When you first read the title you may be a bit confused.
I mean, isn’t increasing your company the same as growing your profits? The answer is kind of yes, and kind of no.
The real question is whether or not you should expand the size of your company. While this is the topic of an upcoming post, Our purposes here, these are three ways you can raise your profits without adding expensive staff:
The most efficient way to grow your profits is through an increasing number of strategic partnerships that are built throughout the years. These partnerships are composed of mostly entrepreneurs who focus on different areas. Not only will some of these people become great business associates, but they will also become some of your best friends.
In this previous post, I wrote about the benefits of using freelancing Web sites, but I also work with a variety of freelancers whom I’ve met through friends or casual networking. These include designers, writers, ad buyers and virtual assistants. I may only have the need for a graphic designer once every few months, so it’s not cost-effective for me to hire a full-time designer who I’d have to pay during significant “down-time.” These freelancers have other clients, and are more than happy to engage when I have a specific project for them. It’s a win-win.
WORKING FROM THE HOUSE
For the past seven years, I’ve worked from home, and it’s been great. As I wrote in this recent post, there is also a great case for having separate office space. However, in my experience, if you’re a entrepreneur who wants to keep your overhead light — consider shared office space. shared office space options where you don’t have to worry about furnishing your office, and they also (depending on your package) provide virtual assistant, phone and mail support — and can provide access to their office space at airports and in cities across the world. I also know several people who share office space with their strategic partners. It keeps rent light and helps offset overhead.
As I wrote above, in a future post we’re going to deal with the question of whether or not you should stay small or grow. I’ve decided to keep my businesses small, and the above three tips are the best ways I’ve found to grow my profits, without growing the physical size of my companies.
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
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