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.
Try our Growth Analysis, which will allow you to baseline these areas in your business you need to focus on to grow profitably.