General Ways
There four ways to increase profitability in your company. All are within your control, and you should be considering all four of them on a regular basis.
1. Raise prices.
2. Sell more stuff.
3. Reduce overhead.
4. Reduce COGS.
We advise you, of course, to employ all four of these tactics. If you can raise prices and sell more products and services, you’ll make more profits right away. And if you can reduce your overhead, you’ll build a more lean and efficient business.
Reducing the cost of your goods is also a very useful tactic, and you can do this by getting lower prices from your suppliers. One of the best ways to get these lower prices is to ask your suppliers for discounts.
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