There is little doubt that investments are one of the most effective options for not only creating but also sustaining consistent growth, but their benefits are typically not felt in the short term. Outside of investing additional money in such things as stocks and rental properties, business owners can also make changes in their day-to-day operations that can net a higher profit.
Do you have one product that pairs great with another? Consider packaging the two together and offering the combination at a slightly lower price. For customers who are hesitant to shell out two different prices for two different items, creating a bundle with a slight discount creates incentive to buy more than they would have otherwise.
Rebates and discounts on future purchases can lead customers back to your business the next time that they need a product. Rebates do not have to be huge and can account for anywhere between 2-3 percent of the original cost, but “money back” is an almost sure-fire way to give your product an extra appeal.
Are the responsibilities of two departments overlapping? Do you have a high employee turnover? Both of these issues can put financial strain on companies and create ineffective and unproductive work environments, further throwing money down the drain. Consolidate departments, provide employees with a reason to stay and watch your net profit grow.
None of this is to say that business owners should not continue to invest profits in order to accumulate wealth, but there is value in understanding that multiple roads can still lead to the same destination. While these moves can provide mostly short-term wealth satisfaction, paired with investments, they arean important aspect of overall wealth growth.