2 Tips to Increase Profit

Gain new "profitable" business.
Reduce the costs of existing business.

We all know it's not as simple as that, but in a nutshell these are the only ways to grow profit.

The above two "obvious" methods of growing your business and increasing your profits are rarely seen in tandem.

Most companies throw vast resources into securing new business, and then throw yet more resources into servicing that newly acquired customer, the profitability of this activity is rarely questioned.

Hello Jonson,

Sorry to say that, i think these are not most effective for increasing business.

Hello,
Here i have seven tips to increase profit in business.

1. Marketing: Don’t advertise -- until you’ve maximized use of free or inexpensive promotion. Market test every new product/service before investing in production or marketing. Evaluate your marketing efforts. Do more of what’s working, discontinue what’s not.
2. Customers: Customers don’t want money back guarantees. They want the product or service to be right. Get it right and customers become your best sales people. Get to know your customers and what’s important to them.
3. Competition: Look for ways to add value without adding to the cost. Stay at the cutting edge of your industry. Know the players and what they’re doing. Stay flexible. Differentiate your product.
4. Pricing: When you need to lower your price to get the business, try to cut your costs, not your profit. Be sure to use accurate historical financial information to determine costs.
5. Cost Containment: Discontinue services that don’t add to the bottom line. Keep operating costs as low as possible without jeopardizing outcomes. Justify every expenditure.
6. Debt: Borrow money only when you must. The additional burden of loan repayment eats into your cash flow, so be sure you have a flexible plan and budget to cover this additional expense.
7. Losses: Cut losses early. Monitor financials and operations monthly. Determine what has created the loss. Rethink your strategy. Double your marketing efforts.

I would like to share my knowledge regarding Tips to Increase your profit

1) Managing Pricing

Make concious plan about costing your products or services !
Always update yourself in terms of your competitor products pricing
Because Quality and Quantity against a specific price need to be focused

2) Customer Support
Provide Quality Service to your customers!
Make plans to increase the quality of Service (QOS)
Because it is the main thing for which usually customer prefers to avail company's services

3) Proper Management of Resources
Managing your resources is the most important thing to make your profit double.
From Employees to Furniture, a ball point to air conditioner, all are your resources.
Keep track and make account of depreciation account

To increase profit in business
1.increase customer
2.give service to customer
3.dont waste your business time
4.make product cost effective.
5.motivate your staff to bring more order.
6.give discount during off business time.this could give extra business to you.
7.REad more and more marketing,hrm,production book that could give more idea.

Thanks

1)Always keep track of financial investment:To make success a habit it is a necessary that you carefully invest money in your business.
2)Built a proper referral system:To make success a habit you should constitute a good reputation for your business in the market and among other businesses.
3)Implement professional marketing mechanism:To make success a habit it's very important that your business is properly advertise and marketed from time to time.
4Grow your business:To make success a habit it is also required that you grow your business with time in a planned manner. If your business is making sufficient income and you have the resources and the skills to expand your business than do not hesitate in doing so.

Have a nice day

Thanks for the tips everyone!

increasing website profit
1. increase customer base
2. increase customer support
3. turn casual customers into long life customer
4. offer products at low cost (kept profit to minimum)
5. be active in social programs
5. participate in charity programs
6. keep your business focus with particular product only
7. resources should range from old to new fresh minds

Hello,
Thanks for these very nice information. Keep sharing interesting and informational articles like this.

Thank you once again for sharing
mike