Any business needs profits to survive, and without any profits no business would survive. An organization would need a mixture of various elements to make profits, and these very elements are necessary to increase those profits. These elements include a hard working team, good marketing techniques, and product exposure. A good profit line indicates the state of the company’s health. Make it a point to constantly monitor the profits of your company and take preventive steps if you see your profits coming down. And, do that before it’s too late. Make it a habit to go through your books of accounts, including profits, at least once in a month. Prepare a plan for the coming month based on your performance.

Q. Are you facing difficulties in increasing your profits?
Q. Where are you losing your money?
Q. Do you want to know how to improve profits?

Here are some tips from Kuza Biashara, that will help you to increase your profits:

Encourage your Employees

Employees are the ones who help you get more business. See that your employees are given incentives if they bring in more customers.

The more the rewards and gifts you offer them, the more the business that they can get for you. Let the message percolate at all levels that everyone should be polite to the customers. And, of course, it goes without saying that you ought to be polite to your employees. You can build an effective and successful sales team which can bring in business and profits. Make sure that your incentives include a mix of bonuses and paid vacations. Your company can perform well only if you have efficient staff, but, if you have to fire your staff who do not perform well, do it with a iron hand. Keep changing the rewards and incentives that you offer as this will facilitate better work.

Unique products and Services

The products and services you offer should be unique and different from the ones available in the market. Everything that’s similar will not attract customers. Produce products that are affordable and still unique. Keep improving your products and that is sure to attract customers. But, do not change your product until it is absolutely necessary, for then you have to promote and build up your market again.

Increase your market

Take up export of your products to other places to increase profits. Find out where your products are in demand and send your products to these target markets where your products are in demand. It is suggested that you export to countries where your products are found unique and where the taxes are less. Use the power of the internet to research and get a good idea of the possible markets. Analyze your target market to identify your new market areas through marketing research. Make sure to use suitable marketing techniques and follow marketing tips to establish good markets.

Reduce your costs

Try to reduce your costs wherever possible through use of efficient technologies that help in cost reduction. Do not export to areas where there aren’t many customers as it would not be economical at all. Negotiate costs with your suppliers beforehand to reduce your direct costs. Review all costs and overheads and examine the possibilities of reducing them.

Entrepreneurial Learning

To increase profits is very essential for every business, and remember that it’s all in your hands. Use simple and easy techniques to increase profits, cut down unnecessary costs, expand your market, and work closely with your sales team to offer better prices to your customers.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More