Profit in simple terms is your sales less your cost of sales and other expenses. A business needs to create profits (and also have good cash flow – but thats a topic for another time) to survive and its what allows you to continue operating.
Profits allow you to reinvest into the business, to grow both the size of the business as well as its profit.
You went into business to fulfill your dream and passion and also to make a living and to support your family (which requires profits).
Profit is a springboard which propels your business to:
- secure finance from banks;
- attract investors;
- fund expansion;
- acquire competitors;
- attract and retain staff;
- maximise the value of your business; and
- give back to the community.
The success of your business depends on your ability to continually improve profit
What can you do to achieve profit improvement?
The image below summaries Upturn Business Advisory’s 4 key concepts that are used to achieve profit improvement.
Each of the 4 concepts involves several strategies that must be considered and implemented to realise the true profit improvement potential of your business.
New clients are eligible for a free consultation to review each of their profit drivers listed above. To redeem this offer simply contact us on 1300 878 876 or send us an email to contact@upturn.com.au quoting “Profit Improvement Review”.
The review considers many elements that drive profit such as:
- Understanding the margin of your product or service
- Differentiating on service and quality, not price
- Building a high-volume sales funnel
- Benchmarking you costs against others in your industry
- Measuring the financial and non-financial drivers in your business
Sales are the lifeblood of all businesses, so it is vital to understand how to generate and track sales to achieve profit
Find out more on how Upturn Business Advisory can help uncover the true profit potential of your business by booking a free “Profit Improvement Review”. To redeem this offer simply contact us on 1300 878 876 or send us an email to contact@upturn.com.au quoting “Profit Improvement Review”.
