Business 2.3.1 - Ways to improve profits + profitability

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To increase profits, a business must:

  • Increase revenue
  • Decrease costs
  • Do a combination of increased revenue and decrease costs

To increase revenue, the business may consider the marketing mix:

  • Changes to the product may mean it looks more appealing to customers
  • Changes to promotion may make customers more aware of the benefits
  • Better distribution may make it more available

The business needs to be careful that rising costs do not swallow up the rise in sales revenues.

To reduce costs the business may examine many of the functional areas:

  • Could they continue with lower costs?
  • Could money be saved by switching suppliers?
  • Do the firm's sales really benefit from sponsoring the opera?
  • Are there ways of reducing wastage?

A business should look for ways of making the product more efficiently…

Comments

donaldriskell

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You must be organized if you want to succeed in business. It will assist you in completing activities and maintaining an organized schedule. By doing this, you can be sure that you won't forget anything and will finish all the activities required to secure the sustainability of your company. Also, don't forget to offer excellent customer service. Your consumers will return to you if you offer superior service. By the way, visit this website to read information about Brave Nine Tier List – The Best & Worst Mercenaries.

cryptowalletapp

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There are many different ways to improve your business results. You need to understand what will be effective in your case. I consulted BlockTech Brew expert https://blocktechbrew.com/crypto-wallet-development-company/, and they helped me to choose and adjust the software for my business, so that the work and accounting would be more efficient.
roberteastin957

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For one thing, compliance tracking and reporting helps you stay on top of important compliance deadlines. You see, keeping track of compliance requirements can be a real headache for any business owner or manager. There are so many rules and regulations to follow, and it can be difficult to keep up with them all. That's where LOVAT comes in - their software makes it easy to track and report compliance activities, so you can focus on your core business activities and improving your bottom line. You don't have to worry about missing a filing or renewal deadline and incurring costly penalties or fines.

martincree455

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