One of the five ways to increase profits and retain customers while keeping costs low, is a loyalty program. Image of a customer using a loyalty card.

5 clever ways to increase profits and retain customers

When big businesses are tasked with increasing their profit margins, one of the quickest ways they create an increase is by cutting costs. However, many small businesses don’t have much fat to trim. So here are five ways you can increase profits and retain customers while keeping costs low.

Martin Winterkorn, CEO of Volkswagen, apologises at a press conference. When should businesses apologise, and how? Phoebe Netto of Good Business Consulting shares the rules for saying sorry to customers and stakeholders.

Sorry, not sorry. When and how a business should apologise.

We have all heard the non-apologies issued by big corporations, politicians and celebrities. But do these non-apologisers need to learn some manners, or are there justifiable reasons for their poor apologies such as avoiding legal implications? And how should small and medium sized businesses be apologising, especially if they are in the wrong or a tragedy has occurred?

Photo of young lady who runs her own small business using social media as part of her constant marketing, used in blog post by Phoebe Netto at Good Business Consulting in Sydney

Steady marketing keeps customers coming

The trick with marketing is the strategic investment of what time and money you have, and doing this consistently. The good news is you can do this even with a tiny marketing budget if you’re prepared to invest some time: the less money you have to spend, the more time you need to spend.

Men's dress shoe with gold feature, is a feature product for a small or medium sized business, but it is not likely to be a high quantity seller. Used in blog post by Good Business Consulting advising on stock management that benefits cashflow.

Better stock management improves your cash flow

Having the correct stock levels means you’re not paying for slow-moving stock to sit on the shelf and you can therefore invest in the items that are bringing you better sales. On the flip side, it means you don’t run out of your best sellers and risk losing customers. Getting the timing of this right does require some forethought, so here are the things to consider.

Example of poor marketing and PR campaign by Woolworths based on aligning an organisation with an event and cause of note, as part of blog post by Good Business Consulting.

Why linking current events to marketing is a risky business

Did you hear the one about the supermarket and the thousands of soldiers who died in war? One way to make your PR and marketing campaign current is to make it relevant to a recent event or a day of note. While this is a good idea in theory, there is also a significant risk of backlash.