cutting costs and improving the bottom line.

Explainer Video for Your Business: Do You Really Need It?

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StrategyDriven Online Marketing and Website Development Article |Explainer video|Explainer Video for Your Business: Do You Really Need It?Each second, the internet is flooded with thousands of videos. A study predicts that this year 2021, 80% of the total internet traffic will be from videos. This means you’re missing out on a massive opportunity if you’re not using video in your business.

In today’s digital era, you need to convey your product or service in a way that inspires your target market. But how? The answer lies in an explainer video.

What Is an Explainer Video?

An explainer video is informative and communicates best what your company offers. It’s a small animated video that focuses on explaining different types of problems, businesses, or products and services in a simple way. Explainer videos help break down ideas to make them easier to digest.

Imagine how boring it’d be to start talking about the black hole in a traditional way. Your viewers will be leaving before you make your point. In fact, according to Insivia, explainer videos are the most efficient way to communicate a new product’s concept to a potential customer.

Why Your Company Needs Explainer Videos?

Basically, explainer videos come in a complete package that combines moving texts, graphics, animation, or any other form of communication you like to use to describe your business.

Let’s have a look at these four reasons why businesses prefer choosing an explainer video.

1. Grab Attention

Being able to grab someone’s attention in today’s age is an asset in marketing. It’s incredibly difficult to get notice of your target audience. It becomes even harder as a report supports that a human’s attention span is less than a goldfish.

So, to catch the attention of your desired target audience, you’ll need enticing video than traditional web content. When you look at a compelling animated video, it catches your interest and commands you to watch. It’s because the animation in an explainer video awakened your curiosity.

2. Explain Complex Topics

It’s hard to explain every product or service easily as it includes some technical aspects that require a detailed explanation. This is where explainer videos come in. They encourage the viewers to purchase the product by making them understand its use.

Survey says that around 98% of people learned something after watching explainer videos. An animated explainer video lets your audience have fun watching your characters facing problems and how they solve them through your product or service.

3. Retain Information in Customers’ Minds

There’s no point in creating videos if your potential customers don’t get what you’re trying to say. But if you use explainer videos, you can take advantage of its high retention rate. According to a case study, an explainer video of less than a minute has a 77% retention rate.

If you include a valuable message with your animated explainer video, conversion rates will increase. It will break down the concept or process for your audience and stick to your viewer’s minds. In addition, the viewers will share what they’ve learned due to a higher retention rate, either through word-of-mouth promotion or social media.

4. Increase Search Engine Rankings

Embedding explainer videos can significantly increase website traffic — the most critical factor that determines your success online. If you have no site viewers on your website, you can’t expect more sales to come in the future.

Google likes video. That if you search for a term, you’ll likely see a list of videos on the first page of results. Your website will get plenty of love from Google, and you’ll see a spike in organic traffic if you integrate high-quality types of videos in your page.

Around 1 out of 4 online buyers say that they look for a YouTube video online before purchasing. So if you have an interesting animation video on YouTube, then integrate it on your website, users will spend more time viewing your page. This will give more positive signals to search engines, boosting your site rankings and organic traffic.

Another good thing about organic traffic is that they’re free (you don’t pay for them through paid ads) and are highly targeted visitors. This means there’s a higher chance to engage them with your video content and lead them to buy your products if it gives them value.

Outsourcing the Video Production Process

Video production isn’t only about learning to use specific software. You need to be a master of storytelling, animation, writing a script, and many more. If you don’t have the right skills and experience in your arsenal, you must consider outsourcing the video production task.

If you’re handling different businesses and are short on time, a good video production company like www.dreamengine.com.au has the knowledge and skills to speed up video production. Outsourcing the creation of your explainer video lets you focus on other aspects of your business while a professional videographer is doing the work for you

Diversify Your Marketing Channels

Now that you what an explainer video can do to leverage your marketing strategy. It’s up tointo you to decide whether you really need it or not. But with its tons of benefits, it’s hard to see why you wouldn’t be using an explainer video to diversify your different promotional channels in your business.

Pipe Bending Across the Industries: 6 Practical Applications

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StrategyDriven Tactical Execution Article |Pipe Bending|Pipe Bending Across the Industries: 6 Practical ApplicationsPipe bending is a metal machining process used to form pipes into permanent shapes. It’s one of the most common post-fabrication procedures, so many people take it for granted. However, pipe bending plays an essential role in manufacturing products for use across a wide variety of industries. Read on to find out about six practical applications for pipe bending.

Pipe Bending in the Aerospace Industry

The aerospace industry faces a lot of challenges because it’s very important to fabricate durable, strong bends that exceed standard specifications. Aerospace companies use pipe bending to produce everything from hydraulic and fuel lines to exhaust systems and even seat frames. Aerospace manufacturers need to work with industry experts like Webco Industries that can provide precision services to ensure that their parts meet industry specifications.

Pipe Bending in the Automotive Industry

Carmakers also use pipe bending to manufacture a wide variety of components, from interior parts to cranking fuel lines. They also need parts manufactured with great precision, but to complicate matters even further, automakers tend to have high-volume demands. Automotive pipe bending is used to make complex exhaust components, hydraulic lines, and other systems designed to fit into amazingly tight places.

Pipe Bending in the Heavy-Duty Truck Industry

Like cars, heavy-duty trucks feature a good deal of specialized piping. Small and precise radius bends are the order of the day, and heavy-duty truck designers tend to use heavier, more difficult-to-bend piping materials like 409 or 304 stainless steel to manufacture fuel lines, engine tubes structural components, and custom fabrications. Because many of the pipes used in heavy-duty trucks are especially large, they must be bent using specialized machines.

Pipe Bending in the Shipbuilding Industry

Shipbuilders use this machining process to create specialized parts designed for marine use. Pipe bending is by far the best way to manufacture hydraulic, fuel, and water lines and the massive exhaust systems used in large merchant vessels. However, even small ships usually feature multiple systems that utilize bent pipes.

Pipe Bending in the Construction Industry

Bent pipes are used extensively in the construction industry. They may be featured in HVAC systems as refrigeration pipes, as structural components in modern buildings, and as architectural accents. Although construction industry clients don’t tend to require the level of precision associated with the automotive and transport industries, they should still work with specialized metal manufacturers who can create bent pipes that will meet their specifications perfectly.

Pipe Bending in the Oil and Gas Industry

The oil and gas industries rely heavily on piping for everything from fuel extraction to safe transport. The pipes used in these industries must be able to withstand extreme environments and exposure to chemicals, which places some limits on the types of materials they can use to fabricate bent pipes. Whether fuel suppliers plan to drill offshore or at mainland oil rigs, they need to work with a metal fabricator capable of bending heavy-duty, corrosion-resistant pipes that will withstand the test of time.

Find a Metal Machining Company That Can Do It All

No matter what industry a client works in, it’s important to find a metal machining company that boasts a full array of pipe bending equipment that can process pipes and tubes of all sizes made from even the most durable materials. When in doubt, ask about the company’s experience working with similar clients to make sure they understand the exact industry standards and requirements.

3 Modern Aspects That Influence The Success of Start-Ups in 2021

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StrategyDriven Starting Your Business Article |Success of Start-ups|3 Modern Aspects That Influence The Success of Start-Ups in 2021As the world of business evolves, so does the way we do it. The once standard and traditional methods for starting a company have been replaced by new and innovative approaches that are more appealing to today’s generation. With this change, there is also a shift in what influences success and what defines success. In this post, we will discuss three modern aspects that will impact the success of start-ups in 2021!

1. Online WebTraffic

In today’s world, having a robust online presence is imperative for businesses. In 2021 it will be even more critical to have the traffic coming in from social media and search engines such as Google. The traffic shows you are relevant, with quality content that your audience wants to see! With the majority of people going through their daily lives browsing on their phones these days, a strong online presence has become a must-have in order for start-ups to succeed. However, more than half of all searches come from mobile devices, which means if your business isn’t ranked highly enough on Google or other search engine results pages (SERPs), then chances are you aren’t getting seen by many potential customers! This can make it difficult when trying to compete against larger companies that have the resources to spend on online advertising.

2. Facebook Paid Advertising

In 2021, Facebook will continue to be a crucial part of an online presence for any business. With most young people using it on their phones and companies already investing in paid advertising campaigns through this social media site, more money is expected to flow into Facebook ads than ever before! Facebook Advertising can help you get your name out by promoting your posts and bringing traffic to your website or landing page (which we’ll talk about next!). Using specific strategies such as custom audiences and retargeting based on user behavior allows marketers to increase conversions while showing great ROI. Facebook advertising is as good at attracting customers as these guys can Remove mugshots. It’s vital that small start-ups who don’t have big budgets can use these tools, which is why they are so closely related to our third modern aspect of 2021! Websites and landing pages are a great way to get traction for your business.

3. Quality Products and Service

No business can succeed without a product or service to sell. Your start-up must offer something unique and helpful for its customers because if they don’t like what you’re selling, then chances are it won’t last long on the market. Having good reviews from previous buyers is also essential as this shows potential customers that other people have had success with whatever you’re offering them! This helps build brand recognition, bringing more attention to your business through word-of-mouth marketing (which we’ll touch on later). The best way for companies to stand out now is by getting creative with their products or services, having excellent customer support along the way, and building a solid online presence!

In conclusion, there are modern aspects that will influence the success of start-ups in 2021. First, with online presence significant for businesses, getting traffic coming through social media and search engines such as Google is crucial.

Tips For Staying Productive In The Summer Months

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StrategyDriven Practices for Professionals Article | Tips For Staying Productive In The Summer MonthsWhen working through the summer months, it is important to make sure that you are working to be as productive as possible. But with so much to consider, such as the heat and the stresses of the office environment, there are several tips and tricks you can use to stay as productive as possible throughout the summer.

Set Clear Goals

When you are working throughout the summer it is important to make sure that you are setting clear goals to make sure you are as productive as possible. Whether this is a digital list or a list on your desk every day, this can make sure that you are battling the frazzle of the heat. Taking the time to make sure that you are ticking off these tasks day by day will benefit you in the long term.

Make Sure The Working Environment Is Comfortable

In addition to making sure that you are setting clear goals, it is important to make sure that your working environment is as comfortable as possible. By using an Office Furniture Essex provider, you can make that the office environment is as comfortable as possible. In addition to this, you can also make sure that your office is comfortable by opening the windows whilst you work as this will allow you to maintain fresh air and ensure that you are working as productively as possible throughout the course of every single working day.

Find Time To Recharge When Needed

If you find that the summer months are stressful, it is important to make sure that you are finding the tie to recharge. By booking off a week or more in the middle of the year, you are able to enjoy the summer months and make sure that you are working with the most brain power possible. IT is very important to allow yourself time to recharge as this will ensure that you are as completely productive as possible regardless of the role that you are in. Though you may need to book this off in advance depending on the size of the office you work in, this will benefit you in the long term.

Make Sure Your Office Environment Changes

The final way that you can make sure you are working productively in the summer months is to move parts of your office around. Whether it be moving your desk to face the sun or covering the window with curtains will enable you to make sure you are maintaining your clear mind within your office environment. Though it will take time to get this right, it will benefit you in the long term when it comes to making sure that you are productive within the summer month.

With this in mind, there are several ways you can remain as productive as possible when it comes to maintaining your concentration throughout the summer months, regardless of the job that you have. Which of these tips and tricks will you be using?