How to make a profit: Your Plan of Attack

Even if you are already the leader in your industry, there will be opportunity to improve the profitability of your business. It is not always easy to achieve, but it’s certainly possible.

You need a plan of attack. Specifically, you need to find out exactly what your existing and potential customers want—it’s not always the lowest price. (This will form the basis of your marketing plan.)

You then need to organise your business so that you can delight your customers. (This forms the basis of your operations plan.) This will require giving attention to your team members and equipping them with the resources and skills they need to excel in what they do. . . . You must systematise your business.

Finally, you need a management control plan in place to make sure everything is working the way you designed it to work. This will focus on the things you must get right to succeed. We call these things your Critical Success Factors. We measure how your business is performing in relation to them with the use of Key Performance Indicators.

This post was brought to you by Mathew Aitken at Companies Made Simple… register a company today

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