NEWS

23 PROFIT INCREASING STRATEGIES


INCREASE SALES

Getting more sales leads of the type you want

  • Becoming more compellingly attractive to prospects

  • Improving your marketing systems

  • Improving your referral systems

Converting more of your sales leads into customers

  • Improving your sales systems

  • Improving your follow-up systems

Increasing loyalty so that they stay as customers for longer – and your customer defection rate is lower

  • Improving your customer service systems

  • Becoming more valuable to your customers – so that it is harder for them to do without you and harder for a competitor to provide the same input

Increasing the average number of times your customers do business with you in a year – ie how many times they buy from you

  • Providing products/services that meet more of your customers’ needs

  • Improving your systems for encouraging, rewarding and enabling more frequent purchases by customers

Increasing the average amount customers spend every time they do business with you – ie how much they buy from you

  • Improving your pricing systems

  • Improving the “quality” of your customers

  • Improving your up-selling systems so they buy more expensive options

  • Improving your cross-selling systems so they buy extra items

  • Understanding your true product costs so you can systematically drive up sales of the more profitable items in your sales mix

REDUCE COSTS

Improving productivity and efficiency so that you need fewer inputs (ie labour, materials, services etc) to support each £ of turnover

  • Improving your operational systems, procedures and work practices

  • Improving your technology

  • Improving the knowledge, skills and attitude of your team

  • Getting rid of customers who set you back

Reducing the price paid for inputs

  • Switching suppliers to get cheaper prices

  • Negotiating lower prices with existing suppliers

Managing your balance sheet better

  • Changing how and when you extend credit to customers – and who to

  • Improving the way you collect from debtors

  • Re-arranging and/or renegotiating borrowings and interest rates


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71-75 Shelton Street, London WC2H 9JQ

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email. contact@wagnertax.co.uk 

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