Five More Ways To Make Sure You Really Make A Profit

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.

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