Increase Profits

Improving the quality of your profits

It’s important to review your business’ success and to break down and understand your profit streams. This way you’ll know where and how to focus your efforts. As you would expect, your products or services with the highest profit margins are the ones to concentrate on. So, once you’ve identified what they are, you may need to rethink certain aspects of your business or devise new strategies to increase sales of them whilst at the same time deciding what to do with those which are less successful.

Six ways to increase your proftability

We can help you with this process – from preparing the information you need in a useable format, to challenging your strategies and helping you to assess matters from a different angle.

Focusing your reporting

Getting the right information regularly will help you to be more efficient. We can help you to develop your accounting systems, processes and controls so that your reporting is watertight and timely.

Understand how your market may be changing

We can help you to benchmark your business against your competitors or help you to look strategically at the markets you operate in. We’ll help to maintain business agility so you can stay ahead of the game.

Incentivising your staff

Attracting and retaining talent is another key area. Furthermore, there may be staff who are central to the business and you may wish to gain greater commitment and loyalty from them by both rewarding them and motivating them with a tax efficient share option scheme. We can advise you on the best options for you and your business.

Streamline your processes

Internal systems and controls are essential in any business especially if you have aspirations to grow. They are the key to greater business efficiencies, they can deter fraud, and you’ll be able to generate accurate and reliable financial information. We can assess the robustness of your systems and controls as well as make suggestions to strengthen or improve them.

Analyse your pricing policy

You know your product or your service line. Using your knowledge we’ll help you to evaluate the most suitable pricing policies and ultimately to choose which is best for your business. Each different pricing strategy supports a different objective – for example to achieve market penetration goals, or to achieve sales revenue.

Narrow your focus and drop unprofitable lines

Adopting an analytical approach to how or which product lines contribute best to your profits should be part of your overall business strategy. Equally, you may have some which are loss leaders but result in increased sales of other products. An objective review will keep you focused on which products or services are key.

“Wise & Co have provided services for The Concrete Society for many years and throughout this time have been professional and efficient in all of their dealings. The services have involved completing monthly management reports from our own Sage data and compiling yearly profit and loss calculations. Wise & Co also complete our annual tax return, and provide ad hoc advice on a range of accounting matters. The company have always met our requirements in an efficient but friendly manner.”

Kathleen Calverley
The Concrete Society