Profit is the measure of
the returns of any investment. The main aim of any business is the idea of
making profit and therefore to be successful and remain in business, profit
making is important and necessary for a company or business, its survival and to
remain attractive. It is therefore imperative that every business make
investments and devise a method to measure profits emanating from those
investments. Herein I have elaborated some strategies that maybe used when
Good customer relationship.
When customers are treated well and are given good services, they always feel
good and attracted to the services a particular business or company is offering
and hence cannot abandon your services to search elsewhere.
Product mark-up. This is
important as the business person or company buys at low prices and sells at
higher prices. This obviously remains the best way of making profit in any
Drop the non-performing
staff. In any business, each staff has an integral role to play that is vital
for a business to perform. Failure by any of the staff can be very detrimental
in health of a business. If any of the staff is not adding value to the
business, the staff in this category have to be streamlined and emphasis put on
the staff performing exceptionally. Additionally, if any product has failed to
pick up even after professional marketing, then it must be dropped and another
replacement found which must be profitable.
expenses. The net profit or income from a business or any investment is
determined by the expenses incurred in the process of making profit. Therefore,
the business must adopt cost-cutting measures and ensure these measures do not
adversely affect the operations of the business. In the end the cost will be significantly
be lower ensuring the returns are higher.
conditions and price trends. For a significant return on investment, an
entrepreneur must target the market segment that he or she has extensive
knowledge in. this will ensure the entrepreneur plans for the business
appropriately in case of conditions in the market such as price changes,
seasonality of a commodity and legal regime.
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Bititci, U., Garengo, P.,
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