10 Keys to Increasing Profits in Any Business

  1. Cut overhead by automating almost everything, accounting, reporting, voicemail, ordering, fulfillment, customer service, and sales.
  2. Cut variable expenses by negotiating with suppliers.  If you’re seeking higher profits, you’ll need your suppliers to reinvent themselves too!  The smart suppliers will be empowered by your request.
  3. Cut variable expenses by redesigning (re-engineering) how work gets done/how the product is produced.  This should be a continual process and second nature to you.
  4. Increase productivity by expecting 50%-100% more from everyone.  (Yes, really. THAT much more.)  And give them the best tools and training needed to produce more, without stress.
  5. Leverage your strengths by extending the product/service line.  If you can easily add supplemental products or customized versions at the same profit margin, your overall profit should increase.
  6. Each quarter, challenge your assumptions about your industry and your company.  Profit is ALWAYS temporary.  What keeps profits increasing long term is staying in touch with an always-changing marketplace/industry.
  7. Experiment with new ideas, new types of products and new processes.  Invest 1% of sales into making boo-boos, radical experiments, intuitively-based decisions, think tank getaways – whatever is beyond the 9 dots.
  8. Have and hire only employees who continually impress you with their initiative and competence.  Let everyone else go.  Increasing profits come from great employees, not average ones.
  9. Turn your customer service department into the R&D department of your company.
  10. ASK your best customers what they want/need from you.

Source: Top Ten Business @ lists.dailycast.com (May 23, 2000)