Here are the top profit-building strategies that all growing businesses are using to improve business processes, gain market share and grow their bottom lines.
Businesses are busy growing right now, and they're more optimistic than they've been in the past 35 years, according to the National Federation of Independent Business (NFIB). Job creation, expansion plans and increased compensation all hit record high levels in October 2018, when 30 percent of business owners said it was a good time to expand substantially due to the strength of the economy (72 percent) and strong sales (14 percent).
If your company isn't already doing so, now is the time to take advantage of this robust economy and grow your profits. That's sometimes easier said than done. Many growing businesses operate with fixed budgets and finite resources. Forced to put out daily fires, fulfil the most pressing requests and manage customer issues, business managers don't always have the time or energy to develop - and put into action - new strategies for growing profits.
But when the economic landscape is positive, it's an ideal time to examine all areas of your business and take steps to:
- Optimise processes
- Drive operational excellence
- Better leverage organisational strengths
- Reduce or eliminate waste
- Sell across more channels
- Find new revenue streams
In this white paper, it explores seven key strategies that organisations have used to improve their results and show you how to use them to your company's advantage. Ranging from top-line revenue-oriented actions to regulatory burden management to simple cost-cutting tips, these strategies will help you free up scarce resources, maximise your company's strengths and grow your profits in 2019. Each strategy is accompanied by a case study that brings the ideas to life.
The Profit Building Strategies include:
- Take a 360-degree snapshot of your business
- Drive down costs by maximising operational efficiency
- Fine-tune your tax, regulation and compliance activities
- Sell more to your current customers
- Sell through more channels
- Identify and exploit new revenue streams
- Expand into global markets