Home
>
Top Quick Tips
>
Increase Business Profits - Ten Ways

Increase Business Profits - Ten Ways

How do you increase business profits? Answer the following questions carefully, and you'll have a good start.

1. Can you increase the average sale? A restaurant with 25% profit margins might make 50% on additional sales to existing customers (less labor to bag one large order than two smaller ones). Asking "What would you like to drink with that?" works, and it's just a start.

2. What's the least expensive way to get a customer? Before you spend another thousand dollars advertising to get new customers, could you get as much business by spending a few hours contacting previous or existing customers?

3. What low risk ideas can you try? I once sent a letter to several visiting basketball teams, inviting them to visit our restaurant, and giving the coach a free meal as an incentive. The cost? Two dollars. The pay off was two busloads of customers. At that rate, you could increase your business profits even if nine out of ten ideas fail.

4. Have you tested prices? I knew a store that sold a product for a $1.05, that cost them $1.00. At a price of $1.20, it is doubtful that they'd lose half their sales, but if they did, they'd still make twice the profit. Some things even sell better at a higher price. Test.

5. Can you measure your advertising results? How do you know that you're not spending more for a customer than they're worth? Coupons, customer surveys and other methods of measurement are a must.

6. How do you know your customers are satisfied? The worst restaurant meal we ever ate went down without a comment, but we never returned to that restaurant. Maybe the owner should be talking to the customers.

7. Can you enhance the percieved value of your product? Years ago, I sold walking sticks for $10 at flea markets, and $20 at craft shows. Sometimes location alone can enhance the percieved value of a product. What else can you do?

8. What are similar businesses doing? See what your successful competitors are doing. Can you do the same?

9. What other products can you sell? There's a reason stores have candy and magazines near the checkout. Extra sales are a great way to increase business profits.

10. Can you use your customers as salesmen? Word of mouth is a start, but what other ways can you get your customers to bring their friends to you?

These were culled from a longer list. I call it "stolen business ideas," because I can't credit the original authors. I took them where I found them over the years, with grattitude, but without notes.

Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.everythingaboutmoney.info

scheduled cleaning services Winnetka ..

In The News:

New iPhone replacement scam uses pressure tactics and fake carrier calls to steal devices from buyers. Criminals claim shipping errors and demand urgent returns.

Amazon Ring's new facial recognition feature sparks privacy controversy as Electronic Frontier Foundation critics argue the AI upgrade expands surveillance risks.

New Android banking trojan Sturnus steals credentials, reads encrypted messages and controls devices.

Denmark's 3D-printed student village proves automation builds 36 apartments faster than traditional methods. Skovsporet project shows housing future.

Discover Android's new Sound Notifications feature that alerts you to smoke alarms, doorbells, and baby cries even when wearing headphones.

New SantaStealer malware reportedly threatens holiday shoppers with password theft. This Christmas-themed info-stealer targets browsers and crypto wallets.

The Christmas season brings a surge in Netflix phishing scams targeting shoppers with fake emails. Stacey P received convincing scam but verified account first.

San Francisco Giants invite Jamie Grohsong to throw ceremonial first pitch at Oracle Park after he learned to play baseball with a bionic hand following an injury.

FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.

Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.

The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.

Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.

Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.

Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.

Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.

Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.

The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.

OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.

Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.

LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Increase Business Profits - Ten Ways

Top Quick Tips