How to increase profit in business

[Flexystar]

One effective approach could be to focus on providing better quality of products/services at competitive price.

How to increase the quality of products and services but still have to be cheap? Do you have a business? I have not seen any business that can do that, because to create good products, it is necessary to have quality raw materials and good people to develop high quality products. Does that mean it will cost more to manufacture, and how can it be sold cheaply? That clearly shows you are in the customer's position to make that request, not the boss's.

The only way to make your product cheaper is by lowering the margin of business. This option would take High end management because playing with the low margins could take up good amount of revenue thus making it difficult for the business runner. However, there are businesses which would do this but they would just keep the fixed revenue. This way business is always at stagnancy and never reached to new limits of profitability. But obviously it’s hard to manage that way.

The other way is what you stated, just have the low quality products and close the business soon.

[Wong Gendheng]

A good business is a business that develops from childhood and then continues to increase, if we want to increase profit in the business then there are 2 most important things that must be done, first is to increase the volume of sales and the second is to reduce production costs, if these 2 simple things can be done then then It can be guaranteed that we will get a profit that matches the target.

[Renampun]

....

Apart from saving more time in completing work, another thing that is felt the most is that the results are always more efficient and precise as desired. These two things are very commonly felt by workers who have used the help of machines or technology that are specifically developed to make it easier for every worker to complete their work. And the use of certain technologies also has a good impact on business development when the business is running without any obstacles.

using technology in business is not always more profitable, especially for plantation and agricultural areas, which are quite extensive. if a company or individual uses technology on their fields it will cost money for them to be able to buy various technological equipment to be able to support their operations. not to mention they need to maintain it and keep the tools they have from being damaged or stolen by people. especially for large areas, network access is needed so that this equipment can function properly or fuel to support trucks or other vehicles.

so technology is not always able to make a business run more efficiently and effectively. businesses or individuals also need to look at the conditions that exist in the field to be able to adjust to their needs and financial conditions. so there is no need to be surprised that in Japan there are still many businesses that use traditional equipment, even though the technology is very advanced there, because they take into account the costs to support the technology if they use it.

[Zilon]

One good thing about discount is that if it turns out positive the seller makes more profit due to high turnover. Business relationship preserves businesses, no business survive without business relationship. Customers satisfaction and excitement can trigger high recommendation and patronage from customers far and near. Another big business boaster is punctuality and consistency because many business persons with good customer relationship have lost their customers due to inconsistency and lateness, some customers don't tolerate lateness and won't mind looking for new vendors when the get disappointed.

[khiholangkang]

I think the easiest way to increase profits is to increase production and sales capacity, if we have production results with sales that look better and are often short of stock then it's time to add employees to production, this will automatically increase sales in the market.

I think it's too much thought, because basically your suggestion is a form of a market demand that has strengthened, which then only increases production.
The main trigger is, how to increase market demand for the products/services that you make. In this case a strategy is needed, the main thing in this case is to use the right marketing strategy will invite consumers to buy your products, such as making interesting advertisements on TV or social media, using famous figures to advertise it, ordering services and fast delivery, This is for modern times today will increase the demand for consumers higher, which at which sales will definitely increase and profit will definitely rise.
The things that are mentioned are how to make people interested in buying the products you make, meanwhile to stabilize or maintain high sales, will return to the quality of the products or services that you make.


There is a real cunning way, when demand is rising on your business products, you can raise the price to be higher than usual and or reduce the quality of ingredients in your product, and this is effective if used as a way to increase profits in a certain time, but not a good and human thing.

[Fakhrulenclix]

To be able to increase profit in a business you have to consider some strategies to be able to gain more profit. The most common way to increase profit is to increase in sales. You can do this by improving your marketing plans, expanding your product lines or entering new markets. Another way to increase profit is to reduce costs. You can do this by negotiating contracts with suppliers, streamlining your operations, or outsourcing non-core functions. Raising prices is a risky strategy but it can be effective if your customers are willing to pay more for your products or services. Make sure that you communicate the value of your products or services to your customers. Improving efficiency can help you reduce costs and increase productivity. You can do this by investing in new technology, training your employees or implementing lean manufacturing techniques. Focus on high margin products or services. Identifying the products or services that generate the highest margins and focus on them. This will help you maximize your profitability. 

Of course there are many ways that can be done and it all depends on the business being run and every business has almost different ways to be able to increase profits, in general what you say is very true and in my opinion if someone wants to increase profits in business then there are many ways you can done and it is very possible to happen.

Personally I have experience in my small business, just by making promotions and advertising more intense in a short time my business profits increased drastically at that time, because it's only a small business I think it's quite worth it.

[Gallar]

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

In my personal opinion, to increase or maximize profits in doing business, there are several factors that must be done.
The first is that you must always have innovations that are not thought of by others (business competitors). With that, I'm sure, any business will always be eyed by customers, because usually customers like shops or shopping areas that have different services or facilities from other stores or shopping centers.
The second is, always make customers comfortable when visiting your store, because every customer always wants to shop or buy something in peace and comfort.

The third is, making a rule for customers, for example like this "every customer who has come to this store three times, will get a free gift or shopping discount. By doing this, I'm sure customers will always go to that store to shop, because there is a feeling of wanting to get a discount or gift that will be given by the store. And the last thing that cannot be missed, namely the parking lot must have a fairly large area. Because in real life, I often don't visit a shop or shopping center , just because the parking area is narrow, therefore a large parking area also greatly affects the progress of a business, especially in the buying and selling aspect.

[MarjorieZimmermanGinger]

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.

Improving good service can increase the number of sales while promotions and bonuses are ways or tricks that can be done to make your business grow much more. Now is the era of digitalization and you can look for ways to promote your business through promotional techniques through Influencers and a lot of this pattern has been successfully carried out by business people because the target market segment is generation z who are capable of technology.

Completeness of goods in your store is also one way to bind customers to continue shopping at the stores that we manage, because when people come directly to the store and don't have the items they want, they may not come again in the future. So to build a business is not easy because it takes skill and consistency is also needed.

[puloweh555]

Improving good service can increase the number of sales while promotions and bonuses are ways or tricks that can be done to make your business grow much more. Now is the era of digitalization and you can look for ways to promote your business through promotional techniques through Influencers and a lot of this pattern has been successfully carried out by business people because the target market segment is generation z who are capable of technology.

Completeness of goods in your store is also one way to bind customers to continue shopping at the stores that we manage, because when people come directly to the store and don't have the items they want, they may not come again in the future. So to build a business is not easy because it takes skill and consistency is also needed.

You are very right, This is what I do with my business now. Produck completeness is very important, because don't let them enter our store, the product they are looking for isn't there and that makes them lazy to come again. Good service will also greatly affect our business in the future, especially in the midst of price competition. I confidently sell at normal prices (more expensive) because my competitors are price wars. But I have a quality guarantee (value) that is not the same as them even though the product is the same. Plus I like the prospect of own business to prospective buyers with simple offers plus giving detailed product info.

So, customers can understand and achieve my target. Whoever comes to the store, try to make him buy my product, don't let him fail to buy it. The difference in price is clearly more expensive for me even though the price difference is not much different. This is where marketing knowledge is needed in order to get regular customers and new customers.

[Texac]

A good business is a business that develops from childhood and then continues to increase, if we want to increase profit in the business then there are 2 most important things that must be done, first is to increase the volume of sales and the second is to reduce production costs, if these 2 simple things can be done then then It can be guaranteed that we will get a profit that matches the target.

But how to increase sales and reduce production costs while ensuring quality?  this is something that any business will know even non-business people know about.  but if we notice, there are still many businesses that go bankrupt every day even though they also offer solutions like many are talking about here. it's easy to say but not easy to do. 
Running a business is not child's play, and simply reading a few books or looking for some online solutions can help our business grow.  if we want to improve our business, we need to know where it goes wrong and what to fix, people are giving solutions that are too generic and can be found on social media. 

[xSkylarx]

One good thing about discount is that if it turns out positive the seller makes more profit due to high turnover. Business relationship preserves businesses, no business survive without business relationship. Customers satisfaction and excitement can trigger high recommendation and patronage from customers far and near. Another big business boaster is punctuality and consistency because many business persons with good customer relationship have lost their customers due to inconsistency and lateness, some customers don't tolerate lateness and won't mind looking for new vendors when the get disappointed.

Customers really like discounts, but there are others abusing them, mostly coupons. Others are getting tons of coupons or exploiting their rules in coupons to get discounts, but overall, you can really save from them. I noticed this only happens when there are events and also if the food is near expiration, which is still a good deal and can make the business not lose money as it will be wasted if not sold.

[slapper]

Improving good service can increase the number of sales while promotions and bonuses are ways or tricks that can be done to make your business grow much more. Now is the era of digitalization and you can look for ways to promote your business through promotional techniques through Influencers and a lot of this pattern has been successfully carried out by business people because the target market segment is generation z who are capable of technology.

Completeness of goods in your store is also one way to bind customers to continue shopping at the stores that we manage, because when people come directly to the store and don't have the items they want, they may not come again in the future. So to build a business is not easy because it takes skill and consistency is also needed.

You are very right, This is what I do with my business now. Produck completeness is very important, because don't let them enter our store, the product they are looking for isn't there and that makes them lazy to come again. Good service will also greatly affect our business in the future, especially in the midst of price competition. I confidently sell at normal prices (more expensive) because my competitors are price wars. But I have a quality guarantee (value) that is not the same as them even though the product is the same. Plus I like the prospect of own business to prospective buyers with simple offers plus giving detailed product info.

So, customers can understand and achieve my target. Whoever comes to the store, try to make him buy my product, don't let him fail to buy it. The difference in price is clearly more expensive for me even though the price difference is not much different. This is where marketing knowledge is needed in order to get regular customers and new customers.

Your business strategy, distinguished by its emphasis on product superiority and stellar service, alongside a premium pricing model amid competitive pricing, is remarkable. This differentiation could prove successful if superior value to customers is continually guaranteed.

However, the fact remains that price sensitivity is dominant in many markets, particularly when similar product options abound. While your promise of quality and personalized engagement may defend the price differential, the price-quality-value matrix is complex.

Additionally, the aim to transform every store visitor into a buyer could be too aggressive, potentially fostering high-pressure selling strategies that could turn customers away. A more balanced goal would be to foster customer satisfaction and loyalty, thereby ensuring continued patronage.

Lastly, while understanding marketing is essential, it must be coupled with a profound understanding of customer desires, market trends, and competitive dynamics.

[Rockstarguy]

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.

I guess it's boils down to good customer service and then promotions and marketing as you have said. Yeah, you need to offer variety of items. For example if you are in the shoe business, then you should have at least full sizes of the shoes that you are selling.

So talk to your customer, get feedback so that you can improved. They are the life line of your business, so obviously, you have to treat them very well. I also have online store that born out of the pandemic, and if I may add about the negatives though, there are competitors out there that wanted your business to be destroy so just be careful on who you deal with as well, just saying. Because as much as you are customer centric and giving rewards and discounts, sooner or later they will give you bad feedback because the people that ordered from your is from your competitor.

I think in business good customer service matters a lot. The way customers are been treated will determine if they will come back to personalize your business or not. Customers always go to a place where they are treated nicely, this is one of the factors that helps in the growth in business. Availability of different varieties of goods helps in the growth of business because it gives customers confidence whenever they come to get stuff they will definitely get what they come for.

One of the things that scares customers away in business is high price of things, for a business to grow well the price of things needs to be in the actual amount that their won't be lose be lose in the price and their won't be too much gain due to the high price. Customers service and a fair price will always capture the presence of customers, these are the factors that will really help small businesses to grow in a small space of time.

[milewilda]

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.

I guess it's boils down to good customer service and then promotions and marketing as you have said. Yeah, you need to offer variety of items. For example if you are in the shoe business, then you should have at least full sizes of the shoes that you are selling.

So talk to your customer, get feedback so that you can improved. They are the life line of your business, so obviously, you have to treat them very well. I also have online store that born out of the pandemic, and if I may add about the negatives though, there are competitors out there that wanted your business to be destroy so just be careful on who you deal with as well, just saying. Because as much as you are customer centric and giving rewards and discounts, sooner or later they will give you bad feedback because the people that ordered from your is from your competitor.

I think in business good customer service matters a lot. The way customers are been treated will determine if they will come back to personalize your business or not. Customers always go to a place where they are treated nicely, this is one of the factors that helps in the growth in business. Availability of different varieties of goods helps in the growth of business because it gives customers confidence whenever they come to get stuff they will definitely get what they come for.

One of the things that scares customers away in business is high price of things, for a business to grow well the price of things needs to be in the actual amount that their won't be lose be lose in the price and their won't be too much gain due to the high price. Customers service and a fair price will always capture the presence of customers, these are the factors that will really help small businesses to grow in a small space of time.

Customer service
Good price rate
Pleasing venue
Good staffs
Proper management incoming outgoing transactions
....
and there might be something had missed out.

All of these things would really be that needed if we do speak about about handling business and make it profitable or progressive but somewhat we do know that
not all business would really be ending up successful on which there would really be to those who had withstand and to those who had failed. When it comes to demand then it would
really be entirely be depending on several factors but in overall it would really be depending on the services or products that you've been offering and the rest
of those things above are really that in default.

[MarjorieZimmermanGinger]

You are very right, This is what I do with my business now. Produck completeness is very important, because don't let them enter our store, the product they are looking for isn't there and that makes them lazy to come again. Good service will also greatly affect our business in the future, especially in the midst of price competition. I confidently sell at normal prices (more expensive) because my competitors are price wars. But I have a quality guarantee (value) that is not the same as them even though the product is the same. Plus I like the prospect of own business to prospective buyers with simple offers plus giving detailed product info.

So, customers can understand and achieve my target. Whoever comes to the store, try to make him buy my product, don't let him fail to buy it. The difference in price is clearly more expensive for me even though the price difference is not much different. This is where marketing knowledge is needed in order to get regular customers and new customers.

You can use influencer promotion services as an add-on and often times this method is successful, price wars are also a problem nowadays and very often businesses that have little capital go bankrupt because they are unable to compete on price. There must be something that distinguishes the business that you manage with other people, meaning that you must be able to maintain the guarantee of the products you sell, marketing methods and the way you serve buyers are also very influential. Just look at supermarkets that sell the same goods as other stores and the prices in supermarkets are not always the same, sometimes they are more expensive and sometimes cheaper than other stores, but they never lose even if they have to make promotions or massive price cuts

That's why large capital is needed and when you can't compete with other stores, the business you manage will never grow. Currently, the role of developing a business is not easy and when our capital is small, it will be very difficult to compete because our competitors are much better prepared to cut lower prices. Regardless of the promotion strategy that we carry out and preferably after all the processes that you have done correctly, evaluate at any time and roughly what sector makes our business different from other people's businesses.

[axxo]

To increase profit in business, there are several strategies that can be implemented. One effective approach is to focus on increasing revenue while also reducing costs. This can be achieved by identifying areas where the business can improved efficiency, such as streamlining processes or renegotiating contracts with suppliers. Another strategy is to expand the customer base by investing in marketing and advertising campaigns, or by offering promotions and discounts to attract new customers. Additionally businesses can look into diversifying their product or service offerings to appeal to a wider audience. It's also important to keep a close eye on financial performance through regular monitoring and analysis of key performance indicators.

[Kelward]

You are very right, This is what I do with my business now. Produck completeness is very important, because don't let them enter our store, the product they are looking for isn't there and that makes them lazy to come again. Good service will also greatly affect our business in the future, especially in the midst of price competition. I confidently sell at normal prices (more expensive) because my competitors are price wars. But I have a quality guarantee (value) that is not the same as them even though the product is the same. Plus I like the prospect of own business to prospective buyers with simple offers plus giving detailed product info.

So, customers can understand and achieve my target. Whoever comes to the store, try to make him buy my product, don't let him fail to buy it. The difference in price is clearly more expensive for me even though the price difference is not much different. This is where marketing knowledge is needed in order to get regular customers and new customers.

You can use influencer promotion services as an add-on and often times this method is successful, price wars are also a problem nowadays and very often businesses that have little capital go bankrupt because they are unable to compete on price. There must be something that distinguishes the business that you manage with other people, meaning that you must be able to maintain the guarantee of the products you sell, marketing methods and the way you serve buyers are also very influential. Just look at supermarkets that sell the same goods as other stores and the prices in supermarkets are not always the same, sometimes they are more expensive and sometimes cheaper than other stores, but they never lose even if they have to make promotions or massive price cuts

That's why large capital is needed and when you can't compete with other stores, the business you manage will never grow. Currently, the role of developing a business is not easy and when our capital is small, it will be very difficult to compete because our competitors are much better prepared to cut lower prices. Regardless of the promotion strategy that we carry out and preferably after all the processes that you have done correctly, evaluate at any time and roughly what sector makes our business different from other people's businesses.

Small businesses can not conveniently afford influencers, so you are right by saying that large capital is needed otherwise the business may not survive competition from other established stores. That is why in my shop, as a small business owner, among other strategies like online advertisements, giving periodic discounts and rewards, i focus more on giving quality and delightful services to my customers. This has worked personally for me in my business, because I get a lot of new customers who go to the length of making me know that it was customer a or b that directed them to my shop. This delightful services to customers includes the way I treat them like royalties, with utmost respect,  when they step into my shop, it doesn't matter if the customer is buying the least item. Secondly is that I build trust by telling customers the truth about the quality of the product that they want to buy. So let their capital determine the quality that they eventually buy, among different brands of a type of goods.

 This simple tip has been working for me over the years and increasing my sales, which in turn is boosting my profits. I really recommend it for small business people who have little capital.

[Franctoshi]

Possible ways or strategies I do believe one can use to increase profit in a business are through these means,
1. Via the selling of quality products,
2. Good Customer service or customer communication,
3. Slight reduction in the of price products or goods and services
4. And online product marketing or advertising.

[Bushdark]

One good thing about discount is that if it turns out positive the seller makes more profit due to high turnover. Business relationship preserves businesses, no business survive without business relationship. Customers satisfaction and excitement can trigger high recommendation and patronage from customers far and near. Another big business boaster is punctuality and consistency because many business persons with good customer relationship have lost their customers due to inconsistency and lateness, some customers don't tolerate lateness and won't mind looking for new vendors when the get disappointed.

Customers really like discounts, but there are others abusing them, mostly coupons. Others are getting tons of coupons or exploiting their rules in coupons to get discounts, but overall, you can really save from them. I noticed this only happens when there are events and also if the food is near expiration, which is still a good deal and can make the business not lose money as it will be wasted if not sold.

One of the best way to make more profits from business is to do more of advertisement to promote the business. This is why we do see that there are some projects that are more successful that the other. Companies that do more if advertisement will make people to see there product and those that are interested will always go for it. Running ads online to bring online customers to check the product and buy if they really want it. We need to create more awareness for our businesses so that we can gain more customers that will keep buying our products and making us make more profits.

[Lanatsa]

One good thing about discount is that if it turns out positive the seller makes more profit due to high turnover. Business relationship preserves businesses, no business survive without business relationship. Customers satisfaction and excitement can trigger high recommendation and patronage from customers far and near. Another big business boaster is punctuality and consistency because many business persons with good customer relationship have lost their customers due to inconsistency and lateness, some customers don't tolerate lateness and won't mind looking for new vendors when the get disappointed.

Customers really like discounts, but there are others abusing them, mostly coupons. Others are getting tons of coupons or exploiting their rules in coupons to get discounts, but overall, you can really save from them. I noticed this only happens when there are events and also if the food is near expiration, which is still a good deal and can make the business not lose money as it will be wasted if not sold.

One of the best way to make more profits from business is to do more of advertisement to promote the business. This is why we do see that there are some projects that are more successful that the other. Companies that do more if advertisement will make people to see there product and those that are interested will always go for it. Running ads online to bring online customers to check the product and buy if they really want it. We need to create more awareness for our businesses so that we can gain more customers that will keep buying our products and making us make more profits.

Promotions and marketing wont really be that sufficient if the product/service you've been offering is shit and not really that something having the demand on which you would really be that basically be wasting up

your money with this even if you do go all in or having that huge allocation for marketing but if you do have a bad product or something not really that relevant or much needed then you are really still that bound to
fail. This is why you shouldnt really be only thinking on one angle or spot when you do see that you business isnt really taking  that much attention or having sales on which it is really that showing that there's something wrong.There would really be needing up some check up about on other factors which might really be that been neglected or didnt really pay up some attention on which this might be the
problem that your business is really facing on.

Investment doesnt guaranteed out success on which there are ones who do succeed and there are ones who do really fail. This is a world on which competition is high and it is
really that understandable that it would really be survival of the fittest.