There are many factors that combine to produce a successful business and maximising the profits you could realise. This dedicated area explores some key strategies for unleashing unrealised profit potential.
A well-motivated and focused workforce is the key to achieving sustained improvements in profitability. And one of the best ways to motivate your workforce is to involve them in increasing profits and sharing in the results.
Small and medium-sized businesses are particularly vulnerable during economic turmoil. But all too often we see companies going under that could have stayed afloat if they had taken a few elementary precautions at the right time.
Conventional wisdom says that the key to success is to increase your share of the market, which implies that businesses that command only a small market share are at a disadvantage. But this need not be the case.
Sooner or later, most businesses have to turn to external sources to finance growth, whether it is to invest in new equipment or machinery, to purchase property, to upgrade technology, or to maintain cashflow while a new product line kicks in.