5 Top Tips to improve your margins and grow your business

Growing your business is essential to remain competitive in today’s market and to achieve long-term success. Improving your margins is an essential aspect of growing your business, and there are several strategies that can help you achieve this goal. By focusing on margins, you can improve your business’s financial health by increasing profitability and reducing costs.

• Reduce costs
  Reducing costs is a key way to improve your margins and grow your business. Brad Sugars, founder of ActionCOACH, emphasises the importance of continuously looking for ways to reduce costs, such as negotiating with suppliers, streamlining operations, and automating processes. By reducing costs, you can increase your profit margins and invest in other areas of your business that will drive growth.

• Increase prices
  Increasing prices is another way to improve your margins and grow your business. Brad suggests using market research and customer feedback to determine the optimal price point for your products and services. By increasing prices, you can improve your margins and generate additional revenue, which can be reinvested in your business to drive growth.
• Offer higher-priced, premium products and services
  Offering higher-priced, premium products and services is another way to improve your margins and grow your business. Brad suggests targeting customers who are willing to pay a premium price for a high-quality product or service. By offering premium products and services, you can increase your average transaction value, improve your margins, and grow your business.

• Increase the frequency of purchases
  Increasing the frequency of purchases is another way to improve your margins and grow your business. Brad suggests using loyalty and rewards programs, cross-selling and upselling techniques, and excellent customer service to encourage repeat purchases. By increasing the frequency of purchases, you can improve your margins by generating additional revenue from existing customers.
• Diversify your revenue streams
  Diversifying your revenue streams is another way to improve your margins and grow your business. Brad suggests exploring new products and services, expanding into new markets, and developing new distribution channels to diversify your revenue streams. By diversifying your revenue streams, you can reduce your reliance on a single product or service and improve your margins by generating additional revenue from multiple sources.

Improving your margins is an essential aspect of growing your business, and there are several strategies that you can use to achieve this goal. By focusing on reducing costs, increasing prices, offering higher-priced, premium products and services, increasing the frequency of purchases, and diversifying your revenue streams, you can improve your margins, generate additional revenue, and grow your business. Remember, the key to success is to continuously evaluate and refine your approach to find what works best for your business.

Who is ActionCOACH’s Business Coach Mark Dilks?

Mark Dilks is an accomplished business leader, experienced coach, mentor and business builder. He supports business owners, executives and teams across Milton Keynes, Bedford, Northampton, Luton & Dunstable in all aspects of building profitable high growth businesses; from start-up phase all the way through to maturity and divestment. No matter what challenges you are facing, Mark will invariably have encountered a similar situation previously and will be able to support you to quickly and efficiently overcome your business hurdles by sharing examples of how other business have solved similar problems that you are experiencing. He is motivated, driven, tenacious and is able to get the very best out of all the resources available to his clients and to ensure that the maximum results possible are achieved.