2007-01-17 04:47:05 · 8 answers · asked by Veena P 1 in Business & Finance ➔ Small Business
Like he said, but to completely improve turnover, you have to become more efficient with the resources at hand so replacements aren't constantly purchased.
Remember, turnover deals with both income from goods and services sold as well as costs from goods and services purchased.
2007-01-17 04:54:41 · answer #1 · answered by Mikey C 5 · 0⤊ 0⤋
Profit can only be made by bringing in more money than goes out. Okay, how to do that. Lets say you're the owner of a western store ( because I had one ),
First you have the building cost. If you own the building, you still have to pay for the insurance, taxes, heating and cooling.
If it's a large business, you'll have employees wages to consider.
The big one is the cost of merchandise.
Now you have to adjust the price you sell your merchandise for to cover all of your business expenses, plus have a surplus to take care of the needs of your family.
When all of this is figured out, it leaves a great big unknown. Will enough items sell to cover costs and leave a nice profit ?
I know of no way this can be determined except by trial.
So a direct answer to your question would be to increase efficiency, eliminate waste, buy right, advertise.
2007-01-17 05:07:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
My accountant told me I needed to decrease my turnover! I was spending a fortune on google adwords when anyone looked for the products I sold i came up first on the search engine. This increased my turnover massively but cost a fortune in advertising costs.
2007-01-19 00:55:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Advertising is a good way of improving sales and hence financial turnover. Tell people about your products/services and they may give you a try.
2007-01-17 04:59:18 · answer #4 · answered by Ian h 1 · 0⤊ 0⤋
Some good advice already. Your question is pretty open ended.
You can drive growth through investing more in staff, trying to raise some finance so you can increase the scale of your trading activites, developing a marketing strategy, streamlining your sales processes and shorting your sales cycle, up-selling to prospects or existing customers......I could go on forever.
Have you got a business plan? Have you achieved your targets?
2007-01-19 10:12:03 · answer #5 · answered by Georgie 1 · 0⤊ 0⤋
1/ Increase sales/revenues thru volume and/or price increases.
2/ Cut operating costs
3/ Increase operating efficiencies by eliminating waste & redundencies
4/ Find new markets or distribution outlets for its products/services.
5/ Outsource non core competencies that can be better/cheaply performed by a 3rd party
6/ Negotiate better vendor pricing
2007-01-17 05:33:39 · answer #6 · answered by boston857 5 · 1⤊ 0⤋
look very closely at your company spendings. cut down on things like electricity etc.
2007-01-17 04:57:07 · answer #7 · answered by ? 3 · 0⤊ 0⤋
sell more stuff or increase prices.
2007-01-17 04:50:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋