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Fri Dec 16, 2016 1:52 pm
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Increasing Profits As A Small Business Increasing Profits As A Small Business February 5 49ers Trent Brown Jersey , 2014 | Author: Franklin Skribbit | Posted in Business Fred Smith, the founder of FedEx was born into a major entrepreneurial family. His legacy and innovation have left him as a legend for entrepreneurs trying to make it in the business. There are hundreds of things that we can learn from his life but here are some ones that will help you build your business.
When you have a dream, don’t give up on it. When Fred was at Yale he wrote a paper on an overnight delivery service in the future based off of computer systems. His teacher gave him a “C” for not writing an economics paper on something that was realistic. While this was probably very discouraging, he still kept his dream alive.
There are many different ways for a small business to increase their profits, and it does not take a degree in business administration to figure out some of these profit-boosting suggestions. One of the best and most effective ways to increase profits without having to bring in a boat load of new customers is to increase the profit margins of the business as a whole.
The profit margins, or the total profit gained off of every sale of a product or service, for a business can be increased in a number of ways without having to tamper with the existing structure of the business model. This means that small companies can begin to make more profits without having to change existing models for gaining new customers, without increasing sales, without changing current implemented systems, without hiring or firing more staff, and without altering overhead costs.
This sort of continuous progression can help you get ahead and stay ahead of the competition as an entrepreneur