Week 3 Discussion – Maximizing Profits
After you watch the Jon Steinberg video on accounting, reflect upon what Jon Steinberg said this week about enhancing client partnerships and maximizing profits.
Please respond to the following in writing (1-2 paragraphs) or a video (less than three minutes). Make sure to apply your post to your current or future business:
- How can you maximize your business profits through cost-cutting?
- What methods will you use to increase revenues?
Be sure to respond to at least one of your classmates’ posts. Your response should extend the conversation by offering rich ideas, sharing personal connections, and/or asking probing questions.
Solution – Maximizing Profits
A Two-Pronged Approach to Profit Maximization
To maximize profits for MarketingReport.com, a dual strategy of aggressive cost reduction in non-strategic areas and focused investment in revenue-generating activities is crucial. As emphasized in the book Double Your Profits in 6 Months or Less, the first step involves recognizing every cost as a potential target for reduction. By meticulously analyzing all expenditures, the company can identify areas where savings can be realized without impacting product quality or customer service. This may involve renegotiating supplier contracts to secure more favorable terms. Additionally, reevaluating the need for extensive office space, particularly in the context of remote work trends, can lead to substantial savings. Implementing strict expense policies, including rigorous reviews of …Please click on the Icon below to purchase the full answer at only $5