As a business owner, it is important to keep focused on building a profitable company (with integrity). Sometimes profit can seem elusive, and even when you do make a profit, it can be hard to see the money anywhere.

Some quick ways to improve profits and find the money:

  1. Review all purchasing agreements and look for overcharges on carriage, deals not adhered to.
  2. Review your margins – sometimes when we negotiate better deals with suppliers, the only one that benefits is the customer – Great that they can benefit, but you can too. Sometimes having formulas to work out your margins can be a bad thing.
  3. Return stock to suppliers where ever possible – If it is not selling, time to move it on and cash in.
  4. Look at all expenditure on Not For Resale items – can you make savings. Remember that every euro you save here goes straight to the bottom line.
  5. Know your numbers. Every business has metrics that they can compare, i.e Gross Profits, Wages to Turnover, Marketing Spend etc. If yours are out of whack, its costing you money. Why do you allow it.
  6. Add on sales – customers will buy more from you if they are aware that you supply it. Don’t assume that they know. Not every suggestion for an additional sale will work, but the more relevant they are, the better. i.e if you sell tyres, would you not automatically recommend wheel alignment. Of course you would. Non aligned wheels will destroy new tyres.

As a business owner, it is not ok just to accept what happens – You can affect your business positively every day.

Call me if you would like to find extra profit in your business. 087 222 0720

About the author,

Hi I’m Derek O’Dwyer. I have been an ActionCOACH for the last 18 years. I live in Clare and work with businesses around Ireland to take their business to the next level. I am passionate about business and providing help and advice. In the past 18 years I have worked with over 400 business owners helping them and their business. I adapt my coaching depending on what you and your business need. I find that each coaching relationship is different but as long as we understand that we have a common objective with timescales, positive things happen quickly. I am a firm believer i the concept of “what you can measure you can manage” and “what you measure you can improve”. Key performance indicators and accountability form the bedrock of my coaching platforms. If making more money from your business, working less hours in your business and having a great team running your business then it’s worth having a discussion with me. If you are willing to implement changes I will be there to help every step of the way. In terms of personal accolades and recognition I have been awarded ActionCOACH of the year in Ireland every year for the last ten years In 2019 I was inducted into the ActionCOACH Global Hall Of Fame I was global Rookie Coach of The Year in 2002 having achieved remarkable success as the first ActionCOACH in Europe. Many of my clients have also received awards from their peers for their business improvements.

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