Profit Generating Ideas
- Reduce the amount of discounts you give. Depending on profit margins, you may have to generate $15 of sales to recover $1 of discounts.
- Implement better inventory control. Inventory isn’t an asset. It’s a liability. You can’t stop the cost from running.
- Develop compensation programs that reward your people for the right things.
- Offer specials on higher priced, high value items.
- Avoid a last minute crisis with proper planning.
- Accelerate sales by announcing price increases way in advance.
- Ask your vendors for ideas on how to control expenses.
- Establish safety programs and provide bonuses for people who don’t have accidents. How big a bonus? Somewhat less than the workers comp savings you get by avoiding them.
- Improve your hiring by establishing employee referral bonuses.
- Develop a profit playbook. Sports teams have playbooks, why not all businesses? What if you saved every profit-growth idea you ever had?
- Start measuring. That’s the way to improve profitability. What should you measure? Revenues, costs, quality, quantity and time.
Try the ideas in this checklist. They represent just a few of the many ideas we can help you develop and initiate in your organization to improve your bottom line.
Feel free to tap into our many years of experience working strategically with organizations such as yours to add value, as well as dollars to the bottom line.