boost your small business profitability

17
How To Boost Your Profits

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Post on 15-Jul-2015

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How To

Boost Your Profits

It’s A Recession

Costs are up

So…What Do We Do About It?

Because remember….

Idea 1

Idea 3

Idea 4

Idea 5

Idea 2

There is a Big difference between being

busy and being profitable

Don’t worry. Help is at hand.

Ways To Be

More Profitable

10

Ask Your Suppliers For A Better Price

Explain the situation. Promise loyalty in return.

Raise Your Prices But, make a good case for doing so.

How can you get more revenue from them?

What can you upsell to them?

20% Of Your Customers

Bring 80% Of Your Revenue.

Offer Less Remove the products or services you offer that are less profitable for you.

Re-brand & Target More Affluent People

The rich spend more. Fact. What do you need to do to your offering to target them?

Find Higher Margin Products / Services

How can you diversify? What additional profitable products / services can you offer?

Ask For A Discount Gas, electricity, stationery - anything you can.

Negotiate Your Office/Premises Rent

Most landlords would prefer to keep a good tenant. Offer less for a defined period of time.

If you sell products then closely monitor what is selling and drop what is not.

Keep only the minimum amount of stock needed.

Monitor Your Inventory

Monthly Finance Review Check costs .v. revenue each month. An early profit warning can make it easier for you to turnaround the situation.

FOR MORE HELP RUNNING YOUR

SMALL BUSINESS