Profitability in business

[Peppul]

How do one achieve profit in business, in other to do that these should be put in place.
1. Always produce quality product- when your products are genuine product it will bring in more sale because buyers will patronize you more.
2. Always operate efficiently and effectively - Make sure you are quick about the production of your goods making it readily available whenever customers need it, it helps to boost your business.
3. Be socially responsible and ethical.
A business owner has responsibilities towards it's business and it's stakeholders. These are people that impact the success and outcome of a business like the customers, employee, investors and government regulators who all have their roles to play in the success of your business. To be profitable in business these options listed above should be put into consideration.

 

[Alexandoy]

When you are a seller of products the mark up is usually 20% to 40% but depending on the type of product that the mark up may be lowers. If you are the manufacturer of the product the usual mark up is 30% to 50% that would take care of the delivery although the figures vary depending on the location of the factory and also depending on the type of product. Profitability is computed before hand. That means you have already made a computation even before you started your business. If you lack that ability of computing for the profit then you will be in danger.

 

[Sammyesx]

Having a successful business is the dream of every business owner, the profit you make from a business determines the success of that business. The following are the ways I believe one can maximize the amouof profit in his business.
1. Put up prices by 3% or more
This creates more profit (per sale). Now if you sell exactly the same number of products as before, both your turnover and your profits have increased.

2. Decrease direct costs by 3% or more
Go to all your suppliers and ask them for a better price… ask “Is that the best you can do?” and say nothing till they come up with a better price. Now you are making even more profit per sale.

3. Sack underperforming suppliers, customers and staff as appropriate.
This gets rid of the suppliers, customers and employees who make the working day more stressful. This will create a better working environment for your team and remove any customers who are losing you money.

4. Rethink the way you present the business
Start talking to your customers about what they get as a result of buying from you – what’s left after the purchase. Focus on the benefits that they gain from using your product or service. This will improve your sales performance.

5. Sort out your proposition or offer
What makes you different from the rest? Why should people buy from you rather than the competition? Be able to articulate the ‘why’ and ‘what’ of your business in a way that is truly effective. You should be able to do it in ten words or less.

6. Get more leads, say, 10%
Go networking, get your business in the local paper, use Google Adwords, learn about social selling and low cost marketing, get up earlier, and talk to more people.

7. Get better at talking to people, asking for the business and closing the sale
Going on a decent sales course (and sending your team on one as well) will add 10% to each of the fundamental steps in the sales funnel. Improving by 10% in each of these areas will create 46% more customers.

8. Get customers to buy at least 3% more products
Once they have bought what they usually buy, suggest they purchase an additional product or service.

You can do this by upselling in store, or with suggested bag additions through ecommerce, or as part of your email strategy.

 

[Deleted member 28873]

Estimating the value of real estate is necessary for a
variety of endeavors, including financing, sales listing,
investment analysis, property insurance , and taxation.
But for most people, determining the asking or
purchase price of a piece of real property is the most
useful application of real estate valuation. This article
will provide an introduction to the basic concepts and
methods of real estate valuation, particularly as it
pertains to sales.So a valuator is needed for proper pricing of the real estate

 

[Mataracy]

Before one can make profit in business one must put some thing in order.
(1) You must make good research on the place you want to put your business.
(2) look at the surroundings if there is no competitors
(3) choose the best promotion to use to promote your business.
(4) Price that you will sell your goods or product must not chase customer back.
(5) Try as much as possible not to finance your business with debt or borrowing.

 

[Ralphjoe]

Business profitability is a business term that means that a business is making good money from thei business activities. For a business to make more profit, it has to put some strategies into place. The profit markup should be highly commensurate with the production quota so as to give an accurate profit-making margin on the cost of production.

Also for a company to really be very profitable it needs to cut cost because high cost can reduce the profitability of a business or company when the cost of production is reduced to its minimum without compromising the quality of their product then you are sure to make great profits.