7 Ways To Increase Company Profits

The key to increasing company profits is to focus on the actual margins being achieved on the revenue or income being generated by the company from its activities.

Company profit margins may be increased, depending on the underlying business and industry itself by any of the following seven strategies:

  1. Increase selling prices – company profit margins will improve provided the cost of fulfilling the revenue does not increase proportionately with the increased selling price.
  2. Have a commission-only sales team – means reduced overhead and you pay on results. When your sales team delivers, they get paid so they will be highly motivated to achieve the results you are seeking
  3. Reduce unnecessary management – many companies are management heavy. Look at ways to streamline and simplify the organisation structure which will hopefully translate into higher company profits through reduced overhead cost
  4. Have team incentives based on company profit margins – ensures that the entire company has a vested interest in working towards ensuring the company profit targets are met
  5. Know your actual costs – so that you can better manage the results and seek to make savings where possible to increase company profits
  6. Join or start a buying group – cost savings through bulk purchasing if it can’t be done on individual company basis
  7. Invest in technology – Become more efficient. Systemise the routine, humanize the exceptions

Now the big question to answer is – Is your Business Profit–Friendly?

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