Today I’ve published my new guide listing 60 different strategies businesses can employ to increase their profits. Check it out on the Resources page here.
The list is intended to act as an inspirational starting point, helping business leaders and change practitioners to think about their business and which areas might have potential for increasing profitability. It will generate discussion and trigger further questioning and exploration. Take any of the strategies in the list and ask yourself “what could this mean here?”.
I can’t claim that any of these have never been thought of before – there have been thought leaders and gurus selling their wisdom on this subject for decades! I don’t imagine that any single suggestion is likely to make a momentous shift in the fortunes of a business. Often, it is the sum of many smaller changes that really makes a difference. Your business strategy will encompass all the various levers you want to pull.
I’ve tried to ensure the strategies on the list can apply to a broad range of businesses, although some will more obviously apply to a particular type of business. It’s worth considering how a point that might apply to (for example) an online retailer might translate to a law firm, and vice versa.
While compiling the list, some fundamental business capabilities began to stand out as critical success factors, essential to implementing these strategies effectively to increase profits and profitability:
- Effective risk management
- Having good quality and timely management information
- Understanding how elements of your business are connected
- Understanding your customers
I’m sure there are more – and this will be a topic I’ll return to in a future post.
Do get in touch if you’d like to discuss any of these strategy suggestions in more detail, or if you’d like to explore your own ideas for improving profits and profitability in your organisation.