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Improve the Profitability of Your Business

(@Anonymous)
New Member

Here are some practical tips to improve your business profitability in times of financial difficulty:

- Prepare financial statements on a regular basis and use them to analyze performance and benchmark your business against industry averages.
- Understand the profit you generate on each item of stock or service you provide.
- Concentrate on improving sales of your most profitable stocks or services.
- Don't discount prices on lower margin products and services.
- Don't discount on your most profitable products or services unless the discount encourages increased sales that lead to at least the same profit.

We adopted these tips when we were in cash-flow bay and these helped us to overcome that situation. Hope this works for you too.

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Topic starter Posted : 30/05/2010 12:30 pm
(@Anonymous)
New Member

Re: Improve the Profitability of Your Business

Hi

Move as many of your "paper" products and services to the digital market. Being able to sell and promote products and services online will greatly reduce your total expense. For example, instead of letterhead, contracts, management systems and costly proposals, do this work online, as it reduces your expenses.

Invest in a blog, for a fast, easy way to promote your business. Use the blog to direct traffic to your website such as through articles, attraction marketing, network marketing and just getting out into the Internet community and sharing a link to your blog. This type of marketing is inexpensive, or free if you do it yourself, and drives traffic to your business website, increasing the sales you do.

Become the expert in your field and show it through your website's comprehensive information and resources. Profitability from increased sales will come from the fact that consumers trust you. This also increases the number of direct customers you get from your traffic, again reducing expenses and increasing profit.

Thanks

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Posted : 03/06/2010 9:57 am
(@Anonymous)
New Member

Re: Improve the Profitability of Your Business

i remember when i left the firm to open my own business i put out a business plan , made a business account , talked to a lawyer , licensed my work place and did all i could to make sure its secure after step 1 we move to the step2 which is increasing the profit by always making new ways of advertising ,marketing , and taking customer suggestions seriously

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Posted : 20/07/2010 9:29 pm
(@Anonymous)
New Member

Re: Improve the Profitability of Your Business

Hello,

There are many ways to increase business profitability but according to me one should do the SWOT(Strength, Weakness, Opportunity, Threat) analysis of your own business.. Once you know all your strengths and weakness you would be able to achieve your targets...

Thanks.

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Posted : 21/07/2010 5:06 am
(@Anonymous)
New Member

Re: Improve the Profitability of Your Business

SEO firms help businesses of all types and sizes. They offer their services to small, medium, and big companies in almost every industry so that their websites can get better rankings through driving website traffic from target customers and many other sources. Typically, SEO firms offer unique ways to achieve outstanding search engine rankings. Other than search engine optimization, an SEO firm can also offer online PR, link building, online video production, online video distribution, pay-per-click, email marketing, and many other services to its clients.

Thanks

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Posted : 26/07/2010 4:27 pm
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