Miller’s Monday Morning Message
presented by ACM Consulting Inc.
Andrew Miller on operational excellence, strategy, life balance and everything in between
Toronto – June 23, 2014
There are only three ways an organization can improve profit margins:
In order for organizations to be able to master the art of maximizing profit margins, they need to know which levers to pull in order to maximize those margins. Pulling these levers means having the right strategy to take advantage of the opportunities. These levers become even more important when you are in industries like retail where margins are very tight to begin with. Mastering margins is not just about cutting costs to increase profit, it’s about knowing which levers to pull, what strategies to implement, and when to pull the lever.
Mastering profit margins is like operating a crane. If you pull the right lever at the right time, you are able to lift a huge piece of equipment or material with ease. You use leverage. Mastering margins is the same. You use a small amount of effort effectively and you are able to raise margins dramatically.
Here are the key levers that organizations can pull to master their margins:
To be a successful and profitable company, you need to know which levers to pull and when. And often you may be pulling multiple levers at the same time.
Which levers can you pull to maximize your profit margins?
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© Andrew Miller. All rights reserved. 2014.