Start growing! Boost your life and career with the best book summaries. Which entrepreneur does not dream of multiplying profits? Bob Fifer, a leading financial advisor, says that this is possible and brings us a clear plan to get there.

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Start growing! Boost your life and career with the best book summaries. Which entrepreneur does not dream of multiplying profits? Bob Fifer, a leading financial advisor, says that this is possible and brings us a clear plan to get there.

In his research, Bob Fifer analyzed several American companies to give you a guide on how to increase profitability. First, keep in mind that your primary focus should be profit. The primary concern of any business must be lucrative: a profitable company has the money to reward employees, offer exciting careers, and invest in new products, companies, and technologies.

Less profitable companies inevitably sink into mediocrity in every way — regarding morality, product quality, etc. Doubling profits requires focused, consistent, firm and fair management, willing to become different and better than most other companies.

It is important to rely on meritocracy and use the philosophy of continuous improvement to increase your profits. To create a winning culture, employees must have the opportunity to reach the top, but only the best should be able to get there and be rewarded for it. Cutting costs should be taken very seriously. You have to be among the best in the world to make businesses run better at a lower cost.

Costs should be categorized between strategic and non-strategic. Non-strategic costs are the costs necessary to run the business but do not directly bring improvements or profits. An example of a strategic cost is sales investments. Double Your Profits The company needs to follow two main rules for managing its costs: overcoming competitors about strategic costs during good and bad times and not pulling any punches when it comes to cutting non-strategic costs.

It is important to analyze costs to succeed in reducing non-strategic ones. It is crucial to think that all non-strategic costs are unnecessary and must be justified. Managers make the mistake of being cautious in cutting costs. Cut first and ask later. Another important point of attention is in the decision making: decisions must be made without delay. If you do not need data, do not spend your time analyzing them, make a wise decision quickly.

Also, it is important to set deadlines for stakeholders to meet. Not wasting time is essential for cutting costs and increasing the profitability of the company. Superiors must authorize extra costs. Items such as material purchases, the hiring of employees and others should be looked at on a case-by-case basis. This discretion will help eliminate useless costs and decrease unnecessary spending in the company.

Also, suppliers should not be overlooked. It is important to reduce these costs as well. Have someone from the board or management take responsibility for negotiating prices with vendors.

It is imperative to be someone in a higher position because suppliers are already used to dealing with buyers and know how to negotiate with them. Have a director or a manager analyze the costs of each provider thoroughly. Also be concerned with research and development. Often, executives leave control in the hands of researchers because they do not have the knowledge to do so. Researchers usually do not have business knowledge and are not concerned with profit, so this care is essential.

Finally, cutting costs should not privilege anyone. The goal should be to increase the overall profitability of the company and eliminate unnecessary costs. Therefore, no office or department should be safe. The intention must represent the individual and collective effort to achieve better results. The most difficult part of cost reduction is resistance to stakeholder change.

Often, the people involved do not see the importance of the process. It is also important to value employees who strive to make this happen in the best way. You should see the client as a person and, as such, emotions are critical when closing a deal. Whenever you make a sale , be sure to ask why the customer is interested in the product.

Also, keep in mind that depending on your type of business and your field, customer loyalty is essential. It is much easier to sell to a loyal customer than to win over a new client; so seek satisfaction and rapport with your customers first.

Like this summary? If you want to double your profits, worry primarily about these three aspects of your business: culture cost reduction and increased sales. For this, it is imperative that your employees also see the importance of these points and feel motivated to help the company achieve its goals and objectives. Working in a meritocratic environment is essential. Seek to recognize the best and those who strive more for the collective goal and communicate what you expect from each professional.

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Double Your Profits PDF Summary

By Bob Fifer. Double Your Profits ' 'take no prisoners' approach is refreshing. One of the nation's foremost management consultants shares seventy-eight proven ways to cut costs dramatically, send sales through the roof, and double profits in just six months. This timeless profit-boosting guide, considered a top management resource by business powerhouse Jack Welch, presents insights that are notable for their aggressive approach and contrarian perspective. Bob Fifer, former chairman and CEO of Kaiser Associates, shows us how to turn the tables on hardball-playing suppliers and competitors. He also challenges outmoded assumptions and explains why:.

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Double Your Profits: In Six Months or Less

Zero-base budgeting advocates say that it detects inflated budgets and unearths cost savings by focusing on priorities rather than simply relying on the precedent. Managers secure a tighter focus on operations by justifying each line-item in their budgets, thereby reducing the money they allocate to the lowest level possible. Managers can also contrast competing claims on their ever-scarce financial resources and therefore shift funds to more impactful projects. How to Double Your Profits has become a must-read for all managers affected by any 3G deal.






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