Grow your Therapy Business

Insight, Integrity and Inspiration

Grow Your Therapy Business

Insight, Integrity, Inspiration

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Question 30: What Can you Do To Increase Your Profit?

When a recession hits, as it has at the moment it is too easy to get taken up with the doom and gloom. Amazingly some of the most forward thinking and innovative companies and businesses have been set up in times of recession… and talking to successful business people the y are often told ” you will never do it”….”you want to set up a cupcake business?” ” No one wants to buy yachts at the moment, you must be mad” . And yet customers do come . They may demand better value for money or a more substantial guarantee but they can still be found… we just may need to be more creative in finding them.

Ok so off the top of my head what can you do to improve profitability?

  1. reduce your break-even quantity by reducing your fixed assets that aren’t productive.
  2. offer additional products or services to your existing clients.
  3. Reduce your operating costs … what can you cut out. If you categorise costs into those that are legally required to do business, those that are critical to carry out business and those that are nice to have….. What can you cut out? What can you substitute without affecting customer service.
  4. offer better loyalty schemes to your existing clients, or longer guarantees to make an offer “risk free” . This seems counter intuitive but research has shown this can increase the take up twofold. Personally I have not found the additional take up as high as that.. more like an additional 10% but definitely worth having.
  5. reduce the quantity provided rather than put up the price ( this happens a lot in chocolate manufacturer… has anyone else noticed the size of a mars bar is considerably smaller than it used to be?)
  6. look at what other successful business are doing in different markets… is there anything there you can model?
  7. What other routes to market are there that you haven’t tried and tested? This could include social media, local marketing, QR codes, mobile marketing, different forms of public relations.

In essence to improve profits you need to increase sales, or other forms of income , or change the mix of produce goods and services to the more profitable lines or reduce costs. or come up with something completely new and innovative that supplies a need. Do you know if you are still meeting your clients needs? If not set up a market survey.

Recent Posts

  • Question 1: Why are you in business
  • Question 2: What Is Your Vision
  • Question 3: What Is Your Unique Selling Proposition (USP)
  • Question 4: Is your business working to your business plan
  • Question 5: What is Your current passion
  • Question 6: Want more hours in the day
  • Question 7: What Are the Obstacles in Your Way to Achieving What you Want to Do
  • Question 8: What are you doing to Plan Your Time & Prioritise urgent & important and make sure you take action on those plans
  • Question 9: What are you doing to clear up past messes
  • Question 10: How well are you measuring and controlling the business drivers ( key business indicators) out of 10
  • Question 11: Are there trends in the niche, market or industry that are likely to give opportunities to the firm
  • Question 12: Are there trends in the niche, market or industry that are likely to provide a threat to the firm
  • Question 13: Where’s the next competitive edge for your business
  • Question 14: which of your competitors are successful and why
  • Question 15: Are you still being a copycat
  • Question 16: How Good Is Your Pitch
  • Question 17: How Flexible Is Your Business
  • Question 18: How Are You Doing
  • Question 19: Do you have a clear sales funnel
  • Question 20: What is the Best Way of Getting New Clients
  • Question 21: Have you reviewed the optimum contribution for each product or service
  • Question 22: Are You A Seller or The Long Term Trusted Partner
  • Question 23: How are you spending your time
  • Question 24: What percentage of sales are from one person
  • Question 25: How Far Have you Come
  • Question 26: What Do You Want? How Do You Know When You’ve Got It? What Do you Need To Do?
  • Question 27: How Social Are You?
  • Question 28: What are You Prepared to Give Up?
  • Question 29: Who Are You Hanging Out With?
  • Question 30: What Can you Do To Increase Your Profit?
  • Question 31: How Effective Is Your No?
  • Question 32: how scaleable is your business?
  • Question 34: How To Win in Business?
  • Question 35: Look inside
  • Question 36: Whats your money mindset?
  • Question 37: What would Richard Branson do?
  • Question 38: What’s Your Money Mindset?
  • Getting Started

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