By Cruz at August 23 2019 12:39:57
Do you work on your business as much as you work in your business? Do you ever dream about having a good lifestyle but just haven't quite figured out what to do about it. Have you ever thought about seeing what your business would need to do to give you those dreams? Developing a growth business plan could be the answer. So, why should you make a growth business plan? Well in simple terms you need to know where you're going and how and when you're going to get there.
Now assuming you did do this and it looked reasonable to you, how would you go about making it happen? What approach would you use? This could be a little harder. Well let me show you something. It might be easier than you think. Did you know there are 7 ways to increase profit in business? If we decided to grow our business, most likely the first thing we would think about would be to add more customers. Adding customers will increase sales and as we seen above can increase profit as well, but it might not be the most effective way to increase profit. Take a look at these and see which ones you think could work for you. Would it be to: 1. Add more customers? 2. Increase your transactions per customer? 3. Increase your average dollar sale per transaction? 4. Decrease your fixed expenses? 5. Decrease your variable expenses? 6. Decrease your material cost? 7. Or decrease your labor cost?