To maximize profits, businesses should carefully assess the impact of work on their bottom line, analyze variable costs, and adapt to changes. They should also reduce unnecessary costs by questioning expenses and finding the best deals. Finally, they need to ensure a productive workforce by evaluating each employee's value and being prepared for a changing landscape. Sticking to the basics of analyzing costs and productivity while remaining adaptable will help businesses succeed in uncertain times.

1. 3 KEY FACTORS
TO MAXIMISING
PROFITS

2. TURNOVER
• not fall victim to the vanity of turnover
Do
• ssess the impact of accepting work on your bottom line
A
• nalyse the variable factors such as payment penalties
A
for late delivery and the cost of producing goods
• Smaller pieces of work will require higher margins
• here is little value to be gained from taking work for
T
the sake of it
• daptability is crucial, things do not always go as planned
A

3. COST BASE
• he objective is to maximise profitability, so get rid of
T
unnecessary costs
• There is no room for “nice-to-have” items
• uestion whether certain indulgences, such as expensive
Q
décor, are really necessary
• ry to find the best deal for your service requirements.
T
We have access to a world of information allowing us to
compare everything from telephone rates to energy bills
• Incentivise your Finance Directors to cut costs

4. PRODUCTIVITY
• orkforce usually constitutes the single largest cost base
W
for a business
• ttribute a value to the productivity of every individual
A
working within a business
• e aware of constant change and prepare the business
B
to be dextrous enough to overcome the challenges
associated with a changing business landscape
• Move unproductive people on

5. CONCLUSION
• Uncertain times call for a return to the basics of business
• ccept that things can always go wrong, no matter how
A
well you are prepared but remain adaptable
• here are no guarantees in life, but sticking to the core
T
principles will ensure success