How to increase profit in business

[Rigon]

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.

Some creative thinking needs to be employed to increase business profits. First, when hiring people in business, you need to hire smart people. People with good speech and good body should be recruited. At least two to three offer systems should be launched in a week. You need to organize a lottery among all the customers who will buy the product from you. YouTube channel should be posted on Facebook and various social media products. Always treat every customer politely so that customers are attracted to you. If the business can be done in this way then of course the profit can be increased by selling the products in the business.

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[Lorence.xD]

To increase the profit is also to increase the number of assets don't limit yourself to just one source of income and stick on it with just keep yourself making savings because you are afraid to the business and investment, in life and reality the people who have the higher risk takers have the chance to win in life because they experience a lot of failures and capabilities to adopt and what to prevent, people getting rich they know how does the market move, how to adopt in environment, what peoples need and keep risk to invest. Keep proper money management to prevent lose on the track on expenses.

Yes and of course some people those downfalls of their business and failures they take it personally like they have in mind "maybe I'm not suitable to run a business" mindset. That's why taking a risk in a business is considered as a win-win situation where if you've success then good for you, but in the case that you've failed then you could learn from your mistakes and improve yourself. Find the reasons why you failed, learn more about running a business and attend some seminars even in the internet. But from me, I've also experienced that thought if I invest it might be gone for nothing, but it was changed when I took the risk. You could find more opportunity if you act than overthink that you will fail.

[Wakate]

Looking at some of the answers, I also have some personal views related to business on the basis that I have also built a personal company. The first thing that I think is reshaping what the business is aiming for in what field, it always has different issues like competition as well as the potential to exploit that field. 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.

Competition is what we are going to face in business even though we add the first person to start thag kind of business. People might see that you are making good profits and they would want to join the trend so that they can make money too. Ability to define the goal of our business could make work easier for us and could bring over night success to it. Maintenance of high standard in business is what some persons are lacking, because people like to see quality in the service they are getting which is what would differentiate you from the rest because of the quality works you deliver.

[Cling18]

To increase the profit is also to increase the number of assets don't limit yourself to just one source of income and stick on it with just keep yourself making savings because you are afraid to the business and investment, in life and reality the people who have the higher risk takers have the chance to win in life because they experience a lot of failures and capabilities to adopt and what to prevent, people getting rich they know how does the market move, how to adopt in environment, what peoples need and keep risk to invest. Keep proper money management to prevent lose on the track on expenses.

Yes and of course some people those downfalls of their business and failures they take it personally like they have in mind "maybe I'm not suitable to run a business" mindset. That's why taking a risk in a business is considered as a win-win situation where if you've success then good for you, but in the case that you've failed then you could learn from your mistakes and improve yourself. Find the reasons why you failed, learn more about running a business and attend some seminars even in the internet. But from me, I've also experienced that thought if I invest it might be gone for nothing, but it changed when I took the risk. You could find more opportunities if you act than overthink that you will fail.

Always look for approaches to do better and learn from your mistakes. It's difficult since you'll have emotional issues, but if you're weak and soft toward your mistakes and failures, there's no way for you to make things better. We should never stop trying to find greater opportunities to seize and should never be satisfied with just one source of income because we never know how the future may affect our business. There's no such thing as a perfect and successful business. We will come across trial and error period so we must be always prepared to conquer everything with grace. Competition, unsuccessful sales, and a lot more could be our business challenges so we should always be firm in seeking for strategies to grow our business.

[Kelward]

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

customer is king and should be treated like a royalty.

Not always. There are some "toxic" customers and time-wasters who come to your shop without intention to buy anything. You will lose your time and efforts to sell but the deal is impossible as they were not even considering buying anything initially.

Stock different brands of the products that you sell.

Sometimes this works against you too. If you sell items of one or few specific brands, you have your own loyal customers, easier to control stock, do accounting, buy items etc. This saves a vast amount of time and work. The more time and energy you have, the more you can achieve.
 

You're correct about toxic customers who just walk into a shop without any intention of buying anything. I personally treat all my customers with utmost respect, because there's no way of knowing a serious customer unless when you're attending to them. But if I'm convinced that they've come to make trouble, I'll politely ask such a person to leave my shop. Stocking specific brands works for big business people, but small business people like me sells more when we stock different varieties of brands that customers can choose from.

[superman184]

You're correct about toxic customers who just walk into a shop without any intention of buying anything. I personally treat all my customers with utmost respect, because there's no way of knowing a serious customer unless when you're attending to them. But if I'm convinced that they've come to make trouble, I'll politely ask such a person to leave my shop.

For business people in general, they must treat their customers in a very polite and courteous manner so that customers have an attraction with the services we provide for them. After all, whether a customer is serious or not when shopping is when he starts asking questions and tries to respond to the service we provide for him, so the main thing is to keep serving before we invite him to leave after knowing that he is just playing around to make trouble.

Stocking specific brands works for big business people, but small business people like me sells more when we stock different varieties of brands that customers can choose from.

I think you have also implemented a very appropriate strategy in this regard because for small businesses it is better to provide more brands as choices for customers. Because we also don't know what brand a customer is looking for, so providing more brands that are well-known and widely chosen by customers in general is a pretty good strategy to attract more customers to our store.

[Rabata]

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.

Your opinion is correct but I think in this way a businessman have to spend lots of money for promotional expense. Local level may not require much money but whenever going to national level he has to spend extra money. If one is thinking of making a big organization then he must advertise on TV media along with other advertisements so that everyone will be able to understand his products  and at some point his business will expand. No business will ever succeed if not advertised. Because the need for familiarity is high in competitive business.

[kaseygriffin]

There is a good way to increase profits in business, and that is to increase sales through enhanced marketing efforts, product or service quality, and customer satisfaction. Next comes the expansion of product and service offerings, as well as the discovery of new markets or customer segments, which can open up additional revenue streams and drive growth. In addition, you should also study the financial situation of the business and regularly monitor and adjust marketing strategies based on market trends and customer feedback before making decisions. Insightful and adaptive to changing conditions to maximize profits.

[Finestream]

I think the number one thing in business is the trust of our clients. I'm sure they are the fields of the profits we get. if we waste their trust it is tantamount to destroying our business. we must be responsible for completing tasks from clint as best as possible to make him a subscriber in our business services. if I could suggest the main thing in business in my opinion is the trust of the client.

And customers will only trust our business if they are satisfied with our customer service. Other than that, if we are selling high quality products at its low and affordable prices, that will also let them stay on our side supporting our products. And with high incentives and good promotions existing in our business, surely they will find no reason to leave us and find their satisfaction in other people’s business.

[kawetsriyanto]

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.

Agree. Online advertising is one of the effective ways to make a product more widely known by the public. Moreover, if we advertise it on popular channels, people will give more attention. In this way, we may have a bigger chance to spend more on the products and we probably get more profits. However, it should require big money, so we have to analyze how big the potential profit in more detail. We may try to advertise it on an average channel first, don't hurry to advertise it on popular channels. We need to evaluate the response from the market (people's response). If it brings big impacts, we can decide to give more allocations for advertisement and we can try advertising on popular channels. 

[CryptSafe]

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.

As a matter of fact, customer relation is another form of advertisement organisations do not really understand. It takes time to build but does not take much time to destroy. That is the situation organisations finds themselves when they fail to get a good customer care service. The way your customer service respond to customers determine how fast your business can grow. To every organisation, every little complaint from a customer is very important because it makes them amend of their minor errors and keep them abreast of time but when you decide to ignore the insignificant or minor complaint of a genuine customer, to them it means  you do not see them as anything and therefore their observations and inputs does not matter and that is final for them. Mate if that be the case, your organisation is doomed forever because they will stop every contact they have given to you from patronizing your services.

If your must win the hearths of your customers then build a good customers care services.

[molsewid]

To increase the profit is also to increase the number of assets don't limit yourself to just one source of income and stick on it with just keep yourself making savings because you are afraid to the business and investment, in life and reality the people who have the higher risk takers have the chance to win in life because they experience a lot of failures and capabilities to adopt and what to prevent, people getting rich they know how does the market move, how to adopt in environment, what peoples need and keep risk to invest. Keep proper money management to prevent lose on the track on expenses.

Yes that's how you will get more profit and money in business. At first when you are just starting it is very hard to create and build business that is unique and profitable for long run. I experienced it with myself it it hard, but when you used to it you can properly documented all of it and make sure to bookkeep all your assets and expenses so it will be easier for your to see if you are gaining a profit, and the next thing you can do is try to diversify it and try another business that will fit to your interest and will satisfy other people attention as well.

[Vaskiy]

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.

[livingfree]

There is a good way to increase profits in business, and that is to increase sales through enhanced marketing efforts, product or service quality, and customer satisfaction.

These are correct.

It shouldn't just be marketing but also quality and consumer's happy feed back which on how you're handling them. When these are into great shapes, you'll get repeating customers and they might even comeback with a referral so that's a plus in profits.

Next comes the expansion of product and service offerings, as well as the discovery of new markets or customer segments, which can open up additional revenue streams and drive growth. In addition, you should also study the financial situation of the business and regularly monitor and adjust marketing strategies based on market trends and customer feedback before making decisions. Insightful and adaptive to changing conditions to maximize profits.

If there are budget constraints, there's a need to be consistent on your marketing if it's effective. It's true that there's always the dynamic in how the tech goes as you use them in marketing.

That's why you also need to continually learning it.

[MoonOfLife]

If you're building a business and don't know how to start, I'd recommend looking to advisors for the best solution instead of asking everyone here. There are no economists or entrepreneurs here. Honestly, I think you can easily find these answers on the internet as this is general knowledge, not a personal experience given here.

[Kelward]

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.

[irsykes]

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

[BITCOIN4X]

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.

[Wong Gendheng]

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.

[YinShuiSiYuan]

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.