How to Increase Business Profitability

By Pulau Intan Lestari

Apr 25, 2022

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 The point of business is to make a profit; revenues minus expenses are easy ways to count your business profit. There are two ways to increase business profitability: the first is by increasing your revenue, and secondly is by reducing your expenses. You can get revenue from the prices that customers pay for your products and services, and you should pay expenses for every operational cost. To make your business keep profitable, and consistently increases, there are a rule that you should know, as below:

1. Know what your customers need
 You have to provide products or services that customers need, so it talks about today, next days, next years, even to the future. You should be updated about information, and always ready to follow the trends in society. Another tips is that you can view your sales history and make previous high-demand products as your reference. It will be easier if you use an inventory management system with a forecasting tool that enables you to accurately forecast demand for your inventory.

2. Strengthen your brand value
 What makes a customer loyal to your product? Because your brand is valuable. You can strengthen your brand value, by keep your best quality of products or services, and you should be consistent about your brand story, make it have authenticity.

3. Let’s play with technology
 Don’t make your business left behind, make it always in front of your competitors. Today we know the power of digital marketing in social media, and know how websites make a business look so professional. You should reach your wide customers through advanced technology.

 So let’s summarize what we have learned today; knowing and understanding customer needs is the point of every successful business, and strengthening your brand value will keep your loyal customers, and being updated with technology will make your business move forward.

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