Take Harko Konink, who runs a used mannequin business in the Netherlands.
Being passionate about your product helps, but luckily, there are many ways to boost your balance sheet.
For this article, weve collected 9 often surprisingresearch-based strategies that help generate more profits.
#1 Keep employees happy and engaged
Happy, smiling people.
This one seems like a no-brainer, doesnt it?
The great news is that science tells us having happy employees is really good for business.
Strengthening the social contract between employer and employee is also good for business performance.
# 2 Put an amazing customer experience first
Product, price or customer experience?
Which makes your company stand out from the herd?
One way ofcreating meaningful customer experiencesis through live events such as exhibitions.
They also found that where women are positioned in a company makes all the difference.
This contributes to greater female participation in the workforce than women have in the United States, for example.
So it comes as no surprise that organizations are using elaborate churn management and retention campaigns.
Here are some things to consider.
And one thing that helps with managing change and increases profits is meditation.
Its the new jogging, said Bostelmann,who leads the global mindfulness programatGerman software group, SAP.
SAP is offering its two-day mindfulness course to all of its 22,000 staff in Germany.
Whilst the courses have resulted in SAP employees feeling more healthy and present it has also produced profits.
#6 Use big data analytics
Big data is big businessand for good reason.
The impact of using data is vast.
MIT Sloan Prof. Erik Brynjolfsson says Data is the worlds largest focus group.
Need some ideas on what pathways produce data?
And theres a lot of data out there.
Each month there are over 100 billion Google searches.
Other companies are also actively using data to drive decisions.
Amazon, eBay, and Google use this data to conduct experiments, test new products and rapidly innovate.
When negotiation is seen as a company-wide responsibility this can lead to bigger profits.
Negotiating with those defaulting did not improve the banks loan portfolio.
Serfin then introduced a new corporate infrastructure for corporate negotiations.
This new system led to a burst of creativity and Serfins employees became innovative problem solvers.
Best of all this problem solving has saved the bank money.
Good news for everyone.
Retailers using an omnichannel strategy believe this to be the magic bullet.
Shoppers were asked about the channels they had used.
Only 7 percent were online shoppers, 20 percent were store only and 73 percent shopped omnichannel.
Research showed that customers loved using different touchpoints to interact with the retailer and that it enriched their experience.
And with every channel used the shoppers spent more money.
Showing that omnichannels are the way to go to maximize your profits.
#9 Identify hunters and farmers in your salesforce
Your salespeople sell, right?
Of course they do.
The hunters get clients.
The farmers tend the clients and keep them.
How can you tell which of your salespeople fit into which category?
The salespeople answered an online study.
