How to Increase Your Profit Margin (Part 4)

Ways to Increase Your Profit Margin (Part 4)

This is our final installment in our “Ways to Increase Your Profit Margin” Series of blog posts.  We hope that you have been able to take all of these to help increase your bottom line profits and buy yourself a little something special!   This week, we are going to take a look at 1 major profit booster and one that is an easier way to ramp up your earnings.

Expand to a New Geographic Market

Consider expanding to a new geographic market. Expanding where you’re willing to install can tap into a customer base that your competitors aren’t reaching. The only difference between a job down the street and a job an hour away is freeway time. Now, this may stretch your install team too thin, but take a look at it nonetheless. Don’t want to expand your sales territory? Maybe you could think about becoming a “satellite shop” for another shop that doesn’t work in your town? Or you could use installation crews that are in another area and you can fabricate from your facility and transport the jobs to the other locations. If you have more work than your shop can produce though, you should look for ways to make your shop more efficient before heading out of town to hunt down jobs. 

You Really Need Nice Photographs of Your Installed Jobs

This is a simple thing to do but it can really build your credibility with your customers and the marketplace. Take pictures of your work. Take pictures and videos of your workers building your tops. People love to see things being created and customers want to feel confident that you’re a real shop who can meet their desire for new countertops. Some people are uncomfortable with this because it feels like shameless self promotion. Our advice is to get over that feeling, because….it IS shameless self promotion, but your competitors aren’t going to toot your horn, so you need to get comfortable tooting your own horn. It has never been easier to post pictures and videos on your website. So get pictures of tops in process, get pictures of your install trucks, get pictures of your installed tops (with customer permission of course). Build your shops brand at every turn. This is a proven technique for increasing your profits, but it is not a quick fix. Brand building is a marathon so get settled in for the long haul. If possible, pair your finished install pics with customer testimonials. Adding social proof to your company will make future customer’s decision to use your shop that much easier.

Well,  we hope you have enjoyed this little series of ideas on how to make your shop make you more money.  Remember, putting in a quality top isn’t a guarantee that you will make money.  You have to always look to innovate ways to increase your profits.   Make sure you are paying attention to each dollar so they can come home with you, instead of leaving them in the shop, the street, and the customers’ homes.