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4 Ways to Earn More Profit in Business

4 Ways to Earn More Profit in Business

It’s 2018. Your business is doing well. How can you make it better? Here are the ways you can get more money coming in and earning more profit:

  1. Review Your Current Business Setup.
    1. Internal Set up. This is your people, processes, and product.

      1. People. Are your people trained well for the job? Do you need to give them more training? Are there people in the workplace who make others feel uncomfortable?

      2. Processes. Where does your supply come from? Is there a way to make deliveries more efficient? Can we cut costs by choosing a different supplier? Is there a bottleneck in the system?

      3. Product. Become your customer for a day or every day. Look at how the product makes you feel. Does it make you feel good? If not, review your product. Is there a way to make it better?

    2. External Set up. This is how your customers see you and feel about you.

      1. Physical Shop/Store. Is your shop clean and neat? Do your customers feel good stepping into your shop? The way your customers feel when they step into your shop will say a lot about how much they purchase or if they come back at all.

      2. Customer Service. Are your people saying “Good Morning” and “Thank you”? How do your customers feel when they are serviced by your people?

  2. Introduce New Products/Services. Even if you have loyal customers who love your business, it is always good to introduce new products for variety. The good thing about new products is you can target and attract new customers.

  3. Expand to Another Location. If you are already doing well now, it will be best to expand to a different area, where people will also enjoy what you have to offer. Because you are already an established business, you can use customer reviews to post it on your online accounts to show your new potential customers why they should buy from you. Increasing your outlets or shops will definitely increase profits in the long run.

  4. Review Financial Statements. This is a very important part that you should never skip. Be familiar with your business’ finances and know on which days and months get the most revenues and on which ones make the least. This can help you adjust supply order levels and more.

Moreover, you should consult an accountant on how best to decrease the amount of taxes you pay and maximize profits. If you are looking for tax and accounting solutions in Fremont California, Unified Accounting & TAX can help you!

Unified Accounting & TAX is a professional tax and accounting firm in San Francisco Bay Area California. We offer services like financial statement preparation, business valuation, bookkeeping, auditing, and even business consultancy! Call us today at 510-299-2131 to schedule a meeting. You can also visit us at www.unifiedat.com to know more about our other services. We look forward to helping you increase profits and grow your business!

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