What’s the secret to earn more profit? The secret to earn more profit lies on two things – performance and result. If you want to have better results (more profit), you got to perform better. Result depends on your performance. Bad results come from bad performance, while good results come from good performance. In the accounting language, profit is shown in the statement of income or statement of financial performance. The better your financial performance is, the better your financial profit is. You also need to perform your assets. Examples of these assets are your merchandise inventories, investments, properties and equipment. To earn more profit, you need to put these assets in your performance. Inventories must be sold. You must choose the right investments which earn favorably. You also need to put those equipment in operation, or alternatively utilize them to earn (e.g., leasing these properties to tenants to earn rental income).
Earning more profit means performing well on things that can contribute greatly on the increase of your revenue and the minimization of yours cost and expenses. In trying to maximize your business revenue or sales, you need to attract more customers. To attract more customers, you need to give them a great performance. This performance involves producing and providing them with quality products and services that will make them happy and satisfied customers. On the other hand, minimizing your expenses needs a great self performance. This includes self-control or discipline. To decrease waste, you need to have the ability to make the right judgments and decisions, which are based on your knowledge, experience and understanding. You also need to resist from unnecessary expenses like too much expenses on pleasures and fees caused by irresponsibility in meeting your obligations (e.g., bills, amortization, and taxes). You need to perform better. You need to perform those plans to have better results.
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