Topic: How to increase profit in business (Read 1794 times)

But I've noticed sometimes that there are merchants or stores that are the same price, like they've already talked about it, and still you're forced to buy at those prices if you're really a good businessman and want to gain more customers. The lesser the price, the better, and much more if you know how to talk with your customer because no matter how cheap your price is, if you are strict and always have a high voice, for sure your customer won't come back.

The presence of the internet and the many online sales applications are of course a good tool to increase sales thereby increasing profits, in business the most important thing is to be able to increase sales so that production results are sold immediately and create a good flow of funds so that profits can increase.

I think so too. More customers equal more profits. One thing that is interesting in my opinion is that technological developments are now changing everything. Including business. The use of the internet, for example, is very influential on our business to carry out promotions. Because with the media promotion. Our business will be better known to the general public. With the internet we can also reach customers more easily.

It's not even surprising that now many agencies have opened businesses engaged in service providers to help people in promoting their business.

I graduated college with a degree in Business Management, so this topic is right up my alley.  Now I agree with some of these things, and think you've got some solid suggestions here, but what's sort of missing is the fact that not all of these suggestions are good suggestions for every type of business. It really entirely depends on what type of business is being ran, the current location and it's closest competition etc etc.

I agree with you. because all business must incorporate risk in order to attain its objectives. Every firm has a profit and a loss.The primary goal of the company is to make a profit.You must be imaginative and optimistic.And must incorporate fresh ideas into the business.This can encourage customers to purchase your goods or service, allowing you to profit. Profit is frequently the primary goal of businesses when they are created. Following the identification of a need and a maket. Profit growth is a primary aim for companies seeking long-term success.Pricing and revenue streams can be optimized. Examine your pricing approach and look for ways to increase revenue. Consider using dynamic pricing, upselling or cross-selling strategies, and looking into additional revenue streams. A software business, for instance can offer tiered pricing plans, luring clients with additional features or premium support for higher-priced products.

Selling your product at a cheaper price compare to others can be a good way to go. Mama Seun sell her rice #140 per cup but you sell yours at #135 per cup. The profit may be low but bet me the turn over will be high. Some customers can go miles just because of that #5. Before you know it you will be making even more than twice of what Mama Seun is making due to your high turn over.

You wont progress if you wont really be taking further risks or taking up those chances if you do really tend to play safe or sticking into something which stagnate yourself on progressing on which its not something that recommended on a business because we know that the risks of losing off track would be there considering that you arent the only ones who do run off with the same business on which
we do know that there are lots of competitors out there.If you do find yourself not taking any step forwards when it comes to expansion or upgrading or possible add up then its considerable act that should be done if you do really like some progress. Its not an assurance though because there's no such thing about assurance about being profitable in business.

The only way you can increase your profit potential as a business owner is to scale up your business. If you continue serving the same demographic, your money will stagnate as every target demographic possess specific spending power. So scaling up to cater to two or more target demographics, while a costly and risky move, is the only surefire way for you to continuously increase the power of your business. It has been done in the past, food providers, alcoholics, even apparel providers took this approach and with a stroke of proper marketing and a fuck-ton of luck, they were able to go big, some even offering franchising opportunities for people who wanted to use the business's name so they don't have to worry about creating competition.

I have come to understand a lot about strategies in entrepreneurship, it turns out that increasing sales can be done in various ways, one example, as you said, we don't need to be busy looking for new customers, but correcting mistakes from customers who have subscribed is far more important so that the value of this business increases. Every business person. This can be a strong focal point for our business if we want to increase profits. Because maintaining a good relationship with customers is much more difficult than getting new customers.

If necessary, continue to build communication with them so that we know what benefits they have gotten from our business and our services as business people. Of course, we have to ensure that the service infrastructure for them continues to exist so that we can act on feedback from customers quickly. We also need to carry out a personalized marketing strategy, so that they feel that we pay more attention to them personally. That way we can increase our business profits while increasing customer loyalty.

I myself do business and to increase income in business there are two events that I do, namely;

The first, istiqomah/consistent. Of course, in doing business there are always profits and losses, and there are ups and downs. This is what makes many business people go out of business because they don't believe in the products they produce and the work they do and when they see other people's businesses in different fields and look more advanced, sometimes we are tempted to do the same business and leave the previous business. So this is where the need for confidence and consistency in the business that we do because who knows later our business will be more advanced than others because earlier that in doing business there are profits and losses and there are ups and downs, don't let a business that has previously developed you have started a new business. which in the end you will not be profitable but even losers

Second, evaluating the products produced and the business undertaken. Here it does not mean that I am not sure about the products produced or the business that is being done, but by evaluating the business that is being carried out, this will make it easier for us to find out why our business is not growing? Is the effort that is being carried out not optimal? or those who sell why our products are not selling well in the market,? whether the product that I produce is not feasible.?. With this evaluation, you can find out the shortcomings of the business you are doing, can minimize losses and can improve the quality of your business and can increase profits for the business you are doing.

I know a lot of people and they don't have any of the features you mentioned, but they are very successful. Success does not always come with good human relations or communication. We think this is true because that's the way we've been taught. Someone with very ordinary human relations but not bad can also be very successful.

The criterion of success can be not only self-improvement and good communication, but also doing the right job at the right time.

So everyone can achieve success in many ways. It is not right to set limits with this or that feature and expect success.

In order to increase the profit in the business, one of the few factors that a business person should count among them one of is to maintain good relations with people. A businessman will succeed in expanding his business as soon as he is able to gain trust from the customers. If you can maintain good products and good relations, the businessman will be successful very quickly. Generally, if we see some businessmen of the same category in the same place, we will see that some are selling the highest while some are able to sell less. The reason for this is basically those businessmen could not maintain relationship with the customers. So I want to prioritize the good relationship.

It depends, the discount is good for some and bad for others, if you are buying single items per one you need to sell at a reasonable price, there won't be a room for discount, and also discount is for attracting more customers.

Discount is a good choice if what you are selling is in packs, like a wholesaler, there will be room for discount and it won't affect your business or if you are the one creating the goods yourself then discount is good to make your goods more attractive to buyers.

For some people, discount is not always good so before introducing an discount offer make sure it happens once in a while, that's why we will see if supermarkets doing discounts on their goods every Xmas, find a good time for yours, not always.

1) Define your USP (Unique Selling Proposition). What sets you apart from all other businesses out there? When you get a good understanding of your USP, you'll know how to position yourself like where you should increase your visibility, who you should target, what should be your packaging, etc.
2) Quality. No matter what you do, if your products are of poor quality, it'll be hard to get repeat purchases.
3) Good customer service. You should be active with a response time of 24-48 hours. Customers are impatient and they hate unresponsiveness. Have a lot of patience and never ever appear rude. Triple check everything before sending. It'll take you a lot of time to build a brand and you can lose it in a snap especially in this generation where "cancel culture" is in. People like jumping on hate trains online.
4) You should always be ready to invest for the betterment of your business. Adapt to the trends and always offer your customers something new so that they'll be on a lookout for your new releases and follow your brand.

The nature and personality of a person will indirectly greatly affect each of his business trips. Those who have a personality that is easy to mingle with new people and have a friendly nature will certainly have a lot of relationships and they will get a lot of references there which they can use to further develop their business. And as you said, someone will be able to get a lot of new customers if they can give their own trust and satisfaction to their customers and include providing the best service to consumers. If consumers are satisfied with what we provide, it will not be difficult to find new customers and someone will have a great opportunity to develop their business.

To be successful in business, a businessman must first be a humble, polite and honest person and then think about improving the business. A businessman should give the most importance to his customers and think how to create new customers along with regular customers. For new buyers must create some attraction so that new buyers or customers come to you. To grow a business you have to avoid anger because you can never be angry with customers. One of the most important aspects of growing a business is keeping your accounts clean. Whenever you sell or buy something, you should create a temporary account of that item so that no account is left out later when you total your business. If you can manage your own business by thinking in this way, it is possible to achieve more success in the business.

Exactly! Cause at the end of the day what your customer says about your business will either make or break the profit you intend to have. Your customers, if they like your service, will surely be the one to even bring more customers to you. Hence, it is important to ensure customer satisfaction, but do not stop that. It is also essential to take care of loyal customers.

 

When a good relationship is maintained with the customer then those customers will become a permanent customer for long term. And its demand can be known very easily and accordingly the product quality or product supply can be increased and thus the business can be done much better. So building a good relationship with customers is the first and best strategy to develop a business. and the more a business develops, the more its profits will increase

Yes, I agree with that as customer service really matters to them and they will consider of coming back. But this is not all about treating them good, it is also important to give the right products to them by simply offering what they are looking for. That is why we also have to gather ideas from our customers and hear their suggestions as this would help us to improve and give them a delightful experience like - a one-stop store so there is no reason that they will go to another store (if possible).

Yes, even though your items or products are in demand still you need to have a good marketing skills in order for you to have a lot customers and expand your business. It is also good if you will be following the market demand since or what is hype in the market only if you don't have a specific products but yeah it will be sure hard at first to everything but it will be worth it for the next few months and days.