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Increase Your Profit Margins

Increased earnings are good, but your business needs to improve your profit margins as well.

You are here: Home / Financing / Increase Your Profit Margins
Man holding briefcase full of money

January 11, 2011 By //  by Isabel Isidro 1 Comment

Man holding briefcase full of money

.Increased earnings are good, but your business needs to improve your profit margins as well.




If you are running a retail business, for example, Bob Phibbs in his book The Retail Doctor’s Guide to Growing Your Business: A Step-by-Step Approach to Quickly Diagnose, Treat, and Cure recommends some ways you can increase your profit margins:

  1. Increase prices – not necessarily across the board, but selectively such as the most popular items
  2. Narrow your focus– you can’t be all things to all people.
  3. Limit the discounting
  4. Cut waste and stretch what you have
  5. Schedule your employees based on the real needs of the business
  6. No overtime
  7. Stop scheduling for convenience of employees
  8. Award extra hours based on merit
  9. Know how much each staff member actually makes
  10. Pay bonuses based on the amount of profit, not amount of sales
  11. Tighten systems and procedures to prevent theft
  12. Tighten inventory


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Filed Under: Financing Tagged With: Business Growth, Managing Finances

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Comments

  1. surki

    January 16, 2011 at 9:55 am

    That is something to consider. It’s not just the number of sales that come into your door, but how are these revenues contributing to your bottom line

    Reply

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