Few things define a business like ‘profit’. No matter the size, every company can do more to increase its revenue and reduce its expenses. Both inform profitability, and you shouldn’t be daunted by either, even if you’re just starting out. Discover 30 simple tips to help you maximise your business potential and start growing your profits today.
Every business can increase its revenue and reduce expenses, and it doesn’t take tabs of complicated spreadsheets or intricate strategic planning to do it. Our expert team has put together this guide to show you how to start maximising your potential and lowering your profit-drain straightaway. As Jay from our expert accounting team says, it’s never too early to target higher profits:
“If you’re the owner of a startup, it’s understandable that your initial focus is on breaking even – but it’s important to set yourself the challenge of turning a profit as soon as you can. As your profits increase and become more predictable, your business stands a far greater chance of survival.”
So how do you do it? We’ve split it into two questions. Answering both can make a real difference to your company.
How can I increase my revenue?
Start by analysing your company’s profit and loss account to identify areas where you might be able to generate more revenue. Keep in mind that almost any aspect of a business can benefit from a little fine-tuning. From the top to the bottom, it really is worth examining every part! This gives you the best possible chance of increasing sales and attracting more clients to your service without spending too much money.
How can I reduce my business expenses?
You have to spend money to grow your business. In an ideal world, you’d reduce or completely eliminate unnecessary costs. But that doesn’t mean there aren't any savings to be made to your necessary costs too. The trick is to regularly review your total business spend so you can identify areas where savings are possible, no matter how small the expense appears in the scheme of things.