Profit Tip 1: Focus on your most profitable products or services
Focusing on your most profitable products or services is one of the easiest ways to generate more profit quickly. A lot of businesses focus on the products that are “nice” or “entertaining”, but not necessarily profitable. We all like the nice and entertaining goodies, but if they are not profitable then why are you pushing the sales on these? Focus more on the ones that generating you profit, money in the bank!
Profit Tip 2: Streamline your operations
Although cutting costs might be a logical step, be careful with which costs you cut. You cannot retrench staff to the point where customer service suffers. You cannot sell off assets to the point where staff do not have sufficient equipment to perform their duties. You need to streamline operations, thus you need to spend the least amount of costs on all purchases (yes cost cutting) but you need to ensure that the operations are still efficient to retain and gain customers.
Profit Tip 3: Revalue your pricing and add value to your offering
In difficult economic times, business owners tend to drop their prices in order to attract more customers. This in my mind is not the right approach. I believe the answer is to rather increase your prices and add more value to what the customer is receiving. You should rather focus on adding another aspect to your product or service, increase the price of it and sell the benefit of this value added product or service.
Profit Tip 4: Plan, Plan, Plan
The most important tip to making more profit is to plan for it! You cannot generate a good profit if you do not plan for it. You need to have a budget to work towards, even if it is just a sales budget as a target. Start with a basic plan that drives you to make a certain amount of sales and gross profit per day, per week or per month. Once you start achieving these targets you will see your business grow and eventually your profits explode!