5 Ways to Make More Money With Your Business

If you have attained your financial targets so far for this year, this is probably not for you. But having worked in places where we exceeded such targets and never stopped working, I am sure there is no such a thing as "enough" when it comes to making money.


As a business person, you have probably been struggling to find ways to make more money. You probably have expansion plans and but lack the financial wherewithal to back them up. You have thought of taking a loan but the interest rates are too high for you. You have thought of borrowing from friends and relatives but came to a conclusion that times are tough for everyone. But you still need that money.

Let us look at five things you need to do to get the extra cash.

1. Cut Costs: If your current employee base is as crowded as the current Kenyan Cabinet or the Nairobi City Council, you have all the reasons to review the value of  your employees. Are there some who are not adding value? Are you paying more on communication? Have you leased a bigger room than you need? Cutting the cost of doing business may give you leave you with some extra cash.
2. Increase Price: Increasing the price of your products and services is one way generating more income for your business. The key to doing it successfully lies in ensuring that the increase is justifiable. Should  your customers put you to task over the increase, you should be able to justify it failure to which they may leave.
3. Diversify: Many businesses are reaping quite a lot from diversifying their products and services. Selling more to the same number of customers pushes your sales pretty high. 
4. Re-Branding: Not so long ago, Kenya Re was "reloaded". In a ceremony marked by pomp and color, the reinsurance agency started on a "new path." But those of us in the know will tell you that it was nothing more than a marketing strategy. Aware that their "old face" wasn't working, they decided to re-brand which I believe worked. Perhaps your business needs the same. Give it a face lift, remind customers of its existence and you will be surprised by your new income.
5. Get New Customers: While the above four tips will help you earn more, you can also do the same by increasing your customer base. New customers means more potential for sales. Simple.

Well, I hope the above tips will help. If you have more tips to share, do so in your comments or write to me and I'll publish the in subsequent posts. 

See you around!

- sirkarani@gmail.com -