If you know that you are not happy with the amount of money you are making with your small business or if you know that you need to rocket the potential that you have so that you can take things to that next level then there are a couple of things that you can do about this.
Put Up your Prices by 3%
If you put up your prices by 3% then this will make you way more profit for every sale that you make. If you sell the same amount of products then you will increase your turnover and the amount of profit that you have as well. This is a great way for you to really make the most out of the business idea that you have and it is also a great way for you to take things to that next level in terms of your productivity and business efficiency as well. You may even want to use some mapping software to plan out how you can get a better idea of the model that you have as well, and this is a great way for you to accelerate your results.
Decrease your Cost by 3%
When you have increased the price of your products, it is then time for you to try and decrease the direct costs that you have to pay for. You can ask your suppliers if they are able to give you an added discount and you can also enquire about buying in bulk as well. This is a brilliant way for you to make more money at the end of the day and it is also a good way for you to really cement your relationship with your suppliers as well. If your suppliers are not willing to drop the price, consider finding someone else. This may be hard work, but the end result will be well worth it and when you operate your own business, you really do need someone you can count on.
Get Rid of Suppliers who Are Not Performing Well Enough
If you have employees, suppliers and even customers who are making your working day harder, it’s time for you to get rid of them. Not only will this help you to create a better working environment, because it will also help you to get rid of people who are making you lose out on money as well, and this is a brilliant way for you to increase the efficiency of your business model as well so do keep that in mind. You may even want to consider going for some business coaching as well if you want to learn more about this.
Packaging and Products
Think about it, is it possible for you to reduce the amount of packaging that you use for your products? Is it possible for you to reduce your postal costs? If you are able to do this then keep the prices that you charge for the postage and always try and find a cheaper courier. If they are able to keep up with the same service as your current delivery company then you should have no issues at all and this is a great way for you to really make more through your sales.