How to increase profitability
What are some ways to increase your business profits?
Many people only look at reducing expenses as a way to increase profits
When was the last time you increased your prices? I know you think that if you raise your prices that you will lose clients or customers. Maybe they aren't your ideal clients or customers anyway. Who does God have for you to work with? Is he telling you to stay away from any business? Are you seeking His guidance and direction?
How and when do you pray for God to open doors for you and your business? Do you crash through doors that He closes?
When was the last time you reviewed your inventory turns? Do you have products that you are unable to sell? Can you sell them at a reduced price?
What is your marketing to sales conversion rate? How can you increase it?
What percentage of your budget is directing related to sales and marketing? How effective is your marketing strategy?
What does your sales system look like? Is it effective or lacking? no specific sales system?
Many businesses and accountants look at profit as what is left over after your expenses are subtracted from your income. What if you decided what your profit should be and then determine how much income you need in order to support your necessary expenses. How would it look differently than your present situation?