45 Steps to Increased Profits

Which are right for your business?

Differentiate

1. Develop USP
2. Compete on value not price
3. Dump Inefficient Or Low-Return Marketing
4. Innovate
5. Constantly Test, Measure And Monitor

Pricing

1. Increase prices
2. Stop discounting
3. Deal In High Margin Products
4. Create Your Own Label
5. Sell Bulk
6. Charge Your Own Finance Fees
7. Fees For Services
8. Negotiate

Manage your existing customers

1. Use your customer database
2. Actively sell to existing customers
3. Concentrate on high profit customers
4. Bypass Low Quality Customers

Business Structure

1. Trim management
2. Define roles and responsibilities
3. Cut out duplication
4. Trim staff
5. Outsource non-core functions
6. Negotiate Employee Pay
7. Franchising

Systems

1. Systemise ad hoc processes
2. Optimise existing processes
3. Establish Benchmarks For Future Plans
4. Learn From Your Competitors
5. operate efficiently
6. Buy better
7. Form/join buying groups
8. Budget Monthly

Financial control

1. Measure And Monitor Financial Statements
2. Control invoicing and payments
3. Monitor And Control Employee Costs
4. Collect Past-Due Receivables
5. Reduce overheads
6. Watch Your Expenses
7. Loan Consolidation
8. Control Your Credit Terms
9. Pay Slow, Collect Fast
10. Factoring Arrangement
11. Rent/lease
12. Sell property – lease back
13. Run lean - Minimum Stock And Storage

I am not suggesting that you should try to implement all of these ideas.  Work out your marketing strategy and stick to it.  Choose 3 or 4 ideas, form your plan and stick to it.

Of course, its even better if you can generate more profits from your customers too.