Simple Steps to Improve Profit and Cash-flow

The following are easy-to- follow strategies to improve profitability and cash flow:

• Identify unprofitable products and services and eliminate them. Don’t fall into the trap that many businesses do when they continue to sell goods or services that don’t make any profit at all. In other words, trim the fat. Focus on promoting the things that are your biggest winners and forget the others at least until you are so successful you can afford to experiment.

• Identify and target new customers – The time you spend actually serving customers earns you money. The time spent administering, advertising and soliciting new customers costs you money. You can improve efficiency by soliciting new customers in tighter customer communities – narrow down the geographic area you sell to. Most important: find new customers in your current customer base. The higher your service rates and industry referrals, the less sales costs you will incur and the more your business will grow.
• Don’t serve deadbeat customers – Not all customers pay their bills; if they don’t you do not want them as customers.
• The very best way to improve your profits is to stop non-profitable, time-consuming activities and get back to the business of building your company. Leave the rest to a PEO or other provider.