If your profit is the actual money you get to walk away with, you want to be continually improving this number – start with these:
1. Raise your prices – simple, same amount of work but more money.
2. Reduce costs – how can you streamline things?
3. Upsell to existing clients – they already know you, it’s easier than talking to strangers.
4. Increase the productivity of your staff – set targets, motivate and train them, develop their skills.
5. Fix bottlenecks – are your processes too slow? Not utilising talent, waiting for work from others, is there poor communication channels?
6. Improve inventory turnover – markdowns are known profit-killers, so avoid them at all costs. Make better decisions around purchasing, sales and marketing.
7. Increase the perceived value of your brand – position yourself as the go-to-expert, and you can charge a premium.
You don’t have to make drastic changes and it’s not all down to increasing your demand either – tiny continuous improvements over time can all add up to more money in your bank account!
Research and Development Tax Credits
R&D Tax Credits have always been something overlooked by those in the B2B or are dismissed because companies believe they won’t have anything that qualifies
24 June 2022
