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Profitability in business
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[QUOTE="Sammyesx, post: 79203, member: 26994"] 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. [/QUOTE]
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