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24/10/2017
Successful small business owners are those who are continually seeking ways to increase their profits. For many small businesses, their initial first thought is to increase revenue.
However, it’s often small incremental changes across a number of business areas that creates notable improvements to the financial bottom line. Here are four processes you can implement, without needing to increase sales, to help boost your profits.
It might sound obvious to some, but you should schedule regular price reviews. Small incremental increases are easier for customers to accept. Even a small price increase (think 1-5%) can raise your profits by a significant amount. It’s small enough not to cause too much disruption, but if it’s every product and service then the volume could be enough to show significant gain.
If you make pricing increases part of your business processes, rather than on an ad hoc basis during the year, it's easier to justify potential price increases to customers. Of course if the increase is small enough, you may not even need to explain it.
Gross profit is a key factor in your business and there are several ways you can try to improve it. Develop systems that:
Take a look at each of your individual products and think of ways to maximise their profits. You can increase their prices, bundle them with other products to create attractive packages, eliminate those that aren’t selling, promote the ones that are and think of new products or services you could add to the mix.
You could also research new products and services that might attract a new type of customer. Proper analysis of your sales data means that you can look at what your customers are buying and then think of other products or services that could be sold along with them.
Spotting ways to increase efficiency means reviewing all your systems and look for ways they can be improved. The better the system, the more efficient and productive your business can be. Take a look at your customer base. Do you have habitually late or non-paying customers? It's important to:
Strong, robust systems that you monitor regularly are a key factor in increasing your profits. The sooner you implement them, the quicker you'll see improvement in your profit margins. It's wise to seek advice when it comes to your business systems, so talk to your accountant about how you can streamline your financial processes.
POSTED IN: Insurance,Debt Management,2017,Growth
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