How to increase profit in business

[Sexylizzy2813]

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.

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[ultrloa]

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.

[BVeyron]

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.

[tygeade]

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.

[Fortify]

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.

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.

[Furious 7]

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.

The problem is looking for a business with no competition for now I think it's quite difficult and even tends to be impossible because the benchmark is when we create a business with a new idea, it's really good and there will be no competition but it's only temporary because it's clear if
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.

[Wiwo]

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.

[Dr.Bitcoin_Strange]

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 🥂

[darewaller]

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.

[alastantiger]

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?

[loopes]

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-

but i do not agree with you, taking a loan is not bad as you said. in a business economy there is a fine that you have a loan. you need to make a proportional amount regarding asset - liability - equity. Business needs to concern about Debt Exposure this ration is concern to the relationship between assets and total debt

[marcous]

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.

[Kelward]

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.

[rhodelmabanal]

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.

[Ben Barubal]

     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.

[Obari]

I do agree with you and I've always been on the opinion  that customer ls are always right and in myocardial community  and country at large,  it is a common phrase that customers are always right.
People should always have a customer friendly attitude  especially  if they have the future of the company  or business at heart and they should always know how to address their customers no matter angry they might be or the manner of approach of the customers.

Another thing us to always ensure a clean and safe environment  as this is one area we truly shouldn't  over look as cleanliness  of an environment  truly matters lt to me and it most times determines my patronage at that very enterprise.

Some business should also learn good and proper  customers serve and try to also study the mood and condition of their customers  and if you get a customer how must have walked a distance or under the sun, a chair first should be offered and possibly something chilled should be offered  at least to get their customers relieved of the stress.
(Just my opinion  and judging from my country's  side of  view. )

[Sexylizzy2813]

I do agree with you and I've always been on the opinion  that customer ls are always right and in myocardial community  and country at large,  it is a common phrase that customers are always right.

Honestly speaking, that phrase (customers are always right) sometimes has been used to abuse business owners, I don't think because customers are always right and you have to make sales or should I say profits it gives customers the infantry to speak ill to someone who's trying to make a living.
Sometimes in other to make profit I just feel both customers and business owners should try as much as possible to understand each other because without the customers the business won't grow and without the business owners there won't be any goods to sell so by understanding these "Customers are always right" won't get into the heads of the customers especially the rude ones. I just feel there should be another phrase that favors the business owner(s) too.

[19Nov16]

Increasing profits in business there are many strategies, of course there are 2 most important things namely increasing production and increasing sales, if these 2 things don't exist then it will be difficult for us and can make consumers disappointed, many people focus on increasing production but they are not supported by good sales so what happens is that costs continue to increase because they have to store production results.

[Septex]

Promotion is an important factor for business profit. The more you can promote your business and the better you promote your brand to people, the more likely you are to make a profit in your business. Because as the saying goes 'first the seer then the judge'. Another important thing in business is saving money. You remember a penny saved means a profit increase.  You must work with honesty, dedication and hard work in order to increase profits. The things you spend in your business should be focused on cost reduction. One should be aware in buying virtues and buy them on the advice of experienced people. Only then will it be easy to earn profit in the business.  But there will be ups and downs in business.

[Iroh]

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.

Personally, what always brings me back to any business is the way I’m received and treated. So I guess hiring the best staff that actually knows how best to engage with customers is really important.
The customer is king alright. But that doesn’t mean you should bend over to satisfy just any customer. There are some rude customers that aren’t worthy of respect and shouldn’t be treated as such.

One good way of increasing sales is to honestly advertise your products as well as letting people know where your business is located at. Rewarding your loyal customers is also a good way to go by giving out discounts and promotions that will further draw new customers but you should be careful as to not run at a loss giving out discounts.
You wouldn’t want to forget your first priority when going into business which is to make profits. Finally, you should always keep track of your business finances which entails keeping your bookkeeping precise and up to date.