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How To Increase Your Business Profitability In 10 Steps ?

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  • How To Increase Your Business Profitability In 10 Steps ?

    Hello
    There are certain ways to increase your business profitability, even in the nowadays world, where many businesses just struggle to keep themselves out of bankruptcy. Instead of just fighting to survive, why not boost your business? Here are 10 steps to make it happen.

    1. Focus On Marketing

    There is no business without a marketing plan. Think about it, without advertisement, where would your business be? Just build up a thorough plan, that includes promotions, advertising, as well as making other new partners, and keep to it. The result will pay off your effort.

    2. Be Hands On When Asking For A Sale

    Being polite and mannered does not mean that you should not ask people for their business. Actually, this is all that is about. Dont do it in a way that will make you uncomfortable, but present your future partner the benefits they will get from buying from you. Be prepared for rejections, but dont focus only on them. Explain your business and stand up for it.

    3. Add Value By Asking For Help

    The ways business is done today may take us to places we have never been before. In such situations, one may feel insecure and, for real reasons, unprepared to face the new challenges. There is one way to do it properly, however: just go ahead and ask for professional help to get you through the issue, without you ending up hurting your business.

    4. Keep Up With Old Friends

    Dont ever forget about your old clients, which, in a way, are like old friends. It may sound easy to make new ones, but the old ones are your strong base. Reward them with loyalty plans and special offers, and show them that you need their business every once in awhile.

    5. The Knowledge Of Cutting Costs

    Not everything you spend on your business is of the utmost importance. It is much more important to see where costs can be adjusted. Dont hesitate to do that, it will save you money!

    6. Forget About Fancy Marketing

    Profitability does not necessarily come in a glossy package. You may be impressed with some companies ability to handle large promotional campaigns, with fancy advertisement, but if you do not have one thing to sell, or you do not conduct your business directly, this would be just wasted money.

    7. Dont Waste Your Time On Petty Assignments

    Your time is precious, you have places to go, people to see; yet, it seems that the most part of the day, you feel trapped in doing boring office work. Imagine how much you can do for your business in all that time. So whats your conclusion? If nothing pops into your mind, we tell it to you: hire someone to do the menial tasks, while you focus on increasing the companys profitability.

    8. Know Your Price

    Profitability means exactly that: profit. But how can you make profit when you sell yourself short? This does not mean that you should sell yourself out of the market, but doing the opposite will not help you, either. So, try to get rid of the poor business you have been doing lately for little money, and go for bigger fish, with no regrets. It will pay off.

    9. Technology Is On Your Side

    Luckily, we are living an age of great technology advances, that, in the business world, translates in savings and profit. Get the newest software and gadgets that will make your life easier. You will become more efficient and you will even save more time for yourself.

    10. Throw Antiquated Ideas To The Trashcan

    There is no need to stick to an outdated plan, if it proves to have lost its shine. Instead, go for new stuff, for new ideas, that will save your business and your day. Take some courses on business profitability and learn from professionals how to do it best.
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  • #2
    Re: How To Increase Your Business Profitability In 10 Steps ?

    Hello Friends

    1)Create a Financial Plan: Estimate how much revenue you expect to bring in each month, and project what your expenses will be. If you need it, get help from business planning books, software, or an accountant.
    2)Review the Plan Monthly: Even if time is taken to prepare a financial plan with profit and loss projections, it often sits in a desk drawer. It's not enough to have a plan -- you have to review it regularly.
    3)Lost Profits Can't be Recovered: When comparing your projections to reality and finding earnings too low or expenses too high, the conclusion often is, "I'll make it up later." The problem is that you really can't make it up later; every month profits are too low is a month that is gone forever.
    4)Make Adjustments Right Away: If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates. If overhead costs are too high, find ways to cut back. There are other businesses like yours around.
    5)Think Before you Spend: When considering any new business expense, including marketing and sales activities, evaluate the increased earnings you expect to bring in against its cost before you proceed to make a purchase. You can often increase your profitability simply by delaying expenses to a later month, quarter, or year.
    6)Don't be Afraid to Hire: Retailers and restaurateurs wouldn't consider operating without employees, but many service businesses limit themselves by being understaffed. Almost any business can benefit from hired or contracted help.

    Thanks
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    • #3
      Re: How To Increase Your Business Profitability In 10 Steps ?

      Hello
      I have designed the lens to be as interactive as possible so as you read, I recommend that you take part in the surveys and check out the current results, vote for your favourite business profitability related book and if it is not there, add it to the list and leave comments and stories.

      By working together we can make this a great resource to help you to increase the profitability of your business now and in the future.

      Most of all please tell me how I can make it a better source of business profitability information but remember I do have plans to write detailed lens on each of the eight pillars.

      As well as my own ideas, I have tried to help you by packing this page with free reports, articles and my favourite business books and audios.

      Towards the bottom I have a little survey on why people buy or don't buy business advice. It would be great if you could vote on your reasons. Thanks.
      Commercial Gas And Electricity

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      • #4
        Re: How To Increase Your Business Profitability In 10 Steps ?

        Hello
        1. Focus On Marketing
        There is no business without a marketing plan. Think about it, without advertisement, where would your business be? Just build up a thorough plan, that includes promotions, advertising, as well as making other new partners, and keep to it. The result will pay off your effort.

        2. Be Hands On When Asking For A Sale
        Being polite and mannered does not mean that you should not ask people for their business. Actually, this is all that is about. Dont do it in a way that will make you uncomfortable, but present your future partner the benefits they will get from buying from you. Be prepared for rejections, but dont focus only on them. Explain your business and stand up for it.

        3. Add Value By Asking For Help
        The ways business is done today may take us to places we have never been before. In such situations, one may feel insecure and, for real reasons, unprepared to face the new challenges. There is one way to do it properly, however: just go ahead and ask for professional help to get you through the issue, without you ending up hurting your business.

        4. Keep Up With Old Friends
        Dont ever forget about your old clients, which, in a way, are like old friends. It may sound easy to make new ones, but the old ones are your strong base. Reward them with loyalty plans and special offers, and show them that you need their business every once in awhile.

        5. The Knowledge Of Cutting Costs
        Not everything you spend on your business is of the utmost importance. It is much more important to see where costs can be adjusted. Dont hesitate to do that, it will save you money!

        6. Forget About Fancy Marketing
        Profitability does not necessarily come in a glossy package. You may be impressed with some companies ability to handle large promotional campaigns, with fancy advertisement, but if you do not have one thing to sell, or you do not conduct your business directly, this would be just wasted money.
        Foam manufacturers

        Comment


        • #5
          Re: How To Increase Your Business Profitability In 10 Steps ?

          Nice tips and has been really very helpful for me,as I have my own business. Client satisfaction is very important in every business. I think satisfied client is the best advertisement, if client is happy then surely he will say to another at least two client about our product.
          iedge card

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          • #6
            Re: How To Increase Your Business Profitability In 10 Steps ?

            The reason why your customers want to part with their money is because you offer something that will add enjoyment to their life, or make their day just that little bit easier. It may be something they need or something they want. However, you need to remember to make it clear to them exactly why they need your products/services. Features are the physical characteristics of your product/service while benefits are what your customers will enjoy and exactly how the product will add value to their life after purchasing it. For example, you can talk about “surround sound” as part of a home entertainment system, but the benefit to the customer is that they will feel like they are in a cinema while watching their favourite TV show or DVD. Don’t leave it up to the prospect to try and figure out what it means to him if he opens his wallet and makes a purchase. Just tell him. Or even better... show him
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            • #7
              Re: How To Increase Your Business Profitability In 10 Steps ?

              Well thats good steps.But i have one question that as i am real estate agent handling many of propertys.Can this steps are applicable at my firm for increasing the profits.
              New Kent Va homes

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              • #8
                Re: How To Increase Your Business Profitability In 10 Steps ?

                you are considering selling your business this article will help you evaluate your company as a strategic acquirer might. From that perspective it pays to focus on ten critical areas of value creation.
                1. CUSTOMER DIVERSITY – If too much business is concentrated in too few of your customers, it is a negative in the acquisition market. If none of your customers accounts for more than 5% of total sales, that is a real plus
                2. MANAGEMENT DEPTH –An acquirer will look at the quality of the management staff and employees as a major determinant in acquisition price. You should make the move of assigning your successor a year in advance of your scheduled departure date
                3. CONTRACTUALLY RECURRING REVENUE – All revenue dollars are not created equal. Revenue dollars from a contract for annual maintenance, annual licensing fees, a recurring retainer fee, technology license, etc. are much more powerful value drivers than projected sales revenue, time and materials revenue, or other non-recurring revenue streams.
                4. PROPRIETARY PRODUCTS/TECHNOLOGY – This is the area where the valuation rules do not necessarily apply. If strategic acquirers believe that a new technology can be acquired and integrated with their superior distribution channel, they may value your company on a post acquisition performance basis
                5. PENETRATION OF BARRIERS TO ENTRY –In its simplest form, a large restaurant chain buys a small family owned restaurant to acquire a grand fathered liquor license. Owning hard to get permits, zoning, licenses, or regulatory approvals can be worth a great deal to the right buyer.
                6. EFFECTIVE USE OF PROFESSIONALS – Reviewed or audited financials by a reputable CPA firm cast a positive halo on your business while at the same time reduce the buyer’s perception of risk
                7. PROCUCT/SALES PIPELINE –A win/win scenario is to sell out at a price, in cash and stock at closing, that rewards the smaller company for what they have today, plus an earn out component tied to product revenues with the new company.
                8. PRODUCT DIVERSITY – A smaller company that has a quality portfolio of products but may lack distribution can become a valuable asset in the hands of the strategic buyer. A narrow product set, however, increases risk and drives down value.
                9. INDUSTRY EXPERTISE AND EXPOSURE – Encourage your staff to publish articles and to speak at industry events. Encourage local and industry reporters to use you as the voice of authority for industry issues.
                10. WRITTEN GROWTH PLAN –Capture the opportunities available to your company in a two to five page written growth plan. What additional markets could we pursue? What additional products could we deliver to our same customers? What segments of our current market offer the most growth potential? Where are the best margins in our customer base and product set?
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