Underrated Profit Sources

The number one profit area that companies most often overlook is utilizing the resources that lie just beyond their borders. Companies most often ignore international markets.

Companies overlook foreign sources of talent as well, which is a great way to reduce expenses and still maintain quality. Talent in the United States is of course, great, but it is very expensive. It should be used at the highest level in the company where it is most needed for management, strategy and creativity. All other functions that can be outsourced are only causing a perpetual drain in profits. This is one of the most important ways to uncover an underrated area for profit. Many companies are naturally hesitant to reach out and find talent overseas because of the cultural and language barriers. While this is indeed an entry barrier , we believe that if companies take the necessary steps and are persistent in the face of missteps, they will find that the ability to use foreign sources of talent and manpower can become a significant competitive advantage. Small business owners often think that foreign operations are only for big, multi-national companies. Ultimus and many other small companies are proofs that that is not the case in this age. The easiest and most effective way to start is to collaborate with a foreign-born friend, college mate or employee who is trusted and can ultimately become a valuable partner. If this can be accomplished, many of the concerns about culture and language are easily addressed.

Another forgotten source of profits within a company is the Internet. Many companies do not use the Internet for marketing effectively and as a way of establishing a relationship with customers. A small company can use the Internet in a number of ways:

Using the Web to promote the companys product and services is a must, and it is not expensive.
Registering the companys URL on search engines such as Yahoo and Google can also be accomplished inexpensively, and is the easiest way to let the world know about the company.
The Web is an excellent way to communicate with partners and employees worldwide.
Customer care and self-service can also be provided through the Web, although this may involve more up-front cost depending on the nature of the product or service. In the long run it will pay enormous dividends because it will reduce the response time and bring the company closer to customers. The closer you are to your customers, the more profitable you are likely to be.
The Web is an excellent way to solicit customer feedback that will enable a small company to cater to the needs of its customers.