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How To Increase Your Business Profitability In 10 Steps???

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  • #16
    Re: How To Increase Your Business Profitability In 10 Steps???

    Hello Friends......

    # Evaluating operations. Each time you prepare an income statement, actual sales and costs are compared with those you projected in your original profit plan. This permits detection of areas of unsatisfactory performance so that corrective action can be taken.
    # Determining the need for additional resources such as facilities or personnel. For example, the profit plan may show that a sharp increase in expected sales will overload the company's billing personnel. A decision can then be made to add additional invoicing personnel, to retain an EDP service, or to pursue some other alternative.

    Thanks
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    • #17
      Re: How To Increase Your Business Profitability In 10 Steps???

      Thanks for the information.great thread.
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      • #18
        Re: How To Increase Your Business Profitability In 10 Steps???

        * Evaluating operations. Each time you prepare an income statement, actual sales and costs are compared with those you projected in your original profit plan. This permits detection of areas of unsatisfactory performance so that corrective action can be taken.
        * Determining the need for additional resources such as facilities or personnel. For example, the profit plan may show that a sharp increase in expected sales will overload the company's billing personnel. A decision can then be made to add additional invoicing personnel, to retain an EDP service, or to pursue some other alternative.
        * Planning purchasing requirements. The volume of expected sales may be more than the business' usual suppliers can handle or expected sales may be sufficient to permit taking advantage of quantity discounts. In either case, advance knowledge of purchasing requirements will permit taking advantage of cost savings and ensure that purchased goods are readily available when needed.
        * Anticipating any additional financing needs. With planning, the search for needed funds can begin as early as possible. In this way, financial crises are avoided and financing can be arranged on more favorable terms.
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        • #19
          Re: How To Increase Your Business Profitability In 10 Steps???

          Here are some business increase Tips;
          1. Outsource what takes you too long to do.
          2. Use the proper tools to save time.
          3. Try something different.
          4. Use and read your stats.
          5. Offer a special promotion to your mailing list.
          6. Joint Ventures can help you grow your mailing list faster.
          7. Outsource what you don't like to do.
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          • #20
            Re: How To Increase Your Business Profitability In 10 Steps???

            Hello
            Thanks for the informative information This is really informative information for me.
            Thanks for the help !
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            • #21
              Re: How To Increase Your Business Profitability In 10 Steps???

              Hello
              1. Get rich in a niche
              If you already have contacts and inroads in a particular industry or with a particular group of people, focus your efforts in that niche. By specializing in a specific industry you can make the most of your marketing and maximize your effort.

              2. Make every action serve more than one purpose.
              If you are giving a speech or seminar, use your outline to develop an article that you can use as a special report or newspaper story. If you are writing a sales letter, extract the key points to use in a speech to your local networking group. Design your advertising in a way that will enable you to use the same basic ad in different formats and publications. This will allow you to make the most of everything you do.

              3. Mine the gold already in your business
              We tend to spend a lot of time chasing after new business while there are untapped opportunities within our existing customers. Learn to mine the gold you already have in your business. What other products or services could you offer your existing customers? How could you increase the frequency with which people buy from you or the amount of their purchases? You already have gold within your business just waiting to be mined.
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              • #22
                Re: How To Increase Your Business Profitability In 10 Steps???

                Hello friends

                1. Poor market research. Without appropriate market research, you cannot have knowledge about your customers, their needs, their habits and their ways of money spending. Because of that you cannot know how to sell to them, and probably you cannot satisfy their needs.
                2. Inappropriate selection of location. If you don't make analysis of your location where you want to start your retail store then probably will be happened that you don't have enough traffic after opening and in that way you will have less people who will remark your store.
                3. Insufficient promotion. If you don't choose the right promotional tolls the customers will not know that exist something like your store. If you don't attract their attention, they will continue with the previously habits of buying from your competitors.
                4. You don't understand your industry. You cannot sell something that you don't know. Some people have knowledge about fashion and that people will be an excellent retailer for clothing. Another has excellent knowledge about car industry, and they can be excellent sellers for car spare parts. If you don't have knowledge about your industry you cannot choose the right products, and you cannot recommend the right products to the customers. In this way, you will have insufficient buyers, and also your money will be invested into products that cannot be sold.

                Thanks for all friends..
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                • #23
                  Re: How To Increase Your Business Profitability In 10 Steps???

                  Are you ready to start putting the power of systems to work in your business -- to build consistency, efficiency, productivity and profits? Congratulations, your commitment to do so is an important first step!
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                  • #24
                    Re: How To Increase Your Business Profitability In 10 Steps???

                    To Increase Your Business Profitability In 10 Steps
                    1. Focus On Marketing
                    2. Be Hands On When Asking For A Sale
                    3. Add Value By Asking For Help
                    4. Keep Up With Old Friends
                    5. The Knowledge Of Cutting Costs
                    6. Forget About Fancy Marketing
                    7. Dont Waste Your Time On Petty Assignments
                    8. Know Your Price
                    9. Technology Is On Your Side
                    10. Throw Antiquated Ideas To The Trashcan
                    ===================================

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                    • #25
                      Re: How To Increase Your Business Profitability In 10 Steps???

                      It exact management information must be available, in the form of management accounts and a naturalistic, professional business plan.
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