Easy tips on how to make twofold your business income

Do you think it's so hard to do or it's quite impossible to make double your income from business? Oh, no it is quite easier than your beliefs or ideas. If it is so, may I request you to read out or follow this article and then implement it in to your business? There is having merely three major areas where you have to focus on in order to enlarge your in flow of money in business.

A) Try to raise your average amount of money against each of purchase (Welcome a bigger sales volume).

B) Raise your number of customers on spot sales as well as credit sales (in conditions) [Get more new customers to boost your sales] 

C) Enlarge the frequency of each purchase by your average customers (Establish retention of customers to ensure number of repeat business)  

If you implement above three A) B) and C) in your business operations you’ll surprise to see the real impact of enhancement in each group can have in your total size of business.

If you think you can able to raise merely 10 percent to 15 percent each of three categories or more than this figure. If it is raise only 10 percent in each of the category mentioned as above then you’ll able to expand your total volume of income by nearly 33 percents. If it is cross 25 percent your income will increase nearly twofold. As for example just follow the formula given as under:  

Total income = Purchase  x  Number of Average purchase per customer  x  Per customer

BDT. 30,000 = BDT. 30 x 500  x  2

[Where BDT. Means Bangladeshi Taka as currency]

Each of categories if you increased by only 10 percent as a result you'll raise your total income by 33 percent 

BDT. 39,930 = BDT. 33 x 550 x 2.2

Suppose, you can raise each of the categories by 25 percent

BDT. 58,594 = BDT. 37.50 x 625 x 2.5

Therefore, in each of the categories if increased by 25 percent we may treated it as nearly twofold your business income.

If you want to apply this formula in your business you can do so, with changing the given figures also for your expediency. All of us can't come in a same opinion that we have used same figures in all of the three categories to increase income in a twofold figure. You know, welcoming new customers in to the business arena is bit difficult than raise the size of each average purchase. For example, here it is shows 20 percent more repeat business:


10 percent new more customers means 
10 percent new bigger sales volume, it'll help you to 
20 percent recurrence business. If you follow this formula you can twofold your total business income during the period.


If you highly determined to make twofold your business income then I suggest you to follow the following principle although this is bit costly: 


1. Ensure bigger sales at any cost.


2. Welcome more and more customers by offering new benefits.


3. Implement retention of customers as well as maintain business repetition to a previous or existing customer for future endeavors.


Eventually, if you follow this article and apply it in to your business then obviously you'll notice your income has been reached in a twofold figure. Keep in mind, “More customers, More Sales, More business profits”.  

Essential steps to Maximize Your Company’s income

If you are an owner of a business, then you have to be very watchful on many areas because sometimes you will advice to your employees, your managers or company superiors or subordinates. As business or money is yours, liability is yours. Only increasing sales at all times do not indicate profits or income. Also we know maximizing business income or profit is very hard to think but if you follow some real business policies, principles, strategies, major business basics etc then it is very simple. Here I am going to focus on some areas of business where you can put your concentrations.   

1. Product pricing: It is very much essential for a manufacturer or a seller or a merchandiser. You have to review your product pricing on a regular basis in comparison with existing business competitors from market competitions. Your product pricing may be affected upon your product's market demand, cost, quality etc. 

2. Only cash flow in bulk size doesn’t mean high profit:  Proprietors sometimes mistakenly withdrawn hard cash from the business center in sense that s/he’s getting more profit from operations. Merely having cash and making profit has huge distinction. Hence, in your business if you do so, may I request you to maintain books of accounts properly such as Ledger, Petty cash register, PL account (Profit and loss account) or income statement periodically? And income statement will show your business performance like gross profit, net profits and expenditures during a accounting period. 

3. Check out creditworthiness of your customer: At the time of allowing credit sales or transactions you have to judges your new customers creditworthiness. If you allow credits then maintain a form where they will add some references (3 more). Referee will put their signature, photos, address, contact number and recommendations etc. And make a physical verification before issuing the materials on credit.

4. Credit risk management analysis: Another important point is to establish a credit risk analysis system such unless your new or potential customers not paying their utilities bills for several months, their characters, s/he bears more loans from banks or financial institutions which are now out of controlled for them.

5. Allow special facility on even credits sales: Say, one of big customer wants credit for a big project at that time you must call an official meeting with them for negotiations on sales prices, discounts as well as credit terms or payment terms and conditions, maintain a written agreement with seal and signature. And if possible collect PDC (post dated check or cheque) from themselves as warrantee.

6. Deliver dunning or demand letters: Besides phone calls or reminders or physical visits you have to issue or deliver demand or dunning letters like reminder letter, 1^st, 2nd or 3^rd letter for collection or recovery of previous dues.  

7. Collection or recovery on credit sales: Say, you are maintaining a credit sales policy like 30 days, 60 days or 90 days when you made an invoice during sales. You have to be very careful about your past dues or outstanding whether it is being cleared with term days such as 30 days, 60 days or 90 days. If you see, you are crossing your credit limit just collect hard cash or on dated cheque or check from your customers. This can be done through negotiations or via an agreement (where credit & payment terms and conditions shall describe). So, check out now if you have more credits outstanding in to the market. If so, then involves some employee or commission basis broker/agent to recover your prior dues unless they're bankrupt or insolvent (be careful, this is one kind of risks). 

8. Run a POS machine for spot sales like debit cards or VISA/Master Card: Maintain electronic payment systems. In modern world business owners are very familiar about debit card, Visa card or Master card. Hard cash bearing is always risks or hassle, so if you don't have this, you can buy a POS machine for your business center and hang out some sticker that you are accepting VISA or Master or Debit card here! Never think plastic cards is not good, you know banks or financial institutions are giving guarantee for this type of transactions. Do so, for maximizing your sales as well as revenues.  

9. Deal with clients very carefully: If you made a sale that doesn't always mean your job is actually finished. You have collect hard cash or plastic money from themselves. Some client's shows always busy themselves for doing any fraudulent activity. So, be careful at the time of dealing customers.  

To conclude, I presume you had finished your reading, if you got new impression from my writings, now it’s the high time to implement these in to your business in order to maximize company’s business income.