Rapidly Grow Your Business Profits by Balancing this 5 Step Business Formula

 

Growing your business can be difficult. Balancing the profit growth formula increases sales and reduces costs wisely. Our SandS Resultants have identified most business owners and managers face difficulty in achieving this, (e.g. overpaying sales staff in a desperate attempt to increase sales, only to see sales & profits decline or stagnate), however striking the right balance generates large revenues, and rewarding bonuses for their sales teams.

There are three options. Avoid such decisions and do nothing, or make the wrong and costly decisions, both these add to costs and pressures on your business. The 3rd and right option is to face the challenges with the right skills, guidance and direction, and like our many clients, start looking at each challenge as an opportunity to get your business up, step by step, on its way to become an industry leader.

If you are that business owner or manager who feels this overwhelming burden of balancing the revenue and cost formula, a SandS Resultant can help. We have engaged with many clients to find the right formula to set up their sales teams that have become recognised powerhouses in their respective industries.

1. Re-engineering operating procedures: This is generating more sales while reducing costs. Have a clear step by step process map on the optimal way to progress sales opportunities. Have crucial decision steps as early as possible in the process (e.g. qualifying a good prospect); develop a clear list of criteria for these decisions, etc. etc. All these improvements will reduce costs through increased efficiency, which, along with increases in sales, has an exponential increase in your profits!

2. Stay connected to your stakeholder: Stakeholders bring opportunities to the business. Therefore, using all available avenues and platforms to stay connected with your stakeholders helps boost sales & profits.

3. Streamlining management processes, costs, and overheads: Managing costs via automation, outsourcing, eliminating non value adding activities, and streamlining processes will achieve efficiencies that help your business and teams run smoothly and rapidly improve profitability, speed, and customer service.

4. Set a motivational bonus structure: It is important for sales targets to be achievable, and beneficial for both the sales team earning the bonus, and the business earning the profits. This is a key area our SandS Resultants put right for our clients, to quickly and rapidly increases clients’ revenues & profits.

5. Recognize & reward high achievers: This is very important, to keep high performing employees engaged and motivated, while encouraging others to step up. SandS finance professional develops cost effective management information systems for our clients’ to easily identify their high achievers on a weekly and monthly basis. A lag in identifying high performers will demotivate the employees and retention of those skills will be impossible.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *