Build Your Bottom Line with These 4 Surprising Business Strategies

When it comes to tracking your company’s growth, very few numbers are as important as the bottom line. As a business owner, you should constantly be on the lookout for new ways to increase your bottom line without sacrificing your core ideals. Here is a quick look at four proven tactics that will boost your bottom line no matter which industry you are in.

Hire a Good HR Team

According to one recent study, companies are now spending more money than ever on litigation costs. There is no surefire way to completely protect your company from all legal troubles, but hiring a good HR team could help you avoid a wide variety of issues. Your human resources team can help you come up with a comprehensive plan to avoid expensive problems such as workplace injuries and unlawful termination lawsuits. They can also gauge employee satisfaction and reduce your turnover rates.

Focus on Cheap or Affordable Marketing

Traditional advertising mediums such as television and radio spots are still effective, but smaller companies don’t always have the resources for those types of campaigns. A strong online presence will allow you to reach millions of people from around the world at a fraction of the price. At the very least, your company must have an eye-catching website and active social media accounts. Those spaces will give current and future clients multiple ways to easily contact you if necessary.

Create a Knowledge Base

If you are losing clients because of inefficient support, then you need to work on a solid knowledge base. Depending on which industry you are in, your clients might benefit from any mixture of white papers, how-to guides, and online video tutorials. Creating that content and then offering it to clients for free will also reduce the amount of time that your employees spend on customer support. Those guides and videos are especially important if you are providing a product or service that has never been seen on the market.

Build Camaraderie with Team Meals

Many business owners are surprised to hear that corporate catering can be an extremely powerful tool when used properly. Instead of sending your employees off on their own to have lunch, you might want to consider scheduling at least a few communal meals a year. In addition to potentially receiving tax deductions for those meals, you are also going to boost your staff’s efficiency and improve company culture. Offering healthy meals can reduce sick days and increase productiveness as well.

No single growth strategy is going to work for every business, and that is why you need to test out at least a few different options. As you try out these various tactics, you should carefully track their success to see which are working and which can be left behind.

Guest author Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.