It is fairly obvious to most of us that the economy has not been great for business. In fact, the high unemployment rate, high numbers of closing businesses and large layoffs are proof of this troubled economic time. It is time to get your business up, dusted off and ready for a healthy growth spurt. It is far easier and quicker than you would think to transform your business into a profitable entity. For this economy here are 5 great ways to strengthen your business and increase your profits:

1. Re-Evaluate your Marketing Strategies
   Just because it has worked in the past, does not mean that it will work now. If a particular marketing strategy has not produced results in the last month or two, get rid of it. Why waste valuable profits on marketing that no longer produces results.


2. Dominate on Social Media
   Do not worry about what some of the 'experts' say about social media. If you learn do use it correctly, it will create an unprecedented number of results. Here are the only 3 things you need to know for Social Media:
• DON'T invite all your regular friends. DO invite your target market and people of influence that would make a buying decision.
• Post at least 1 or 2 times per day (include pictures, videos and links) specifically about things related to your business or industry.  Activity shows that you are busy and doing business. It also provides more information about who you are and what you do so that a potential client can make an informed buying decision.
• Make sure you leverage every possible feature and space of the social media page for your business whether it is Facebook, Google Plus, Linked In or other. The more features you use, the more ways you have to communicate with potential new clients. Take advantage of unique features such as Groups in Linked In and Application Tabs on Facebook Fan Pages. 


3. Discover Cost Savings for Increased Profitability
   There are so many areas that most businesses never think of to save money and increase their profit margin such as energy costs, waste and disposal, shipping, workers comp, property tax benefits and hiring incentives. Find a Cost Savings Consultant and have them perform a complete evaluation for your business. It is almost always free of charge and there is no risk to see what ares might work for your business.


4. HR Re-purposing and Training
   Most caring companies do not like the idea of having a consultant come in to interview their employees for their own jobs. Re-purposing employees, however, creates a completely different experience. Why not find out your employees best strengths and put them into positions that leverages those strengths more efficiently. This will increase productivity and strengthen the morale of the company. Providing sales training and incentives for non-sales staff can be key to tapping new opportunities. Grow your sales team without hiring any new staff.


5. Re-Approach Your Past Client Base and Ask For Referrals
   Your past clients may be a gold mine for new business either because they need your product or service again or they know someone who needs your product or service. If you have a satisfied client, do not be afraid to ask for referrals; you can even provide an incentive to the client for providing the referrals. I have seen companies triple their business in less than 90 days through referrals from their existing or past clients. Additionally you can up-sell your happy clients to bigger and better products or services which may be in their best interest.