Profits up! 23 top tips

As BUSINESS DEVELOPMENT ACCOUNTANTS we work with our clients to improve their profitability. There are plenty of things to address in the 8 areas we consider – only some of which apply to any business – and then we’ll work with you to see where the biggest and easiest gains might be made in any of 23 specific targets:

Getting More Good Sales Leads:
1. Improving your offering.
2. Improving your marketing systems.
3. Getting more referrals.

Converting More Leads into Customers:
4. Improving your sales systems.
5. Improving your follow-up systems

Getting Customers to Stay With You Longer:
6. Improving your customer service systems.
7. Adding value – making it harder for customers to go elsewhere.

Increasing the Number of Times Customers Buy:
8. Making sure you know and meet all your customers’ relevant needs.
9. Using systems that encourage and reward more regular purchasing.

Increasing the Amount Customers Spend With You:
10. Getting your pricing right.
11. Improving the “quality” of your customers.
12. Improving your “up-selling” systems.
13. Improving your “cross-selling” systems.
14. Encouraging customers to buy products which are more profitable to you.

Improving Your Productivity:
15. Improving your operational systems
16. Using technology better.
17. Improving the skills and attitude of your team.
18. Getting rid of customers who set you back.

Reducing Input Costs:
19. Switching suppliers to get better prices and service.
20. Negotiating better deals from existing suppliers.

Managing Your Balance Sheet Better:
21. Changing who, how and when you give credit and how you collect your debts.
22. Improving the way you manage your stock and work in progress.
23. Restructuring your borrowings.

We discuss some of these ideas at greater length in Brendan’s new book: “Profits Up; Taxes Down: 15 ways to put more cash into your pocket.” Email brendan@jamesmagee.co.uk to reserve your advance copy.