January 16th, 2019 David Finkel (Taxloopholes.com Advisor)
I recently shared with you my top 5 Ways to Increase Your Profits, and the response was very positive. So much in fact, that I would like to share you with 5 more simple things that you can do to increase your bottom line without working more hours.
How can you design your product or service so that your customers “consume” it faster and repurchase more frequently? How can you train them to get optimal results by using your product or service faster? How can you spark your customers to repurchase? How can you make repurchasing easier?
Remember, they do the same negotiation hundreds of times every year, while you likely only buy this product or service a few times a year. The cards are stacked against you, so make sure to take a moment to swing them back in your favor, by adequately preparing before that buying conversation.
What about your staffing levels? The next time someone leaves (or you let an employee go) pause before you reflexively rehire that role. Many times you can simply absorb that person’s function with your remaining staff, adding $50,000 or more to your bottom line.
You get to bill sooner, collect faster, and keep your staff and equipment optimally engaged. So, look for ways to speed up your production cycle.
And here’s one more bonus way to increase your company’s profitability…