By Barbara R at September 30 2019 11:27:30
So, what would your business look like over the next 10 years to give you that? Could you build a plan that would show exactly how your business could do that? It would show what your sales, fixed expenses, material cost, labor cost, and variable expenses would need to be. It should also show you how many customers you would need and would show you what your profit and profit margins would be each year. All it takes is your current business numbers as we listed earlier and you can make a business plan as many years out as you like.
So when using one or more of these 7 ways to increase profit, the first one (adding more customers) might be the one you want to focus on last. It's probably more expensive. Now, if you had your plan completed and it showed what your business needed to do over the next 10 years to give you the salary and profit you wanted, the next thought would be how do I make it happen. Well the best way would be to take it one year at a time. Concentrate on next year first and then choose one or more of 2 through 7 to work on before trying to add customers.