Five ways to improve your profits
The profitability of the organization helps the brand in growing manyfold. It can be achieved in multiple ways but constant improvement in sales is the ultimate way to reach this goal.
Entrepreneur contributor Sania Gupta has shared five ways to help brands improve their profits.
Gupta says, “Here are some quick fix solutions that’ll aid in revving up the business profits considerably.
1. Goals with planning and calculations
Organizational goals must be mandatorily planned and calculated in terms of numbers. Sales goals, product-wise revenue targets, branch-wise goals, manpower planning must all be clearly quantified. Nothing should be an estimation or assumption. Data must support each decision in every aspect of business.
For example, if the salesman says he is targeting Rs.1,00,000 sales on a day, you have all the rights to out rightly ask him to support his estimate in terms of data as to how many are his target customers and what’s his average conversion rate. All this ensures that nothing is left to lurch and things are meticulously planned.
2. Raise the marketing efforts
Give your business an instant overhaul by making its presence felt online and promote marketing through online tools like facebook, instagram and twitter”.
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