Three Hacks That Will Skyrocket Your Profits

When it comes to increasing profits, the obvious way to increase profit is to either increase sales or cut cost. In this article, you will find three profit hacks that will instantly boost your profits.

Avail all tax benefits, incentives or subsidy available: It is quite surprising to know that most of the business owners, founders and CEO’s are not aware of the plethora of incentives that can bring lot of cash and increase the profits of the business. For example, when you export goods or services you get cash up to 5% of export value. Also there are lot of industry and business specific benefits that are available.

Recently we helped one of our clients to identify INR 1.7 million of tax benefits which they were not aware of

Plug the Leakages: Do you know a company loses up to 7% of its revenue on account of revenue leakage and fraud in the revenue process? If you can find these leakages to that extent, you increase the profits. Similarly it is quite surprising to see terms agreed with suppliers are not adhered to

Generally, when the order is placed on the vendors, terms such as payment terms, delivery terms, and product quality is well documented.

Herein lies the opportunity to examine purchase transactions concerning such terms and see whether the delivery of goods or services is in line with the agreed terms.

For one of our clients, when we did this exercise, we were able to identify INR 0.8 million of discrepancy and finally the client recovered this money from the supplier.

When You Barter You Profit: You can use bartering to significant effect to reduce your overheads. You can do following:

a) Make list of all vendors/customers you do business. Then categorize by the business.

b) Now you make the list of services or goods you provide.

Now evaluate, whether you can transact with your vendors/customers in a way by getting in return access to the product or service which you desire. This way you can save money as there is no outflow of cash.

If you want to increase profits instantly you can contact me at sharad@soatech.in or connect with me