Every business wants to make money, preferably a lot! Everyone knows that most new business fold within the first year or two, and it seems like an element of luck is needed in order to succeed. Although this may be the case in some instances, for the majority all that’s needed is a strategic approach. Here are some pointers on how to make a profit and not to go under.

Automate

Many applications and software can do all the hard work for you, which leaves you time to concentrate on making money. A good example is that of accounting and payroll software. You could, of course, hire an accountant, but that would cost a fortune. Or, you could do the books yourself – and risk a run-in with the taxman. Accounting software removes the hassle out of having to keep track of expenses, employee benefits, and even inventories. According to Inc.com, accounting software is more than just a programme that spits out invoices: it’s the perfect business management tool. Also, if you feel a little overwhelmed at the thought of implementing the software yourself, you can always do a one-day MYOB course online.

Get online

According to myob.co.nz, innovation is key, and the Internet is central to developing new business approaches and ideas. Keeping ahead of the competition isn’t easy, but often all it takes is a tweak to an old product range or a personalised approach. Social media is particularly useful in this regard, as it enables you to keep track of what customers want, as well as where the competition is. According to myob.co.nz, more than 80% of customers research online prior to making a purchase, and businesses with a website were 65% more likely to gain profits in a yearly period. It clearly pays off to have a strong online presence and to interact with your customers via the web.

Have a plan

In order for any business to be successful, a well-thought out strategy is needed to enable growth and profit. However, this plan should be regularly reviewed, as customer needs and business environments are in constant flux. This may mean that you’ll need to adjust your business intelligence monitoring, set new sales targets, or even develop your own expertise by taking an online course or two. According to Inc.com, no matter how concrete your business plan is, it’s vital to be open to reinvention.

Making a profit is often a challenge, but it helps automating your business processes, having a strong online presence, and implementing a solid – yet flexible – business plan. Be open to innovation and learning, and always engage with your customers: you’ll see money coming your way in no time.

Ang Lloyd writes for Now Learning, which promotes a range of courses for professionals, including MYOB, management and accounting.