Following on from the post “Five Ways to Make Sure You Really Make a Profit“ here are five more ways to ensure a healthy ‘bottom line’:
6. Know What’s Good For You: Where does your profit really come from?
Understand what’s good for you and build your profit streams around this knowledge.
7. Innovate For Customer Benefit: Sustainable profits come from a thorough understanding of customers and how they value the products or services they buy. Make sure your improvements deliver
“will-pay-for” value to customers.
8. Look Over The Fence: Sometimes innovative ideas come from looking at how others excel. Although every industry has its own unique features, many aspects are common, so don’t just compare within your own industry – the best results might come from different sectors.
9. Listen To Your Staff: Although most companies profess to value their staff highly (‘our most valuable asset’ etc), relatively few seem to believe they could possibly have anything worthwhile to say. Staff can be a great source of ideas; why not listen to them?
10. Review Your Plans: As Eisenhower once said, ‘Plans are nothing, planning is everything’. The real value of a business plan is largely in the process rather than the finished document. Review your plans regularly to ensure they always provide a reliable blueprint for future profit.
If you have any questions about making and maintaining profit, please contact us on email@example.com.