Checklist of Profit Generating Ideas

Here is a checklist of practical profit generating ideas that can increase your bottom line now. They represent just a few of the many ideas we can help you develop and initiate in your organization to grow your business and increase your bottom line.

Profit Generating Ideas

• Reduce the amount of discounts you give. Depending on profit margins, you may have to generate $15 of sales to recover $1 of discounts. Implement better inventory control. Inventory isn’t an asset. It’s a liability.
• You can’t stop the cost from running.
• Develop compensation programs that reward your people for the right things.
• Offer specials on higher priced, high value items.
• Avoid a last minute crisis with proper planning.
• Accelerate sales by announcing price increases way in advance.
• Ask your vendors for ideas on how to control expenses.
• Establish safety programs and provide bonuses for people who don’t have accidents. How big a bonus?
• Somewhat less than the workers comp savings you get by avoiding them.
• Improve your hiring by establishing employee referral bonuses.
• Develop a profit playbook. Sports teams have playbooks, why not all businesses? What if you saved every profit-growth idea you ever had?
• Start measuring. That’s the way to improve profitability. What should you measure? Revenues, costs, quality, quantity and time.