It depends on the business you will do if it is categorized in food, sports accesories, Furnitures, Clothings and others. It's often because of businesses that make money because of discounts.
Because the impact of the discount is different when customers see that they are always the winners, so they immediately enjoy it. But the truth is you are still your business of course. For example from 20%-30% that's a big deal for prospect customers to be honest.
Topic: How to increase profit in business - page 8. (Read 1794 times)
Experienced, plan, capital,product, etc., There are a lot of ways to increase earnings in business, i am not a business man but if we think about business we need a experienced the most important os the capital and the product we sell, because if we do business but our capital in from lending and we need to pay interest maybe our business will be loss because our profit will be drain by the interest so for me capital with a good product can make a profit.
Well, it depends on what type of goods, items and products you are trading ( selling and buying ) , also the stock quantity is essential too, the more you have, the bigger the gain. In addition to that, it is necessary to prepare a solid and professional business plan before you even start , it must contain an effective business strategy and key aims. It really helps to attract investors. In fact, you must have a futuristic vision. Regarding your question, you will be able to increase your gain when you build an effective marketing strategy and work on it. Unfortunately, a plenty of entrepreneurs don’t give a value to marketing, they end up failing despite they have solid projects and potential to succeed.
A good business plan is key to succeed in business. Because if you fail to plan, then you plan to fail. As you have noted, a business person needs to build an effective business strategy that has to work, in order to maximize profit. A plan which must include extensive marketing of the goods or services. I say this because popular brands like coca cola, still advertise there products despite people knowing and consuming the products for decades. I used to Wonder why, until I was tutored that out of sight is out of mind.
This sounds a little bit off but one of the best ways I know to increase profit in your business or in any business is to treat customers the way you want to be treated. Imagine walking into your business place as a customer, how would you want to be treated right from the car park? Most business thrive on referral and is only a customer or customers who have been treated with maximum respect that would leave happy and satisfied and come alone with a someone on their next shopping. Ask, yourself, if i were a customer at my business place, how would I want to be treated?
I am very impressed with your good thoughts, we must provide the best service for customers as we are served by business owners, the service factor is very important to attract customers because they feel comfortable shopping at your place of business, they feel very prioritized to provide friendly and business services you will be promoted free of charge from customers to other buyers. 
In my opinion, the best thing to increase profits in business is to increase capital and marketing which is getting more massive, currently there are many social media influencers that we can use to advertise our products, and this has proven to be more effective, some conventional advertisements such as television or newspapers also still have performance. which is good so we have to do all marketing tools.
We can only increase our capital if we have extra money. If not, don't attempt to take a loan, sell your own items, and do other unwanted things. We can put more money in marketing to reach out more audience but what's next after that? Customers won't still avail your service if they don't like what is being offered there.-snip-
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.
This sounds a little bit off but one of the best ways I know to increase profit in your business or in any business is to treat customers the way you want to be treated. Imagine walking into your business place as a customer, how would you want to be treated right from the car park? Most business thrive on referral and is only a customer or customers who have been treated with maximum respect that would leave happy and satisfied and come alone with a someone on their next shopping. Ask, yourself, if i were a customer at my business place, how would I want to be treated? 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.
In my opinion, the best thing to increase profits in business is to increase capital and marketing which is getting more massive, currently there are many social media influencers that we can use to advertise our products, and this has proven to be more effective, some conventional advertisements such as television or newspapers also still have performance. which is good so we have to do all marketing tools.
We can only increase our capital if we have extra money. If not, don't attempt to take a loan, sell your own items, and do other unwanted things. We can put more money in marketing to reach out more audience but what's next after that? Customers won't still avail your service if they don't like what is being offered there.I'm saying that before we pump more money in marketing make sure that the service we offer is already at its greatest condition that we are sure that each customer who use it is satisfied and keeps on coming back. Not all people uses the internet or browse social media daily so other forms of marketing is still needed.
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Every customer makes a profit, albeit a small one, so there should be respect for everyone, regardless of their age. Often selling services, people believe that who came to him can be treated ugly, this is a misconception. Any person is a potential consumer with the help of which you will earn.
Did you read the OP very well? Here, the OP is referring to how business owners can make money in business and not about customer profits. If you are a business owner or have a business idea, then you should know how to maximize profits in business or possible ways business owners make profit. Making profit in business has to do with a lot of factors, like customer relationships, according to the OP. Also, price regulation and customer loyalty play a good role in helping a business owner make a profit. When a business owner sells something cheaper than their competitors, they will sell it off faster and buy more goods than their competors will do, and when a good customer relationship is maintained to win customer loyalty, you are also open to making more profit.
@koleusdat, read, read, and learn. Cheers 🥂
Too many customers obviously won't increase your profit, and if you're selling things at a loss to them, I don't think that's a good way to attract more customers. Instead, treat your customers well and stock your store with a variety of goods so they can make the perfect choice when they visit. As you mentioned, treating your customers like kings is another great way to boost your revenue because they'll notice when things are going well in your store.
Customer satisfaction is what makes a business grow but then that should not be at the detriment of the business's success and revenues since those are the things needed to keep the business running, so I agree with the fact that business owners shouldn't allow the quest to gain more customers lose the revenues that suppose to run the business. Ops have done well to outline several business techniques but then he has not done an in-depth analysis and differentiation between physical business and online business such as a trading asset on the stock market such as bitcoin.
One of the main things about business is rivalry, the profit business gets is always only a part of the overall profit in the business field. So the best way to increase profit is to be up to date with what rivals do, and try to do better. This is not only about quality (quality is for sure an undoubtable thing which should be under strict control of the business owner): also ad campaign, and the other features essential for attracting customers (good positioning in the streets and in media) should be not worse than those of the rivals.
I think being rivals to someone does improve the quality of the product and lowers the price so it is definitely good for the customers but not great for the business. It means if you build something that has no rivals at that point (but will have many if you succeed) could become a better situation. Think about it this way, if you could create a new product that nobody else has, that means you are the only one, and you can charge anything you want, and that's the greatest thing that a business could have.You could get it made for 20 cents and sell it for 20 bucks because there is no competition. If there is a competition, you may end up lowering as much as 50 cents or lower. This is why trying to find a place where you have no competition could actually work wonders for you.
progress If we do well, it is certain that there will be others who will follow and become competitors.
That is a certainty I think because indeed business people clearly know. apart from momentum, another thing is to compete with existing business.
Competition will continue to exist and even be said to be rivals for now. An example might be from a drink about Coca Cola or Pepsi or from another angle like Samsung and Iphone for gadgets.
Conditions like that will continue to occur even if we create new ideas because business people always see potential and this is where the role of business management is needed.
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.
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.
Re-evaluating your product and services line on a regular basis should definitely be part of any successful business strategy. For example if you've got ten product lines but 90% of your profit is coming from a single product, then it might be worth ditching the other 9 products and focusing all your efforts on the most successful one as boosting that will bring much higher profits and you'll not be wasting time elsewhere.
One of the main things about business is rivalry, the profit business gets is always only a part of the overall profit in the business field. So the best way to increase profit is to be up to date with what rivals do, and try to do better. This is not only about quality (quality is for sure an undoubtable thing which should be under strict control of the business owner): also ad campaign, and the other features essential for attracting customers (good positioning in the streets and in media) should be not worse than those of the rivals.
I think being rivals to someone does improve the quality of the product and lowers the price so it is definitely good for the customers but not great for the business. It means if you build something that has no rivals at that point (but will have many if you succeed) could become a better situation. Think about it this way, if you could create a new product that nobody else has, that means you are the only one, and you can charge anything you want, and that's the greatest thing that a business could have.You could get it made for 20 cents and sell it for 20 bucks because there is no competition. If there is a competition, you may end up lowering as much as 50 cents or lower. This is why trying to find a place where you have no competition could actually work wonders for you.
Every customer makes a profit, albeit a small one, so there should be respect for everyone, regardless of their age. Often selling services, people believe that who came to him can be treated ugly, this is a misconception. Any person is a potential consumer with the help of which you will earn.
That's true, everyone is a potential customer, sometimes a customer pays much more money than you initially expected from them. The same problem, unfortunately, happens with rivals... Sometimes a company, which seemingly has no interest in the business field becomes the main rival. This is especially a trouble if such fast-appearing rival is a rich company with tendency to monopolize everything. 
There are so many ways to generate profit in business, it all depends on the individual and how you set your goals, you can try something different from what you have been up in you line of business. You can increase the number of items you sell to your customers, make your goods to be unlimited.
Consider the competition in the market is so tight since businesses evolve so you need to adopt the changes especially on technology. If you cannot adopt then your business will die. So business owner should try to expand online and market their products globally since we know how strong the social media is. And if they adopt the current situation they might reach to more audiences which can be their potential costumers.
There are so many ways to generate profit in business, it all depends on the individual and how you set your goals, you can try something different from what you have been up in you line of business. You can increase the number of items you sell to your customers, make your goods to be unlimited.
By continually seeking for a way to increase/raise the prices of goods without scaring away your customers or to lower the cost of product without decreasing the quality, you can generate more profit per sale.
By continually seeking for a way to increase/raise the prices of goods without scaring away your customers or to lower the cost of product without decreasing the quality, you can generate more profit per sale.
by providing a high quality of service and also food you provide can surely attract more customers especially when give them satisfaction of what they really want, the consumers will always come back when you treat them right and make them feel welcome as your regular customer and that's the time they will give feedbacks which it will give a very big impact for your establishment to be well-known.
In addition to quality, you also need to consider price. Quality products are expensive, so you risk losing middle-class customers. You should try to make products that are relatively high quality, but more or less cheap. That way you can capture as many niches as possible.
Too many customers obviously won't increase your profit, and if you're selling things at a loss to them, I don't think that's a good way to attract more customers. Instead, treat your customers well and stock your store with a variety of goods so they can make the perfect choice when they visit. As you mentioned, treating your customers like kings is another great way to boost your revenue because they'll notice when things are going well in your store.
by providing a high quality of service and also food you provide can surely attract more customers especially when give them satisfaction of what they really want, the consumers will always come back when you treat them right and make them feel welcome as your regular customer and that's the time they will give feedbacks which it will give a very big impact for your establishment to be well-known.
Your tips on prioritizing customer relations, offering rewards and discounts, and stocking different brands of products are all great ways to attract and retain customers, which ultimately leads to increased profits.
Another idea to consider is to constantly innovate and improve your products or services to keep up with changing customer needs and preferences. This can also help differentiate your business from competitors and attract new customers.
Additionally, investing in marketing and advertising efforts can help increase brand visibility and attract more customers to your business. Utilizing social media platforms and other digital marketing strategies can also be effective and cost-efficient ways to reach a wider audience.
Overall, there are many strategies that businesses can use to increase profit, and it's important to continuously explore new ideas and adapt to changes in the market. Thank you again for sharing your insights, and I hope these additional ideas are helpful.
Another idea to consider is to constantly innovate and improve your products or services to keep up with changing customer needs and preferences. This can also help differentiate your business from competitors and attract new customers.
Additionally, investing in marketing and advertising efforts can help increase brand visibility and attract more customers to your business. Utilizing social media platforms and other digital marketing strategies can also be effective and cost-efficient ways to reach a wider audience.
Overall, there are many strategies that businesses can use to increase profit, and it's important to continuously explore new ideas and adapt to changes in the market. Thank you again for sharing your insights, and I hope these additional ideas are helpful.
In my opinion, the best thing to increase profits in business is to increase capital and marketing which is getting more massive, currently there are many social media influencers that we can use to advertise our products, and this has proven to be more effective, some conventional advertisements such as television or newspapers also still have performance. which is good so we have to do all marketing tools.
Increasing capital and marketing efforts can definitely help you (as a businessman) to increase profits. Those are fundamental basics in today's market rules.No offense, but this is something everyone knows, as long as there is a lot of money, anything can be solved. Most of what people are discussing are just general ideas, and we can find them on the internet.
In my opinion, if we want to increase sales in our business, we need to identify at least the challenges facing the company. From there, offer solutions suitable for the company's size and in accordance with the costs the company can spend. We cannot apply the solution of an enterprise with a charter capital of 1000 billion dollars to an enterprise with only a few tens of thousands of dollars in charter capital.
I don't have a business, but treating me right while in their shop makes me come back later on. This was really similar to when I first built my PC. I was just going to buy parts, but because they made me an offer that was really good to me, I was able to build my first PC in their shop, and they thought so too. So also on my second build, that is also the same thing they do, which is why I advertise them mostly to my friends, as they always ask for my recommendation on where to buy parts, which they are really thankful for. If you treat your customers like this, you will sort of have a free advertisement, and this kind of strategy could really attract more customers to your shop.
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