How to increase profit in business - page 5.

Dr.Bitcoin_Strange

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Quote from: Wong Gendheng on May 28, 2023, 04:13:57 AM

In my opinion, the thing that must be done to increase profit potential is by market expansion, without market expansion, we will find it difficult to make profit, many strategies that we can do for market expansion, the presence of social media and influencers can be used as a brand ambassador so that it can increase sales.

Well, I think before one can think of doing expansion in their business, they are definitely making a lot of profit in their current business, and when your business exceeds your current space or location, expansion can be needed, but when one is not making any good amount of profit, they can't expand. There is this restaurant in the city where I live; although I was really young when they started, but they have now expanded to almost every state in my country. I worked with the company some years ago, and I can say that these guys make a lot of sales each day, which earns them a whole lot of profit. Even the advertisements they make on different TV stations show they make a whole lot of profit before they can always make advertisements the way they do. So, all I am saying is that one must be making a lot of profit and success before they can expand it.

FrozenBit

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Providing outstanding customer service is also a very important factor in creating a positive shopping experience and increasing business profitability. Friendly and attentive service can have a significant impact on customer satisfaction and the likelihood of them returning to your store. In addition to that, you have additional discounts, promotions, and gifts, which can be effective in attracting the attention of buyers. People are often drawn to special offers and the feeling of getting a good deal. These tactics can create a sense of excitement and urgency, encouraging customers to make a purchase. The above approaches will help you find the optimal pricing point that maximizes both sales and profits.

Nwada001

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Quote from: Paul Pogba on May 29, 2023, 11:02:46 PM

In my opinion, to increase profits in business, we must be brave to spend capital, many people want their business to grow but they don't want to spend capital, for example replacing production machines that are no longer effective, improving marketing strategies and so on.

As a real business owner, what you have in hand to start your business is what's called capital. Capital is not just money; landed property can also be referred to as capital. So when you have a mapped-out business with an estimated capital, those capitals are not budgeted to be left in the business possession for decoration; they are to be used and spent for better productivity.

One thing I see that takes business to a higher level is adequate management. One thing is to have a business; another is to manage the business properly in all aspects, starting from the customer relationship, which will make your customers happy and comfortable doing business with you; the worker relationship; and the management relationship. This could also help understand the worker and address them in matters that are pressing them in the organization. A healthy employee and worker relationship always increases productivity, adding to motivation and reward for hard work.

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Quote from: Patrol69 on May 26, 2023, 08:54:58 AM

Quote from: bluebit25 on May 26, 2023, 08:31:20 AM

And then go to things like products, customers, operating methods, marketing, management, ... each a little bit but it all contributes to the entire development process of the company enterprise.

It is possible to make a product known to people very quickly through online advertising. So usually different business organizations choose different popular channels to highlight their products in front of people which channels are usually watched by people more. In this case sports based channels are given more priority for advertisement. When advertisements are broadcasted on sports oriented channels, people get to know about the full and slowly the market value of that product increases. This is how businessmen earn more profit by promoting their products.

And what you mentioned is based on money and relationships, I understand the problem you mentioned in developing the product of the business. But the problem here when you only look in a positive way and rely on other people's formulas and haven't really experienced it, then everything just stops at the level of theory without experiment. Just like the investment environment I get really sick of hearing advice from what people say is an expert or an entrepreneur, growing a business or getting a product out there really has a lot of avenues to follow. Different approaches, but experimenting with its application on each will give different results. So I want to talk about looking at the root problem first, looking at your current limitations before figuring out how to make it popular.

Kelward

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Quote from: Altryist on May 28, 2023, 09:41:33 AM

Quote from: BITCOIN4X on May 27, 2023, 11:35:01 AM

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

I am sure that first of all you need to provide high quality products if you are a manufacturer, in this case, if you have a wholesale. But if you are a retailer, then you absolutely need to maintain a high customer service and also ensure that the quality of the products is at a high level, because the best service will not help you if the customers will complain about poor quality. You can also think about increasing the range, and preferably high-margin products.

Personally I store different qualities of products brands, so when a customer asks for a brand and cannot afford to pay for it, I'll show another brand that is within the range that the customer can afford. Although I make sure that the customer understands the quality differences and allow him to make the choice of buying what he can afford or come back another day to purchase the other brand.

So in essence a retailer can sample high and low qualities of a particular type of product by different manufacturers, so that customers can decide on the quality that they want. Most times the choice of the product to buy depends on the purchasing power of the customer. But it is very important for the seller to be sincere and let the customer know the different qualities of the type of product that he wants to buy.

Lastly to maximize profit in business, the seller needs to stock more of the products that sells more. So far the customer is aware of the quality that he's buying.

Paul Pogba

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In my opinion, to increase profits in business, we must be brave to spend capital, many people want their business to grow but they don't want to spend capital, for example replacing production machines that are no longer effective, improving marketing strategies and so on.

DrBeer

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Quote from: Kelward on May 05, 2023, 08:43:31 AM

From my experience as a business person, in buying and selling, I have discovered some helpful tips on how to increase profit. I'm happy to share some in this forum.
Customer relation, a business person must understand that customer is king and should be treated like a royalty. Even it they are buying the least thing in your shop. When they leave your shop delighted, be assured that they will always come back to patronise you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.
Your business should have at least one season when you give out rewards and discounts to customers when they buy your products. This will increase your sales geometrically and when you remove the cost of the reward and discounts, you will still have increased profit.
Stock different brands of the products that you sell. Customers will prefer to enter a shop where they will different varieties of what they need. More customers will enter and will even be tempted to buy more than they planned for. More customers equals more profit.

Please feel free to drop your own ideas on how to increase profit in businesses.

First you need to switch to one language and agree on the basic concepts:
Income - all cash receipts from core activities (sometimes non-core is added)
Profit is the money left after deducting all expenses from income.

Arithmetic tells us: To increase profit it is necessary:
1. or increase INCOME
2. Or reduce COSTS
3. or 1 + 2

Accordingly, continue to think and look for ways to achieve the goal. Income, additional, yes, it can be increased by increasing customer loyalty. For retail stores and the FMCG sector, this is a good way to go. Plus, users of such networks tend to carry targeted advertising to their friends/acquaintances/neighbors. People call it "word of mouth"

A loyal customer is the backbone of a business. But there may be other ways to increase revenue and reduce costs. For example, a reduction in the purchase price, a reduction in logistics / rental costs, tax optimization, a correct bonus system, etc.

Lamkuthang

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Quote from: YinShuiSiYuan on May 28, 2023, 06:56:22 AM

Profit in your business totally depends on your services and strategies that your using. If you are providing good services to your customers your business will expand and you'll have profit .
Now in today's world people are attracted towards innovative things and fancy offers so for good business these techniques should be kept in mind.

Buyer is King. Indeed, each art in running the business and development. Yes. Ethics and service are basic assets that are very helpful in providing services to our users. and this is indirectly expressed but felt and if it is convenient they will help campaign our efforts by word of mouth without having to pay for it.

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Quote from: Swordsoffreedom on May 28, 2023, 10:26:30 PM

Quote from: Altryist on May 28, 2023, 09:41:33 AM

Quote from: BITCOIN4X on May 27, 2023, 11:35:01 AM

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

I am sure that first of all you need to provide high quality products if you are a manufacturer, in this case, if you have a wholesale. But if you are a retailer, then you absolutely need to maintain a high customer service and also ensure that the quality of the products is at a high level, because the best service will not help you if the customers will complain about poor quality. You can also think about increasing the range, and preferably high-margin products.

Product quality is not an issue for retailers because to sell, we need to sell popular products, have a variety of models, and most of the products will be the same in all stores. What customers care about is the competitive price and the services that the store provides. I agree with many of the comments here, customer service, as well as service attitude, will be the key to ensuring the store's revenue.

Another thing that I don't see people mention is that the store's location also plays a vital role in the business. We should have a cool space, close to crowded residential areas as well as places where people often pass by, thereby attracting customers with traditional advertising means that are also effective.

a strategic location is indeed one way to increase turnover, especially coupled with taking advantage of today's technological advances where there are many social media applications that can be used to increase sales. after that, many resellers will arrive so that the products we have can be widely distributed through resellers, on the other hand, apart from getting more turnover, we can also provide business opportunities for resellers, especially if there is a limited time flash sale promo, of course there will be many people who actually don't need it until they finally buy it

Swordsoffreedom

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Quote from: Altryist on May 28, 2023, 09:41:33 AM

Quote from: BITCOIN4X on May 27, 2023, 11:35:01 AM

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

I am sure that first of all you need to provide high quality products if you are a manufacturer, in this case, if you have a wholesale. But if you are a retailer, then you absolutely need to maintain a high customer service and also ensure that the quality of the products is at a high level, because the best service will not help you if the customers will complain about poor quality. You can also think about increasing the range, and preferably high-margin products.

Product quality is not an issue for retailers because to sell, we need to sell popular products, have a variety of models, and most of the products will be the same in all stores. What customers care about is the competitive price and the services that the store provides. I agree with many of the comments here, customer service, as well as service attitude, will be the key to ensuring the store's revenue.

Another thing that I don't see people mention is that the store's location also plays a vital role in the business. We should have a cool space, close to crowded residential areas as well as places where people often pass by, thereby attracting customers with traditional advertising means that are also effective.

Sexylizzy2813

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Quote from: Kelward on May 05, 2023, 08:43:31 AM

From my experience as a business person, in buying and selling, I have discovered some helpful tips on how to increase profit. I an happy to share some in this forum.
Customer relation, a business person must understand that customer is king and should be treated like a royalty. Even it they are buying the least thing in your shop. When they leave your shop delighted, be assured that they will always come back to patronise you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.
Your business should have at least one season when you give out rewards and discounts to customers when they buy your products. This will increase your sales geometrically and when you remove the cost of the reward and discounts, you will still have increased profit.
Stock different brands of the products that you sell. Customers will prefer to enter a shop where they will see different varieties of what they need. More customers will enter and will even be tempted to buy more than they planned for. More customers equals more profit.

Please feel free to drop your own ideas on how to increase profit in businesses.

Well said OP but as we all know is always customers are always right, sometimes they're not right, they just take it upon himself as there right to get what they want. If we use those logic our business won't grow as we expected, firstly we have to set up a principal that would be fine for both we the business owners and the customers. Being more friendly with them {Customers} will make them come back with other customers to patronize the business owner.

Without proper planning or organization, making money can be very stressful and difficult than we think with these I feel it can help out in shipping on more profit, these 4 key areas that can help drive profitability in a business;
1) Reducing costs
2) Increasing turnover
3) Increasing productivity and
4) Increasing efficiency.
You can also expand into new market sectors, or develop new products or services.

Raceonsucced

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I agree with you. When the buyer comes to the store, the seller must serve him in a friendly manner and not be rude. That automatically makes the buyer feel comfortable and want to return to the store to buy. Discounts and gifts do have to exist for a moment, to attract the attention of buyers. Because in general people like something cheap and festive.

The price of merchandise also should not be too expensive. Better not too expensive but sold. Rather than expensive, it doesn't sell.

Altryist

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Quote from: BITCOIN4X on May 27, 2023, 11:35:01 AM

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

I am sure that first of all you need to provide high quality products if you are a manufacturer, in this case, if you have a wholesale. But if you are a retailer, then you absolutely need to maintain a high customer service and also ensure that the quality of the products is at a high level, because the best service will not help you if the customers will complain about poor quality. You can also think about increasing the range, and preferably high-margin products.

Ayers

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Quote from: BITCOIN4X on May 27, 2023, 11:35:01 AM

Quote from: Kelward on May 27, 2023, 10:45:55 AM

I agree with you, in summary excellent and delightful services matters in business. A satisfied customer will market your business and product free of charge to to others. As a business person I have a lot of experiences about new customers telling me that it was x or y customer that referred them to my shop. The reason why most of them buy from me is not always because of the products, because they can get it from another shop, but because of the way I treat them. I have a philosophy that customer is king, and I treat them as such, and it has been increasing my sales over the years thereby increasing my profits too.

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

I am not a business person, but when acting as a customer. I am willing to spend more money to buy a more expensive product than another store as long as the service attitude of that store is good and after-sales services such as warranty or repair are more dedicated. And of course, recommending to others is something that I definitely will do.
Discounts or promotions will almost attract a lot of people because everyone wants to save money, but if the attitude is not enthusiastic and disrespectful to customers, the tricks to attract customers will not last long.

Sometimes customers spend money not only to buy products but also to be respected. Today, most of the products are not too different, but to retain customers, the style of service plays the most important role.

Iroh

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Quote from: Wong Gendheng on May 28, 2023, 04:13:57 AM

In my opinion, the thing that must be done to increase profit potential is by market expansion, without market expansion, we will find it difficult to make profit, many strategies that we can do for market expansion, the presence of social media and influencers can be used as a brand ambassador so that it can increase sales.

Obviously market expansion is done to grow your business and generally the maximization of your profits. But a small business that’s just starting up can’t just afford to expand. You can’t possibly expand when you’re small, struggling and yet to fully stand firm to compete fairly with other businesses out there.

Social media and influencers are also a way to increase sales but like I stated earlier, a small business just can’t afford any of that. A startup most likely won’t be able to afford to have on its payroll a brand ambassador as the business owner would probably still be trying to build the business and would need a whole lot of capital.

YinShuiSiYuan

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Profit in your business totally depends on your services and strategies that your using. If you are providing good services to your customers your business will expand and you'll have profit .
Now in today's world people are attracted towards innovative things and fancy offers so for good business these techniques should be kept in mind.

Wong Gendheng

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In my opinion, the thing that must be done to increase profit potential is by market expansion, without market expansion, we will find it difficult to make profit, many strategies that we can do for market expansion, the presence of social media and influencers can be used as a brand ambassador so that it can increase sales.

BITCOIN4X

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Quote from: Kelward on May 27, 2023, 10:45:55 AM

I agree with you, in summary excellent and delightful services matters in business. A satisfied customer will market your business and product free of charge to to others. As a business person I have a lot of experiences about new customers telling me that it was x or y customer that referred them to my shop. The reason why most of them buy from me is not always because of the products, because they can get it from another shop, but because of the way I treat them. I have a philosophy that customer is king, and I treat them as such, and it has been increasing my sales over the years thereby increasing my profits too.

I'm sure everyone now seems to believe and agree that the best service provided by resellers or sellers will make customers come back to your store. I believe this is one technique that every seller needs to implement if they want to have repeat customers. I can take one example; a clothing store will have loyal customers who will return to shop at the store if the seller is friendly and serves his customers well.

Good service will keep your chances good to generate stable turnover every month. There are several stores that can adopt promo or discount strategy, it really depends on the type of goods you sell. But of course the best service is the most important.

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Quote from: naikturun on May 12, 2023, 10:35:09 AM

Quote from: Dr.Osh on May 06, 2023, 01:18:17 AM

convenience, customer satisfaction, product quality, low prices, discounts, and good grammar from the seller are the keys where consumers will always be happy to come back to the business you have. it will let them do free advertising to people who need the same or similar products, and they will advertise it for free to their friends. it will increase the number of visitors and consumers at your place.
For example, when bitcoin becomes hype, very many of us do free promotions to the people around us, so that in a short time, bitcoin becomes famous and has a lot of users. Apart from that, another way to increase profits in the business that you have is to take advantage of social media such as Facebook, Twitter, Instagram, TikTok, and others. it has also proven effective in increasing the number of consumers, and increasing the profit we have.

As for social media, it can definitely be a valuable tool in promoting your business and reaching new customers. It's important to choose the right platforms for your business and create engaging content that resonates with your target audience. Consistency and authenticity are also key in building a strong social media presence.

creative, the skill to attract customers is the main thing to pursue in social media, because having social media doesn't necessarily make people interested in our business. many people complain because social media for marketing is lacking to attract people to become customers, of course there are deficiencies. don't make regrets or social media benchmarks enough. but this creative skill comes first and don't get discouraged easily because the process isn't as beautiful as we imagine

Kelward

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Quote from: Vaskiy on May 26, 2023, 05:17:55 PM

Marketing is the major factor that helps in better profiting from the business. Adding more and more choice of payment and some discounts is a way through which new customers can be attracted. Best thing is the word of mouth spreading. For this to happen we should have our unique product/service, which means our service can't be availed by any others. If someone after using the product/service will share their experience to their close ones. This surely tempt the second person and the person's satisfaction is a must to reach the third person and this continues.

I agree with you, in summary excellent and delightful services matters in business. A satisfied customer will market your business and product free of charge to to others. As a business person I have a lot of experiences about new customers telling me that it was x or y customer that referred them to my shop. The reason why most of them buy from me is not always because of the products, because they can get it from another shop, but because of the way I treat them. I have a philosophy that customer is king, and I treat them as such, and it has been increasing my sales over the years thereby increasing my profits too.

Topic: How to increase profit in business - page 5. (Read 1818 times)