If you want to make more money, you might not need to sell more. One of the best ways to increase your income is by focusing on increasing profits in your business.
Every business owner I know would love to increase their income. And I talk to business owners all the time that are focused on sales, sales and more sales! You know I love increasing sales. But can I tell you about my favorite year in business?
In 2017 we increased our profits by 38%. We did NOT increase our sales. What does that mean? I made more for the same amount of work. It was awesome! That’s the power of increasing profits.
Here’s my 5 tips to increase profits in your business
- Read Profit First by Mike Michalowics. It’s one of the best books on increasing profits in your small business and was the major catalyst for us putting our focus on profitability vs revenue.
- Start tracking your sales numbers. Not every sale is equal in profitability. And until you know the numbers, you don’t know where to focus your sales efforts.
- Sell what makes the most profits. Sounds simple right? But you’d be amazed how often the highest profit margin products gets overlooked for something sexier or more exciting.
- Plug your money leaks. Figure out where you are bleeding money and stop the hemorrhaging!
- Get your financial team in place. You will need the right advisors and helpers to maximise increasing profits in your business.
Check out my newest youtube video to hear more!