8 Strategies For Finding Hidden Profits In Your Business

                          

#Business

There is no gain saying in the fact that an entrepreneur who sets up a business usually has one thing at the back of his mind – that is to maximize profit in the business. Until he does this, the whole essence and purpose of starting up a business is defeated.

On the blog, I am going to share with you some of the strategies in which an entrepreneur can adopt in his business, in order to make profit and these strategies were suggested by business experts and many other things concerning business productivity, during the seminar. For you know these strategies, I will advise you to keep on reading the post.

In a recent educative seminar organized to sharpen entrepreneur’s skill for maximum productivity, an expert in Success Attitude Development Centre(SADC) in Lagos, maintains that “success is a journey, not a destination”.

Mr. Sunny Ojeagbase, the Publisher/Editor of success Digest and founder of SADC, who was a lecturer at the seminar, listed the three basic ways of finding profits in business. According to him, the three ways include:

1.     Selling more of your products.

2.     Reducing your cost of production.

3.     Eliminating waste in your production process.

However, he noted that for your products to have an appeal for the buyer, he explains that it must achieve the following qualities:

1.     It must be high quality.

2.     It must be durable.

3.     It must save cost.

4.     It must improve your customer’s financial situation.

5.     It must offer protection.

6.     It must save time.

7.     It must guarantee security.

8.      It must enhance beauty.

While delivering the lecture, Ojeagbasealso states eight strategies for carry out a successful marketing plan. These include: product re-launching, packaging redesigning, sales promotion, product repositioning, increased advertisement budget, improved distribution network, forming strategic alliance, and setting up a barter agreement.

The tools for achieving cost reduction according to Ojeagbase include the following:

1.     Investing in technology while eliminating substantial cost.

2.     Negotiating favourable terms with suppliers using the power of leveraging.

3.     Down-size, but this must be done cautiously.

4.     Out-source processes that can be cheaply done by others.

5.     Finally, develop new products, but it should be complimentary to your main business.

Also, Mr. Job Orjioke, who x-rayed the topic: “Mass Marketing” at the seminar, reveals the secret behind mass marketing. These include: keep it simple, be unique, be proactive, adjust your product to needs, and as well as locate and negotiate with an existing network.

Job Orjioke, who is the chief executive of Salem Dynamic further lists the practical steps to mass marketing including:

1.     Design a product type or service.

2.     Locate the mass group that your product will appeal to.

3.   Redesign your product package, delivery, payment and maintenance system to suit   the specific need of your target market.

4.    Commence or re-commence negotiations with the group leaders on how to penetrate   the union.

5.     Recalculate your bottom-line and push for volume sales.

6.     Distribute your goods and learn from the experience and improve on your services.

Earlier, Mr. Magnus Abeng, the courageous Business Solutions Editor of Business Digest defines profit zone as where sustained, superior profitability creates enormous value for a company. “A profit zone is the arena of company’s economic activity where high profits happen,” he says.

According to Magnus Abeng, for you to move your organization into profit zone, you must be able to answer the following questions: Who are my customers?, how are their priorities changing?, who should be my customers?, how can I add value to the customer’s first choice?, what is my profit model?, what is my current business design?, who are my real competitors?, what are my toughest competitors’ business design?, what is my next business design?, what is my strategic control?, and finally, what is my company worth?

At the end of the seminar, the participants commended the organizer Mr. Ojegbae for a job well done. They further appeal for more educative seminars within the shortest possible time.

I hope you enjoyed this post. I’m glad you did.