Finance

Finding Out What Works for Your Business

Finding out what works for your business

Your business which has been performing quite well for some time suddenly begins to make low sales and you can’t seem to pinpoint where the issue is from or what you aren’t doing right as opposed to when it was doing well.

Here are a few tips to help put your business back on track:

Make an Inventory – Take a record of all the products or services that you sell or offer to your customers.

Determine the Cost of Production – Determine how much it costs to produce each one of your products or to deliver a service to your customers.

Identity the Profit for Each Product/Service – After determining how much it costs to produce each product or deliver a service, find out how much you profit for each product that you sell or service that you deliver.

After following these steps, the products or services with the highest profit rates are what are currently working for your business, while the ones with low profit rates aren’t.

However, this doesn’t mean you should discard the latter; you can try:

Minimize the cost of production – Search for alternative methods of production that would help you reduce the amount spent on producing the products, such that it wouldn’t affect the quality of your products and also increase your profit on the products. Your current production technique might just be the problem.

Repackaging the Products/Services – The design of the product might be outdated with current trends, change it and make it more attractive while you also ensure it doesn’t affect your brand’s image.

Add Incentives – Everyone love freebies and most times giving out freebies costs you next to nothing but would mean a lot to your customers. For example, giving your customers branded pens or customized paper or nylon bags helps them in part of their day to day activities one way or another and guess what you also get free publicity, so it’s a win-win.

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