Valley Mayfair

Wealth Management

22 Ways to increase your Profit Margins

Lots of small improvements can lead to huge improvements to your bottom line.

Business Advice
Notebook_Work

 

Work your way through each line and have a good hard think about implementing each and every point.

 
  1. Review your Web hosting costs & shop around for a better.
  2. Look to outsource basic marketing functions to a freelancer.
  3. Allocate your marketing budget on high margin products & services.
  4. Maximise free marketing opportunities like Facebook, YouTube & Instagram.
  5. Stop discounting, a discount of 10% requires a 25% increase in sales.
  6. Review your pricing and increase high demand items by inflation.
  7. Discontinue any low volume or low-profit margin items.
  8. Use add on sale items at every opportunity.
  9. Train your Team to upsell and promote other services & products.
  10. Ask your Team to identify and remove unproductive jobs & tasks.
  11. Introduce a Team Member of the month award.
  12. Ask for a discount on upfront or early payment of invoices.
  13. Negotiate reduced item prices for increased orders.
  14. Seek out new suppliers then negotiate for better pricing.
  15. Discuss with your supplier to identify ways to decrease their costs per unit.
  16. Review your top 3 expenses & shop around for a better deal.
  17. Ask your Landlord for a rent reduction.
  18. Review all non essential expenses and reduce or cancel them completely.
  19. Ask your Accountant/Bookkeeper to identify expenses that seem too high.
  20. Identify your transaction costs and shop around or ask for a reduction.
  21. If you have debt, ask you bank for their best interest rate.
  22. Use balance transfers on your credit card to eliminate interest costs.

We want to increase your profits and get you working less hours.

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