The main goal of every business irrespective of whether they are startups, small, medium or large scale is to make profits. However, making profits is not that easy since there are lots of things involved in it. In fact it is the profit through which the business’s success and score is measured.
Tips From John Barksdale To make a business profitable
John is the creative thinker, founder, and genius behind the overall concept of iAM Marketing. After graduating from high school at the age of thirteen, he started with his own technology company. He is in fact one of the most preferred motivational speaker, published author, mentor, marketing guru, and global entrepreneur. He leads with the talent that goes past the business spectrum as an outcome of his expertise in direct sales, technology, marketing, and manufacturing.
John Barksdale being a renowned businessman says that there are several ways by which one can easily make profit in business which are mentioned below:
- Raising the cost at which one can sell the product is perhaps the best way to increase the profit. Certain business owners may hesitate to this but it doesn’t have to be a noteworthy increase to make a variation. One can in fact just raise the price by around three percent and this may not be too much, which enables a business owner to both increase their profitability and stay competitive.
- In order to make a business profitable one should constantly evaluate the productivity gains that the business is experiencing. Ideally, a business owner should not hire someone without knowing the possible return on investment from them. Moreover, prior to buying equipment, supplies, or inventory, one should consider the direct or indirect influence the investment can have on the business.
- In addition to this, one should research supply chains in the market area and ensure that they are receiving the top quality products at the least possible cost. One should stay familiar about the changes that may take place in the supply arena of the market area. This way one can always renegotiate the deals that they have with their own suppliers. If possible one can also reduce their supply cost. Keep in mind that just by keeping costs down one can make excellent profits
- Businesses should think of offering special promotions and deals to entice the customers to buy more products. Each time a client reaches a point of sale they should be provided an upsell.
These are some of the tips by which one can make a lot of profits in their business.
John Barksdale has the ability to predict corporate trends and offer the clientele with pioneering and experiential solutions by combining foundational principles of the networking industry, conventional corporate structure, and online social media marketing. When not busy with this usual work, John Barksdale loves to spend time researching and reading for his motivational seminars that go beyond business and cover whole life skills training.