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How To Maximise Your Profitability – Webinar Replay

When we want to increase the profits in our business, we immediately think of increasing sales and decreasing expenses.

Yes, we can do both those things, but there are a number of ways you can maximise your profit potential in your business. Not only will you see the immediate benefits of more profit, but you will work towards achieving long term business growth and security.

In this webinar replay we will step you through six simple strategies you can apply in your business today:

#1 – Master your Numbers:

The first step on the ladder to improving your businesses profitability is to look at past results and become a master of the numbers.

The best indicator of future performance, is past results.

It is crucial for you to understand where your business has been… so that you can improve and grow moving forward.

Remember to review reports and data that is up to three years old, so that you are working with your most up to date information.

#2 – Leverage your greatest Asset:

Your team are at the coalface of the business.

They know what works and what is not working in your business.

They are often dealing with customers and suppliers and get feedback directly.

If they are properly engaged and understand your businesses visions and goals, they will find ways to improve profitability. How can you work together to make this happen?

#3 – Make your Working Capital work for you:

Freeing up working capital (i.e. freeing up cash flow) will result in increased profitability.

Here are some ways it can work for you:

* It gives you the ability to pay down debt to reduce finance charges and increase net operating profit.

* Results in improved credit rating and increased capacity to borrow to fund future growth.

* Gives you the ability to re-invest in your business through additional capital expenditure and/or R&D.

* Affords you the ability to pass on savings to customers to improve competitiveness and increase market share.

#4 – Embrace change and technology:

Ultimately, your goals with embracing any change or new technology should be:

* To make your workforce more productive

* To make your business and team more compliant; and

* Ultimately to make the business more profitable.

#5 – Know your Customers:

Understanding your customers and knowing which customers return you the most profit is a great start.

When you know who these customers are, you can gear your marketing so that you attract more of these into your business.

What changes do you need to make as a business to bring more of your most profitable customers into your business?

#6 – Identify and avoid profitability drains:

There are a number of key areas in most businesses that can drain your profits. When you have an understanding of what these are and how they may be affecting your profits you can take action to rectify them with immediate impact on your bottom line.

Once you have worked through each of theses steps you can create a plan to implement some strategies that will improve your profitability.

Watch our webinar on “How To Maximise Your Profitability

 

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