Nurses Business Success Tip: 4 Ways to Increase Business Profitability
Sales alone are not an indication of nurse business success; profitability is key to the health of your business. Said another way, it’s not so much about the money you make, it is about the money you keep. Here are a few strategies to increase your bottom line.
1) Follow up on the leads that you are spending money on to get. If you have created lead magnets, spent money on social media, or provide give-a-ways, be sure that you follow-up with the lead. It keeps you in conversation with prospects that could become potential customers. Improve your follow-up procedures.
2) Create additional income streams by offering related items. Keep track of what services and or items your customers are purchasing, and do market research to add related items. For example, many health coaches align with nutritional products that are also made available to their customers.
3) Increase operational efficiency. Break the inertia of “this is how I always do it” and view things objectively. Ask questions that help you look at things differently such as “what am I not seeing”? When was the last time you looked at your routine expenses to see if there was a less expensive option? (Supplies and materials you use to vendors for services.) Is the phone service, merchant account provider, and website host provider the most efficient and economic choice?
4) Keep your employees and customers happy. Hiring and training employees is very time consuming and expensive. It is more expensive to obtain a new customer, than to serve an existing customer with excellence. Happy employees become more productive and create greater efficiency to your bottom line. Happy customers also continue to purchase, and there is nothing more powerful for obtaining new customers than positive word of mouth (WOM) recommendations.
The National Nurses in Business Association (NNBA) is a professional nursing association and a springboard for nurses transitioning from traditional nursing to business ownership and self-employment. The forerunner of the nurse entrepreneurship movement, the NNBA, is an invaluable resource for existing nurse business owners seeking to expand, and maximize their business success. Our members resumes include thousands of nurse owned businesses, awards and millions in revenue. The NNBA provides valuable business information customized for nurses, insight into healthcare industry trends, mentoring, and continued education in your professional growth and career development.