Business consultants will tell you that there are three ways to increase profit. Either you need to find new customers, sell more to your existing customers or sell more frequently. However I believe that there is a fourth way to increase your profits that is often overlooked.
When I first started my business, I used to feel a bit embarrassed about making a profit. Then at an industry meeting, I met a business coach who changed the way I thought about profit for ever. He told me that, “As a director of a company, it is your responsibility to make a profit”.
Are you in a business where you are quoting for contracts, particularly, where those contracts become fixed price agreements? And if you are, when the contract is completed, have you made the profit you expected to make, or is it less?
When people start out in business, they often think that as long as there is money in the bank, they’re doing ok. Unfortunately, this is not always the case. Think about it for a minute. Do you look at your bank account and if there’s money in the account think that you’re ok, that you have enough to pay the wages, the rent and other bills you know are due? Read more.
Retail communities can no longer rely solely on ‘position, position, position’ to capture their fair share of the customer dollar, according to retail consultancy Spruiker Hire. Read more.