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The Little Book of Big Management Questions by Jim McGrath

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QUESTION 76

HOW CAN I INCREASE THE ORGANISATION’S PROFITS?

Why it’s important: No commercial business can survive unless it makes sufficient profit to pay its debts, invest in the future and reward its owners.

If I had a foolproof plan for increasing an organisation’s profit I wouldn’t be writing this book. I’d be challenging Bill Gates as the richest man in the world. But what I can do is outline a range of strategies that have helped different organisations at different times in their life cycle to increase their profits.

WHAT TO DO

FIRST STEPS

  • Establish what the organisation’s current income and expenditure is and analyse both into monthly and yearly figures. Involve your accountant if necessary.
  • From the numbers above, determine your current ...

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