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How do you increase gross profit?
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[QUOTE="Holicent, post: 242509, member: 76163"] [FONT=Verdana]Gross profit helps you to determine the overall health of your business. You can increase gross profit by increasing expenses, decreasing expenses or by increasing revenue. Increasing Revenue A simple way to increase gross profit is to increase your revenue. Offer a bundle deal that includes more services than currently offered for the same price. Offer purchase incentives for customers who buy in bulk or who return regularly. Give loyalty rewards for customers who shop with you often, such as a free service after five paid services. Research new ways to market your products and services, such as through community events, social media or YouTube videos. Decreasing Expenses Decreasing expenses is another way to increase gross profit. If you are using local contractors to do work for you, look into hiring them as full-time employees instead of paying a contractor fee each time they do a job for you. Consider holding meetings via video chat rather than renting out a meeting room, which can be cheaper and more efficient. If you are paying for marketing services that aren't bringing in new customers, consider cutting these expenses from your budget and exploring new marketing methods. Increasing Expenses You can also increase gross profit by increasing expenses that is, if your increased expense results in a greater profit.[/FONT] [/QUOTE]
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How do you increase gross profit?
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