The Business Bulletin
How to make more money in your business…. As a business owner
Sales – Expenses = Profit
and services where your margin is the
I’m sure you’re always
A more comprehensive way to review
of an item that has a low-cost price
looking for ways to
your business and make more money
that has a good profit margin for you
make more money
is by using the Five Ways System
it makes sense to focus on increasing
that I’m about to share with you .
sales of it. Similarly, if you offer training
and in particular profit. One recognised and basic way to do this is of course to focus on
highest. If you have fast-moving stock
and have a series of online courses 1. Concentrate on selling those
then focusing your efforts on selling
products/services that bring you
these is going to increase your profit.
the highest margins/profit.
You’ve already put the effort or
Instead of discounting to increase
expense into creating them and now
sales (and reduce profit), consider
you can sell them over and over to an ever-changing audience.
increasing your sales
increasing your prices. Whilst you
and decreasing your
sales you generate; you will increase
2. Service your best customers
your profits by selling fewer items at a
and remember to up/cross-sell
higher price.
to them.
costs as what you’re left with is profit.
might reduce the total number of
Another strategy that can help you here is to promote those products
6 | Issue 1 – Finance
Do your customers know everything you sell? Most businesses have a core
