Dogecoin In a business or company; how can we maximise our profit?

[Mataracy]

I know what will come to our mind is that profit maximization has to do with how have we make good use of the profit that we earn from business.

In the conventional theory of the firm,the principal objective of business firm is profit maximisation.

Under the assumptions of given tastes and technology, price and output of a given product under perfect competition are determined with sole objective of maximising profits.

The firm is supposed to act as one large number if producers which can not influence the market price of the product.

It is the price taker and quantity adjuster. Thus the demand and cost conditions for the product of the firm are determined by factors external to the firm

In this my explanation, maximum profits refer to pure profits which ate surplus above the average cost of production.

It is the amount left with the entrepreneur after he has made payments yo all factors of production, including his wages of management.

In other words, it is a residual income over and above his normal profits.
It is a necessary payment for an entrepreneur to stay in the business.
My question is ;how can we maximize our profit either in business or in our company?

 

[sincerem]

You tried as much as you can to outline what we ought to know about. When it comes to business or company the CEO/managing director ought to know how much is going in and out of the business. We need have a spreadsheet that records all business expenditures through the help of the cashier or financial secretary in the company.

 

[Augusta]

The best bet is making your gains exceed your expenses. Expenses takes away the profit of the business and makes it loss a lot in the long run. You need to search out the expenses that are trivial and do away with them. Then see how you can make more sales for profit

 

[Shaf]

To maximize your profits in a business or any organization whose goal is to make money, you have to find ways to make as much money as possible while spending as little as possible.

This means working smarter, not only harder to make more sales. You can achieve this through minimizing the cost of raw materials, costs of equipment, cost of labour and even taxes and dues you have to pay.

You can use strategies to outsource less important tasks so you or someone has more time to focus on more important ones that bring more money faster. Using of machines, artificial intelligence and other advanced technology will help automate certain processes and avoid mistakes that can hurt your income.

You can also employ strategies to make more sales in a shorter period of time without incurring extra expenses. It's quite easy, and the use of social media platforms, giving out free gifts that cost nothing are some ways to do this.