How to Increase Your Profits

Download a Printable Version

[ ]  Ensure that your product/service is all it can be

[ ]  Consider adding complementary products or services

[ ]  Ensure that you have found the right markets for your products/services

[ ]  Set specific profit goals and monitor progress

[ ]  Assess your marketing plan to determine if it is working

[ ]  Spend marketing dollars carefully

[ ]  Establish effective sales techniques

[ ]  Hire superior salespeople

[ ]  Support your sales team with training and attention

[ ]  Eliminate sales programs that are not yielding high returns

[ ]  Observe your competitors so you can determine your particular niche

[ ]  Assess pricing to determine validity

[ ]  Charge for extras, such as rush delivery

[ ]  Make sure your customer service is bringing customers back

[ ]  Encourage follow-up contact with customers and requests for referrals

[ ]  Bill customers quickly and efficiently

[ ]  Develop effective payable and collections procedures and monitor regularly

[ ]  Assess inventory regularly and eliminate slow sellers

[ ]  Keep excellent financial records

[ ]  Pay close attention to cash flow

[ ]  Carefully negotiate contracts and seek discounts

[ ]  Continually assess all costs and cut where feasible

[ ]  Get rid of waste, unused space or equipment, inefficiencies

[ ]  Assess staff for potential cost savings, such as hiring part-time employees

[ ]  Train staff effectively to encourage efficiency

[ ]  Hold employees accountable for deadlines, budgets, quality, accuracy

[ ]  Establish standard operating procedures for all tasks

[ ]  Develop checklists for all repetitive tasks and train staff to use them

[ ]  Take care of office space and furnishings so you will not incur extra expense

[ ]  Service equipment regularly

[ ]  Communicate regularly with staff, customers and vendors so you remain informed

[ ]  Address small problems before they become big ones

[ ]  Stay informed about your industry so you see major changes and opportunities

[ ]  Prioritize carefully so you spend time on tasks with the greatest return

[ ]  Network to uncover opportunities

[ ]  Assess yourself to ensure that you are modeling the efficiency you want in others

[ ]  Remember that your time and that of your employees costs money

[ ]  Carefully research any major changes you consider for your business

[ ]  Know when to cut your losses and let go of products, people and businesses

Comments are closed.

Photo credit: www.VisitAnnapolis.org.