The best way for a business to increase its profitability is usually through gradual improvements. While sometimes one big change can make a difference, often small changes to day-to-day operations will improve profitability.
There are four key factors that businesses should consider to improve profitability:
- reducing costs
- increasing turnover
- increasing productivity
- increasing efficiency
You can also look at more major changes to your business, such as expanding into new market sectors, or developing new products or services.
This guide explains how to assess your business' profitability, grow your profit margins, and how to plan and manage change.