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Show Me the Money!
Clients often hire me to help them get to the next level of business. Most companies want to focus on revenue, but that is just one part of the picture. Another major element of growth is profit. Revenue is the amount of money that a company actually receives from its activities, mostly from sales of products and/or services to customers. Profit is gain that remains when subtracting expenses and losses from revenues. Profit increases a company's retained earnings.
I am surprised that increasing profit is not of equal importance to most business owners. Improving profitability increases the value of your business, makes it more sustainable and provides a better income for you, the owner. Let’s look at ways that a company can become more profitable.
Your business can increase profit if you:
Here is an opportunity to have a two-way conversation with employees. They see a lot from a different perspective. Ask for and reward them for suggestions that improve the bottom line. Too often, management doesn’t tap into the frontline for feedback. This is a lost opportunity. Don’t make that mistake.
Customers can offer valuable comments as well. They might suggest different options on payment structure, delivery of products and services, or selection from menu or bundled offers. By listening to customers you can create more business.
Profit doesn’t seem as attractive as revenue because of the lower numbers but it is essential to your success. It allows your business the resources to grow; it builds a cushion for the rough times and it supports your life so it is worth the effort. Look closely at how you do things to increase profit. Don’t wait, start now.
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