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Having a Clear View of How You Make Your Profits

1/31/2014 3:09:47 AM Posted by Erin Carrather

Do you struggle with the challenge of achieving profitability? Where is your main focus? Focusing on sales is certainly a positive thing, but you want to be able to take profitability even further. You want to find new ways to improve productivity, boost efficiency, and keep costs low. How do you establish these internal controls that will ensure accountability and best practices? Remember, accountability is a crucial component of overall successful business management. In order to boost your profitability and improve internal accountability, you should consider an integrated business application.

What issues have the potential to impact your bottom-line profitability? Many issues underlie certain questions that you must address every day as you work to improve your business such as:

  • Are you targeting the right customers
  • Are you using your resources as efficiently as possible?
  • What are you doing to keep your costs in check?

No doubt, there is substantial pressure on being profitable. In an ever-changing business environment, there is always the potential for someone new to pop up that can put stress on your bottom line. The key is to be able to identify these stress factors before they get too complicated and reduce the risk to your business and your end result. In order to properly identify these stress factors, you need a clear picture of your company’s performance, one that extends further than just your finances and includes all aspects of how your business works. This will, in turn, provide you with an integrated view of your company and how and where you make your profits. This is the first step in making smarter business decisions that will ensure profitable performance.

Take, for example, your marketing department. How do you gain new prospects? Are you reaching out to the right targets? You want to hit prospects that you can serve profitably. Acquiring new customers while maximizing the revenue you’re getting from your existing customers can only be accomplished by having an understanding of how to position yourself to grow sales and maximize your bottom line.

The accuracy of your decisions depends on the quality of the data available to you. To position yourself for growth and maximum profit, you need to operate more efficiently and possess the information needed to make more informed decisions. Third Wave Business Systems and SAP Business Onemay be the solution you need to do so. SAP Business One gives you a clear view of where you stand in terms of profitability, efficiency, and provides you with one version of the truth. Contact Third Wave today to learn more about how your organization can benefit from an integrated business application to drive efficiency and profits!