10 ways to increase your profit margins"Ways "

10 ways to increase your profit margins

Many business owners think you need to increase sales substantially to make more money.
There’s another way to make more money, which is to increase your profit margins. Same customers, same level of physical sales, same systems, no more staff or extra overhead costs, existing premises and capacity—isn’t that a thought?
10 ways to increase your profit margins
1. Figure out your gross profit margin
2. Analyse your profit margins
3. Increase your prices
4. Review all your prices
5. No discounting
6. Don’t compete on price
7. Take cash discounts from suppliers
8. Prevent theft
9. Watch supplier bills
10. Use inventory systems