11 Quick Profit Generating Ideas

July 10, 2008

Here at the one80 group we receive hundreds of emails a week asking for quick tips on how to increase profits. In an effort to help all of the business owners out there we have compiled a quick list of 11 Profit Generating ideas that you can start implementing today. If you have any questions or are ready for the next step in your business strategy give us a call or email.

  • Reduce the amount of discounts you give. Depending on profit margins, you may have to generate $15 of sales to recover $1 of discounts.
  • Better control inventory. 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 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 have saved every profit-growth idea you’ve ever had?
  • Start measuring. The way you improve profitability is to measure. What should you measure? Revenues, costs, quality, quantity and time.

Feel free to 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.

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Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG 

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