The seventh way to grow your business is to reduce your overheads. These are the fixed costs in your business that don’t change much as your sales increase, e.g. phone, power, rent, interest, etc. How often do you review your overheads? You should do this at least annually. Simply go through each expense line in …READ MORE
The sixth way to grow your business is to reduce your variable costs. These are the costs which increase as sales increase. By reducing your variable costs, you increase your profit margin. For some businesses, focusing on reducing variable costs is fundamental to their growth, particularly if their gross profit margin is below where it …READ MORE
The fifth way to grow your business is to encourage your customers to spend more money with you each time they buy. There are hundreds of ways to do this. The key is to develop some strategies that add value to the transaction rather than simply increase the price. Here are some universal ways to …READ MORE
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