High Profits And Low Overheads: Here’s How To Achieve Them (And Why They Matter)

Collaborative post – may contain affiliate links

Why do high profits and low overheads matter so much when you are running a business? Well, it because all your money comes from the same pot. That means if you can reduce the outgoing costs while raising what is coming in, you are bound for business success. Luckily, you can get some smart tips on how to do this in the post below. Read on to find out more.

Raise profits – effective marketing

One way in which you can raise the profits of your business is to improve your marketing strategy. After all, no one can buy your product if they don’t know what you are offering. Luckily, this is something that is pretty simple to do, especially online.

For example, it may be worth your while to create an app that customers can download for free, that allows them to make purchases, and check stock easily. Alternatively, you may choose to spend your marketing budget on a bespoke website that cleverly funnels customers to the right level of engagement when they visit.

Lastly, don’t forget the value of entertainment in today’s digital world and that it can help get your brand name out there. In particular, don’t be afraid to use videos and even gamification of certain aspects of your marketing campaign to engage your clients.

Lower overheads – tax

Next, to get a hold on those overheads that you are paying out be sure to deal with your tax effectively. Firstly, it’s worth knowing that by getting your company formation correct and setting yourself up as a limited business, you can shift the tax responsibility from your own personal account to that of the organization, something that means there will be less of a financial strain on you.

Also, by making an effort to accurately fill in your expenses that can be written off the total taxable amount you can save money,  as well as ensure that you are not picked for an audit.

Raise profits – sell online

Another way to boost profits in your business is to take advantage of all the online selling opportunities that are out there. Many companies do this by having their online shop setup, although it is also possible to use others ecommerce platforms as well.

There are even ways to embed products and links to your store directly into social media, so don’t be afraid to play around with different options to see which matches you target demographic the best.

Lower overheads – rent don’t buy

Lastly, a fantastic way of lowering those overheads is to rent items that you need for your business instead of buying them outright. Luckily, this is something that can be done pretty easily with companies out there offering everything from IT to office furniture, to vehicles for rent.

Of course, by leasing equipment rather than buying it you are freed from the financial burden of having to find the entire cost of the items outright. You also get the added advantage of being able to upgrade and so retain your competitive edge, while still ensuring your overheads as low as possible.

Pokemon: Gotta Catch ‘Em Millennials

pokemon-go

Driving or walking down the street, you’re bound to see groups of people staring at their phones…

And chances are they’re playing Pokemon Go, a recent craze amongst Millennials. An estimated 80% of players are between the ages of 18-34.

So how did this app go viral so fast? Here’s 3 reasons why:

1. Nostalgia – Pokemon reached it’s peak in the late 90’s, when most Millennials were in their childhood. For the same reason Transformers connects with men who grew up in the 80’s, Pokemon Go has struck a chord with Millennials. Nintendo is brilliant for bringing this fad back. But Pokemon has capitalized on much more than childhood memories. They’ve used gamification to engage the most influential generation yet.

2. Social Community – Rarely will you find Millennials playing Pokemon Go alone. Instead groups of people move in drones trying to catch the different characters. Local businesses would be smart to offer “lures” or incentives to entice the increased foot traffic. An article in Forbes dubs it “a flash mob organized by a gaming company.” Other generations may look down upon the craze, but there’s definitely something there and can be a huge opportunity to businesses who take advantage of the trend.

3. Activity – One of the most overlooked aspects of Pokemon Go is the mobility factor. There have been extreme incidents of people getting out of their cars during traffic, but for the most part it gets you out and about on your feet. This is not Crossfit or extreme cardio by any means, but it has a similar effect as FitBit. As an observer it looks comical to see groups aimlessly scour around town, but at least it provides a path to exercise. With obesity at an all time high, Pokemon Go helps, doesn’t hurt the cause against lethargy.

As with most trends with Millennials, you have a choice: frown upon or take advantage of it. Understanding why something is appealing is the best place to start. Millennials are an influential, peer-based consuming machine. Catching their attention is difficult, but Pokemon Go may have given us a peek into what makes them tick.