Higher Profits - the easy way

Have you recently wondered why many of your suppliers prices have increased, perhaps you have noticed your bank fees have increased or your insurance premium has gone up? 

So why not follow their lead and spend some time with your First Class Accounts Consultant to review just how much your own overheads and suppliers costs have increased.  Obviously if your own costs have increased you have a right to pass that onto your customers...the bank do, so why don’t you?  Otherwise you know your bottom line will suffer.  Several years ago the standard practice in the service industry used to be to increase prices by 10% each year.  However, a more accurate price increase can be planned by reviewing your last 12 months accounting records and calculating the increase. 

I know what you are going to say...I’ll lose customers if I increase my price.  Well if you are giving great service or providing a great product with good customer feedback then you should not lose a significant number of clients.  The small effect that will have on the bottom line after the large increase a price rise would give you would be insignificant in most cases.  Remember, if your own bottom line, or net profit is decreasing it won’t be long before you go right out the back door anyway. 

If a significant number of clients would leave then you may be better to review the services or products you offer, determine which provide the best profit for you and work on ways to promote them more.  Your First Class Accounts Consultant will be able to give you the right report to highlight which lines or services are most profitable, and from this you can plan a marketing strategy to push these more.  You might also like to look at offering a slow moving item at a bargain sale price to attract your customers to look at the more profitable lines.  Again it comes down to using your stock reports effectively. 

So why not take the time now to spend on the business and improve your bottom line….you might end up being very surprised and able to take a much deserved holiday.