December 8, 2022

4 Ways to Add Tech to Your Business to Increase Your Profit Margin

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4 Ways to Add Tech to Your Business to Increase Your Profit Margin

Unconventional Acquisitions

December 8, 2022

This may come as a shocker, but we freaking love businesses that bring us back to the days of grunge music, the rise of the internet, and Monica Lewinsky. 

Oh, the ‘90s. 

When we walk into a business with a fax machine, flash drives, Xerox copy machines, and computer screens that are bigger than a filing cabinet… we get all warm and tingly inside.

Nothing says money in the bank like Netscape and AOL email addresses.

We were just discussing how to scale your business after acquisitions on our Mastermind call last week with the UA Crew, and this was a key topic.

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When it comes to finding a boring AF business that can turn you some serious profit, we recommend you check out how dialed-in they are in the tech department.

The less innovation, the more excited I get. This means there’s plenty of potential for growth and less upfront risk. 

Adding tech into different areas of the business can streamline systems and speed up processes, saving you a lot of time and ultimately putting more money into your pocket. 

Say less.

Remember, a lot of these business owners are boomers who didn’t grow up during the times of TikTok dance challenges and Instagram influencers. So, most of them don’t have the interest nor time to learn how to navigate adding tech into their business model.

This is a massive opportunity for you to fill in those gaps and live out your dream of being financially free. 

Here are some ways to add tech to sleepy businesses that you may already own or are looking to add to your portfolio. 

1. Software That Tracks Inventory

What’s a seriously important yet mind-numbing task when you’re dealing with a business that sells a product? 

Tracking the inventory. 

I bet the mom-and-pop shop down the road still counts everything manually and tracks it with a pen and paper. 

Real old school and a serious time suck… never mind the disorganization and chaos that comes with manual data entry and form-filling. 

Just what we love to see. 

A quick fix for this madness is inventory management software, which automatically tracks what you have in stock while forecasting what you’ll need in the future. 

If you’re dealing with a simpler business model, say a vending machine, you can download an inventory tracking app to notify you when the goods in your machine are getting low. It can look at the sales that occurred since your last visit to the machine, so you know the exact number of each product that needs to be restocked.

Think about all the time (and gas money) you can cut by not having to travel to check your machine to see if the Doritos are sold out. Not to mention the reports showing you that the Doritos sell out twice as fast as Fritos, so you can double stack the Doritos and save yourself a trip altogether. 

Game changer? I think so.

Read: How to Create Extra Income During a Recession

2. Offering a Subscription Service

Probably not the first thing that comes to mind when you think about tech to add to a business… but subscriptions offer an excellent opportunity to lock in repeat customers.

From Netflix to CrossFit, people are throwing money at monthly memberships like it ain’t no thing. And it comes down to one thing: convenience. 

In this day and age, nothing sells like simplicity and ease.

You build a loyal customer base who exclusively uses your service, and you can significantly increase your revenue each month.

According to Convenience Store News, car washes that introduced a monthly membership program during the pandemic achieved 239% more weekly volume than car washes that didn’t offer a program. 

There’s really not much else to say after that one. 

3. Adding a Credit Card Reader

Believe it or not… some businesses still don’t offer their customers the option to use plastic.

These businesses usually involve dirty underwater and Bounce dryer sheets. Any guesses?

Our beloved laundromats are the biggest culprit when leaving your credit card hung out to dry. Most laundry machines take coins, which wouldn’t be such a problem if you didn’t have to count them yourself. 

The simple solution is adding a credit card reader to the machine. This swap saves time and offers convenience to your customers ‘cause… who carries cash anymore?

Plus, most readers track all transactions, which makes bookkeeping easy breezy. No more time spent pushing pennies. 

That’s a W for us. 

4. Investing in Digital Marketing

This may seem like a no-brainer to you… who was probably targeted by the algorithm after binge-watching YouTube videos on how to make low-key passive income. 

But according to Blue Corona, 80% of small businesses don’t invest in content marketing.

That’s no joke. 

Many businesses need to take advantage of this massive opportunity to reach new customers by simply setting up a digital presence. Something you can easily exploit when buying a business with no social platform or website.  

Building a content strategy for a lackluster business with zero previous online exposure can quickly amplify its reach and bring tons of new customers in the door. 

More paying customers means more cash deposited into your savings account.

Yours Unconventionally,

Codie & Ryan

Co-founders – Unconventional Acquisitions

PS – If you’re looking for more support from the experts (that’s us) and other dealmakers who are walking the walk, you’re gonna want to join our Mastermind

If you want to learn more about how to find and buy businesses, check out these articles👇

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