You started your business because you love the product/service that your company provides or maybe you wanted to be your own boss. But ultimately you stay in your business to make money. Money makes the world go round and keeps you, your family, and your employees stay afloat. And of course, every company wants to make more money.
So what is the secret to making more money? What often gets overlooked is that to make more money you need to increase your profits, not your sales.
But before you can increase your profits you will need to look at the money your business brings in and the money your business spends to run; then you will be able to devise a strategy to increase your profits.
There are countless tactics to increase profits, but ultimately you can only increase profits in one of three ways:
- Get More Customers
- Get Your Existing Customers to Buy More Often
- Increase How Much Your Customers Buy.
You will also need a concrete understanding of where your business stands in terms of profitability and your pricing strategy before you can increase the profits.
In this week’s training video, we discuss how to increase profit!