Resources for Increasing Profit

Growth has its risks but a well-designed strategy can deliver stability, security and long-term profits.
When it comes to expansion, it’s not always necessary to borrow money. You’d be surprised how your own internal resources can be maximized to provide at least some of the cash you’ll need.

Both cross-selling and upselling can be useful methods for increasing your business’s sales. But there are also genuine benefits for your customers. They’ll appreciate being offered an item that either complements or adds value to their original purchase.

Franchising can be an excellent way of growing your business rapidly and earning a good return. It can also be a pathway for ultimately exiting your business and leaving it in the capable hands of franchisees.
Here, we’ll outline ten steps to successfully franchise your business with a view to leaving it behind at some point in the future.

What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business.

Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales.
Build a cash buffer
Businesses generally fail because they run out of cash. Cash in the bank acts as a buffer and can help you better weather the ups and downs you may encounter when running your business. Having cash in reserve:

Markets are dynamic and constantly evolving so no business can afford to stand still. No matter how excellent your products or services, they have a finite lifespan, so they must be developed or replaced if you’re to continue growing your business.
New products and services are the hallmarks of a go-ahead business.

Is it time for your business to invest in some new equipment? And if so, is it a smarter business decision and more cost-effective to hire or buy?
Why you might need new equipment
The right equipment can enhance your processes, productivity, capacity to innovate, and bottom line, but should you buy now or wait till a later date?

Depreciation is basically a reduction in the value of an asset over time. What this means for your business is that if you buy a substantial asset like a computer or a car, you can claim a certain amount of the loss of value over time as a business expense.

Sales and profit are two very different things – as a business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that strong cash flows from sales deliver little profit.