Increase Your Profits & Determine Optimal PricingScott Williams
Streamline My Existing Operation: Optimise100
There is no science to how you can improve your profits or turn around a lagging or troubled business but the group of techniques that have been collected in this article will give you some insight into opportunities to dramatically improve your profit.
This article will focus on optimising your current business operation.
It is not aiming to necessarily increase your revenue but to streamline what you have and thereby direct more money to bottom-line profit.
Because that is simpler than increasing revenue, it can happen much faster…(more here)
How to Create a Pro Forma cashflow For Your Business
Bob Adams explains the concept of cashflow and shows you why it is absolutely crucial for your small business.
What Is a Pro Forma cashflow?
Projected future cashflow, which may also be called “pro forma cashflow,” or simply “cashflow,” is created to predict inflow and outflow of cash to your business.
It is particularly valuable in predicting when your business may experience a cash shortage.
It is also valuable in tracking what is leading to the cash shortage and, hence, makes it easier to figure out what you might want to change to alleviate the shortage…(more here)
Should You Discount to Get More Sales?
When customers ask you for a discount in exchange for their promise of a large purchase, or multiple future purchases, it’s hard not to give in. After all, you’ll make up for the lower price by selling more of your product and gaining a good customer, right?…(more here)
This article was courtesy of Business Mentoring Noosa.
2 Ways to Increase Profits That Don’t Involve New Business
Often when business owners plan to increase profits, cutting operating costs is the first instinct.
It makes perfect sense on paper but the reality in many cases is that costs can only be reduced minimally before the quality of your offering starts to suffer. Subsequently, when value is reduced your customers lose out.
On the flip side, when value for the customer is increased, business costs tend to go up and better products and services do not come cheap.
Not to worry, though, here are two ways to increase profits that could be right under your nose:…(more here)
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More Pricing Resources
How to Determine Optimal Price For Profit (Video)
Neil Patel discusses how to determine what you should be charging for your product or service.
What to look for in your competition – is their product/service comparable to yours, are the features more or less the same.
These are a few of the points Neil discusses to determine pricing – should it be the same, higher or lower than your competitors?….(watch video – 4 mins)
Bad Pricing Assumptions (video)
Spencer Lum talks about one of the worst pricing assumptions people make and then gives 3 strategies to increase price.
Listen to the psychology of pricing – excellent video.
Watch this eight minute video
on the link below
19 Pricing Strategies in Business (with examples)
Scan this list to generate ideas on which strategies that might best suit your business
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