Improve Business Profits
You need to improve your profits. You are not alone.
Increasing your business profits isn’t as easy, or hard, as you may think. Here are 4 hints and tips to help you along your way.
Your Turnover
This one is straightforward enough – concentrate on your best performing product/ service lines of revenue and your best, most profitable customers. It doesn’t make sense to spend 10 hours on a customer each month that spends £1k-£2k per month opposed to 0.5 hours on a customer that spends £15k with you each month.
Your Costs
Reduce all non-revenue making overheads to a minimum. If that means reducing your workforces hours in slack times, do it. It is better for them to have less money each month than to have the company go bust. Don’t pay yourself a huge wage. The company is more important than your 4 holidays per year.
Prepare a Business Plan
You should always have a business plan. It is your target to achieve. If you do not have a business plan, how do you know where you want to be in 6, 12 or 18 months? Write one now.
KPI’s – Key Performance Indicators
Benchmark everything of importance; Sales figures, staff productivity, revenue, profits. Then look outside of your business and benchmark similar businesses. How are they doing? If they are doing well, how can you replicate their success?
1 dash 1 helps businesses reach their full potential by assisting them with growth strategies. We know businesses and how to make them more successful.
