Session 9 – Profit Strategies

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As usual the Business Development Group shared their board reports to open their meeting.  As the group has come to know each other and gain insight into each others’ businesses, it has become an interesting time to touch base and hear about progress being made as a result of the development course.

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This month the BDG explored profit strategies.  It was interesting to find that most of the group didn’t have an excellent grasp on this important part of their businesses.  This section promised to be very valuable for the group as they used their new skills and strategies to make sure that their business is producing the profits they both want and need.  Maintaining good profit levels is crucial to the health of business, as well as stakeholders and must be achieved with the goals of the business owner’s values in mind.

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The group learned the ONLY 5 WAYS to increase profit and the strategies associated with achieving them.  Guest speaker Mike Clark from Think Right delivered a useful session on how to make sure sales and profit strategies were getting the results a business needs.  Comparing different levels of pricing and profit margins allowed group members to see the significant difference that well analysed pricing choices can make to profit, especially when combined with good sales strategies.

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The BDG group explored the ways that costs can be reduced as another way of increasing profits.  Keeping an eye on expenses and the ways that they could be reduced are an important part of running a profitable business.

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There was plenty for the group to take away from this meeting and huge potential for implementing strategies to ensure the strength and longevity of their businesses into the future.

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