Tips To Boost Business Profit

  • Added:
    Jan 16, 2013
  • Article Views:
  • Word Count:

It astonishes me when an entrepreneur gives an excuse of “highly competitive market” for low profitability of his/her business. While some sit back and worry about the competitive market others flourish their business in the same market. Businesses are supposed to thrive in competitive markets and many do. An entrepreneur must keep learning in order to match up to the existing scenario (whether political, or economical). Also an entrepreneur should not limit his learning only to some high class executive seminars or business guides. One might learn a lot more through this article than through a book. In this article I have mentioned some of the actions that an entrepreneur must take in various divisions of his/her company to boost the business profit. Below are some key points-      

Be creative in Marketing: In order to increase profit, businesses must be creative with their marketing strategies. The traditional marketing techniques don’t work very well these days. They do have their significance but there are much better ways of marketing that must not be overlooked. Internet has emerged as a very potential medium paving way for cheap, effective and creative marketing, it must be used well. Businesses need to be creative and the customers will certainly reward them well above their expectations.

Automate the Finances: No matter how smart and intelligent the finance professionals of a company might be, they are human and they might err. However, there should e no scope of error in the finance department of a business organization. Even a slight mistake can lead the company towards serious financial issues. Hence every business must adopt a finance software to automate the financial tasks like estimating earnings, paying taxes, calculating debts, etc. Small to mid-sized business should make use of softwares like Sage 50 Accounts and their finance professional must learn how to use it efficiently through a Sage training course.  

Invest in Customer Service: Although customer service is not a productive department yet it plays a critical role in a business’ profitability. At the end of all the efforts put in by a business, the growth of the company is determined by the experience of customers with the company. And this experience does not end with the purchase of a product or service, it continues even after that (the real customer service rather begins later only). Business must invest in customer service. The customer service department of an organization doesn’t need to be excellent, to be impressive. They just need to be average because everybody else is so worse. Satisfied customers don’t only become loyal to an organization but also advertise for them by “word of mouth”. 

Have an internet presence: Having an internet presence is very important for any business, in the present scenario. A business must be present on internet in all verticals- e-commerce website, social networking presence, company website, etc. While presence on social networking websites helps a business in branding, website helps it in building its own unique identity and e-commerce websites make use of both of them and helps in boosting the company’s profit by increasing sales.  

Empower HR professionals: A business’s backbone is its HR department. The HR professionals must be empowered with an effective HR software like Sage 50 HR. They must also be provided the best sage training course to learn to use the software efficiently. The software would save time of HR professionals on performing regular HR tasks and allow them to perform strategic planning and thus increase the profitability of the company, indirectly.

Author's Profile

I believe that learning never ends. I am currently pursuing a Sage certification course. I love to write on article sites and see the number of views multiplying every day. My niche is bookkeeping so I write articles on related topics such as Sage Qualification, Bookkeeping softwares, etc.

Please Rate this Article
Poor Excellent