Services

100 Ways: The Profit Enhancement Process

 

In our commitment to helping businesses improve their profitability, HMV has launched a series of profit enhancement ideas called 100 Ways: The Profit Enhancement Process. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues and working smarter, not harder.

As the name suggests, the series will consist of 100 ways a business can increase profitability. Throughout the next year we will expound upon each of these ways. New profit enhancement ideas will be released each week on our website until all 100 ideas have been covered.

*** Sign up here to have profit enhancement ideas sent directly to your inbox via our weekly 100 Ways e-newsletter. Be sure to check the box at the bottom of the sign-up form stating you would like to receive emails on the 100 Ways: The Profit Enhancement Series.***


Way #97: Expand Business Hours


Way #96: Put Yourself In Charge of Customer Relations


Way #95: Broaden Your Market by Bundling Services


Way #94: Adjust Prices to Maximize Profits, Not Sales


Way #93: Monitor Your Competition to Keep On Top of the Market


Way #92: Keep Tabs On Your Competitors' Prices


Way #91: Maintain Quality Customer Relations


Way #90: Identify Your Company's Edge in the Marketplace


Way #89: Use "Show and Tell" to Reduce Educational Costs


Way #88: Cross-Train Employees


Way #87: Seize Opportunities to Upgrade Your Staff


Way #86: Evaluate Staff Productivity Objectively


Way #85: Eliminate Unproductive Meetings


Way #84: Trim Training Costs with a Procedures Manual


Way #83: Form an Internal Cost-Cutting Committee


Way #82: Eliminate Negative Attitudes


Way #81: Question Your Key Management Team


Way #80: Hire In-House Mechanic to Service Vehicles and Equipment


Way #79: Shift to a Six Hour Work Day


Way #78: Eliminate Overtime and Save Money


Way #77: Reshuffle Staff Duties to Control Costs


Way #76: Shave Labor Costs with Part-Timers


Way #75: Slash Payroll Costs with Independent Contractors


Way #74: Overstaffing Is More Common Than You Think


Way #73: Maximize Interest with Bank Lock Box


Way #72: Exercise Dormant Lines of Credit


Way #71: Pay Bills When They Are Due: Not Before


Way #70: Use Spare Cash To Pay Down Lines of Credit


Way #69: Make Daily Deposits to Boost Cash Flow


Way #68: Shield Away From Personal Assets From Creditors


Way #67: Refinance Mortages to Trip Interest Costs


Way #66: Tap Your Life Insurance for Last-Resort Financing


Way #65: Use A Monthly Cash Flow Analysis to Forecast Financing Needs


Way #64: Keep Your Assests Liquid


Way #63: Sell Off Idle Assets


Way #62: Negotiate Lease Terms to Mesh With Business Cycle


Way #61: Shift to Short Term Leases to Limit Exposure


Way #60: Cash In On Sweep Accounts


Way #59: Secure Current Bids for all Major Expenses


Way #58: Comparison Shop Supply Prices


Way #57: Take Advantage of Purchase Discounts


Way #56: Shore Up Listless Collection Tickets


Way #55: Resolve Customer Billing Disputes Promptly


Way #54: Charge Interest on Delinquent Accounts


Way #53: Use Pre-Stamped Envelopes to Speed Payments


Way #52: Start Sending Out Semi-monthly Statements


Way #51: Ask Customers to Pay by Invoice Instead of by Statement


Way #50: Protect Your Company's Most Valuable Assets: Yourself


Way #49: Check References Before Extending Credit to New Customers


Way #48: Tighten Up Credit Practices


Way #47: Schedule A Year-End Tax Planning Session


Way #46: Renegotiate Your Lease to Reduce Occupancy Costs


Way #45: Find Additional Capital


Way #44: Farm Out Payroll Chores to an Outside Automated Service


Way #43: Form Your Own Kitchen Cabinet of Advisors


Way #41 & 42: Ask Insurance Agents to Trim Premiums


Way #40: Hire A Collection Manager to Boost Cash Flow


Way #39: Use A Dunning Service to Avoid Collection Agency Fees


Way #38: Comparison Shop Banks to Lower Credit Card Fees


Way #37: Lease Your Employees to Other Business


Way #36: Draw Up Contingency Financing Plans


Way #35: Level With Your Banker About Your Financial Problems


Way #34: Watch Out for Unsound Banks


Way #33: Develop Regular Financial Flash Reports


Way #32: Develop and Monitor Key Ratios for Your Business


Way #31: Use "What-If" Scenarios to Monitor Performance


Way #30: Attend Local Seminars to Trim Travel Costs


Way #29: Cash In On Employee Benefits


Way #28: Cancel Insurance on Unused Vehicles and Equipment


Way #27: Slash Your Paper Costs


Way #26: Trim Travel and Entertainment Expenses


Way #25: Review Spending for Publications and Organization Dues


Way #24: Avoid Costly Equipment Buying Blunders


Way #23: Trim the Cost of Credit Card Processing


Way #22: Negotiate Special Terms to Stretch Cash Flow


Way #21: Scale Back Orders But Pounce On Deals


Way #20: Double Check Scales for Accuracy


Way #19: Use Fax Machine/Email to Speed Collections


Way #18: Lock the Supply Cabinet


Way #17: Guard Against Losses from Employment Theft


Way #16: Reward Your Employees for Bright Ideas


Way #15: Dispose of Slow-Moving and Obsolete Inventory


Way #14: Sublet Unused Office Space


Way #13: Eliminate Unnecessary Utility Costs


Way #12: Reward Employees With Non-Cash Compensation


Way #11: Scale Back Retirement Plan Contributions


Way #10: Link Bonus to Performance


Way #9: Monitor Personal Use of Company Cars


Way #8: Monitor Departmental Budgets


Way #7: Limit Expense Authority to Upper Management


Way #6: Start Signing All Checks Personally


Way #5: Profit is a State of Mind


Way #4: Recover Tax Overpayments by Carrying Back this Year's Loss


Way #3: Recapture Estimated Income Tax Payments


Way #2: Be A Hands-On Manager


Way #1: Identify Profit Centers, Keep the Winners, and Lose the Losers