How to Make your Business Profitable in 2019
For any business to keep running in the long term, it is important to make profits. The focus on profits is one thing that the startups today aren’t doing right. It is always the profit that matters in the end. 2018 has been a year of great ups and downs, but there are companies which managed to pull huge profits due to their strategies. In this article, we will list the 5 companies that made the highest profits in the past year and also, discuss a few steps that you can take to make your business profitable in 2019.
The 5 Most Profitable Companies of 2018
- Apple: With annual profits worth $48.3 billion, Apple is not only the most valuable company across the globe but is also the most profitable one.
- Berkshire Hathaway: Closely followed by Apple is Berkshire Hathaway with annual profits of $44.8 billion.
- Verizon: Third on our list is Verizon with annual profits of $30.1 billion.
- AT&T: With annual profits reported to be around $29.4 billion, AT&T stands at number four in the list of companies that made the most profit in 2018.
- JP Morgan Chase: Considered the largest bank in the US, JP Morgan Chase’s profits were reported to be $24.4 billion last year.
How to grow your business in 2019?
As 2019 has just begun and everybody is busy building and executing their New Year resolutions. This is the time for businesses to look back and learn from their mistakes. This year make sure you have an aim and build a solid foundation in the same direction. Here are a few tips from the top businesses to help your business to grow and be more profitable this year.
- Work for a cause
Businesses at the top of their game are there because there is a cause other than just profits that drives them. They call it a higher purpose. This means that your company should be standing on a strong foundation of a meaningful purpose. Of course, every business out there is ultimately for money. But money alone can’t keep you motivated for long. For a meaningful success, your business should also have a purpose beyond money that drives you to be the best every day.
- Take time to reflect
Every now and then, stop and analyze your business processes and strategies. See what’s working for you and what’s not. Consider the tools you have been using and see if they need to be updated. The bottom line is that unless you take time to reflect on your business, you can never know what needs fixing and what can be made better.
- Keep your business plan updated
In 2019, think of your business as an application that needs regular bug fixes and updates. Therefore, keep updating your business plan to remove all glitches and take advantage of the available opportunities.
- Build a sales funnel
This is an important step in marketing and growth strategies. Developing a sales funnel is important for all business to be profitable. Building sales funnel will help you to automate marketing and sales functions, reduce the time taken to do business, and increase efficiency over time.
- Look out for new opportunities
Even if you are an established business, never stop looking for new opportunities. Keep your potential client lists updated and find out how you can reach out to them. Be creative in connecting to your clients and offer something of value to them through all your content. Work closely with marketing and sales team to acquire and retain new leads.
- Remarketing is crucial
Lastly, remarketing to old clients is as crucial as marketing to the new ones. Maintaining the relationships with old clients keeps them buying from you. If you lose contact with them, there are good chances that they shift to your competitors. In the world of late, it is really easy to do so. Therefore, every once in a while keep showing up in their inbox or social media.
With time, businesses are becoming trickier. You need to change your ways regularly to be on the top. 2019 is your year and we hope the tips above will help you take your business to the next level.