8 Ways to Improve Your Profits in 30 Days

At a Glance

The 8 ways to improve your profits in 30 days are: reduce friction in your sales process, raise your prices strategically, sell in larger quantities, bundle your products or services, eliminate waste and get efficient, double down on your best seller, add value without adding cost, and lean on your team for ideas. None require a massive overhaul, just focused attention on the basics.

A few years ago, People Magazine profiled 63 people who lost amazing amounts of weight and transformed their lives. Take Mike Bauler, for example.

At 450 pounds, Mike was carrying the weight (literally) of unhealthy habits. But in 18 months, he transformed his life, shedding 225 pounds and becoming the kind of guy who competes in Ironman events. How'd he do it? By focusing on the basics: diet, exercise, and accountability.

But what in the world does weight loss have to do with your business and profits?

Well, I’m glad you asked.

The same principles that helped Mike achieve his goals can help you improve your profit margins, without needing to run a marathon (unless that's your thing).

It took Mike 18 months to reach his goal, but a few simple basics listed below, done alongside a great accountability structure, can help you see improvements in as little as 30 days.

1. Reduce Friction in Your Sales Process

Mike began simplifying his life and saw results.

The more difficult and frustrating it is for customers to do business with you, the less likely they are to do so. Pretend to be your typical customer and walk through your sales process. Look for "friction points" where the experience feels awkward or redundant. Those are the spots that need fixing.

For example:

• Is your online checkout process quick and intuitive?
• Can customers find your phone number or contact info in seconds?
• Do you have a large "Buy Now!" button near the top of your website so they don't have to scroll for it?

The simpler the process, the more likely customers are to stick around and do business with you. Walk it yourself, or better yet, ask a friend who's never used your business to try ordering something and tell you where they got stuck. The spots that frustrate them are the spots costing you sales.

2. Raise Your Prices Strategically

Mike decided that the low bar he had set for his health was actually hurting him. When he began asking more of himself, he began to see improvements.

Too often, we get into a race to the bottom with pricing. We figure, "They'll buy from me if I'm just a little cheaper than the other guy."

The problem is that "cheap" can connote bad quality. There's often a higher perceived value that comes with a higher price tag. (The old you-get-what-you-pay-for mentality.)

Don't go crazy and triple your rates. But a reasonable increase of a few percent that makes sense for your industry can produce results faster than almost anything else you can do. Here's why the math works so strongly in your favor:

A 1% price increase can lift profit far more than a 1% gain in volume or a 1% cut in costs. On the income statement of a typical company, a 1% price increase, with volume holding steady, generates roughly an 8% increase in operating profit (McKinsey). We walk through exactly how that plays out for a small business, with a real dollar example, in our guide on why smart business owners aren't afraid to raise prices.

Most owners undercharge because they're afraid of losing customers. But the few who leave over a modest, well-communicated increase were usually your least profitable customers anyway. You'll attract higher-value customers who are happy to pay for quality.

One restaurant we worked with watched its food costs climb from 32% to 38% over six months. The culprit wasn't waste or theft. They simply hadn't adjusted menu prices in over a year while their supplier costs crept up. Once they raised prices on the high-cost items (along with a few other tweaks), food costs came back down to 34%.

3. Sell in Larger Quantities or Packages

When Mike wanted bigger results, he pushed for longer workouts. For your business, that translates to selling bigger quantities or larger packages.

Most new customers won't blink at this. They'll assume it's just how you do business. Meanwhile, you increase revenue without significantly increasing costs.

4. Bundle Your Products or Services

Can you combine your offerings into a package that's both easy to sell and irresistible to customers?

Mike didn't just focus on one part of his health. He bundled diet and exercise together to maximize results.

Pick a main item that's a high seller and add smaller, weaker sellers that complement it. You get to charge more, and the customer gets exposed to parts of your product line they might not have tried otherwise. Name the package (in other words, "productize" it), and you make it simpler to buy because customers can ask for it by name. Selling more to the customers you already have is almost always cheaper than chasing new ones, one of the highest-return profit moves there is.

5. Eliminate Waste and Get Efficient

Mike had to cut a lot of junk food and get smart about how he ate and trained to get where he is today.

What are you doing (or spending) that eats up precious time and resources? Even a little more room in your margins can be a big deal.

But you have to understand your margins first to know where you can trim, so plan to get into the weeds a bit. It'll be worth it.

Not every waste point is financial, but even time has financial implications. Look at how you can streamline your processes to cut unnecessary steps. Can you run daily 10-minute stand-ups instead of that Monday afternoon marathon staff meeting? (Especially ineffective when the whole team just had Mexican for lunch.)

Labor is often the biggest place waste hides, and the driver is usually fear. We had a breakfast-concept client who put it plainly: "I have 10 catering orders most mornings, but I don't always have faith in who's going to show up, so I overstaff it. That's my own fear." When everyone did show up, and the orders weren't there to support them, he was paying for labor he couldn't afford. Scheduling to your real demand instead of your worst-case fears is one of the fastest ways to protect a thin margin.

6. Double Down on Your Best-Selling Product or Service

Mike focused on two basic things, diet and exercise, and didn't waste time chasing wild fads. He stuck to what he knew he could do best.

You know who the star pony in your stable is. That thing you're a rock star at doing or selling.

There's an old rule of thumb that roughly 20% of what you sell drives about 80% of your profits. If you don't know which 20% that is for your business, figuring that out is step one.

Once you know it, promote it strategically to build a consistent revenue stream. Even if that means putting some shiny side projects on hold, leaning into your strengths is a proven way to raise profits.

7. Add Value Without Adding Cost

Customers love to be served in surprising ways, and they reward it with certificates of appreciation (read: "dollars").

What can you add that costs you little but helps them a lot? Servers in many restaurants have found that delivering an un-asked-for mint with the check leads to consistently bigger tips. (What would happen if they brought two?)

It takes some creativity and attention to the little clues your customers drop along the way, but adding real value is rarely expensive or difficult.

8. Lean on Your Team for Profit Ideas

Mike didn't tackle his weight-loss journey alone. He leaned on family, friends, and trainers for accountability and support.

When it comes to your business, don’t be a one-person show (even if you technically are one). Get the people in your orbit involved in streamlining processes, promoting products, brainstorming ideas, and serving customers better.

Reward their efforts with some fun treats to make the whole thing feel more like a game than more work.

Everyone is in sales, and everyone on your team can bring something to the table.

There's real data behind this. Companies with highly engaged teams see 23% higher profitability than those with disengaged teams, according to Gallup's long-running workplace research. When your team understands how their daily decisions affect the bottom line, they start spotting opportunities you can't see from the owner's chair.

Not only will your team help you find ways to maximize profits, but you'll also build a better company culture along the way, which makes your business more profitable too.

The 8 Ways to Increase Profits at a Glance: Effort vs. Speed to Results

Here's the full list in one place, with a rough sense of how much lift each one takes and how fast you'll typically see results. Start with the low-effort, fast-payoff moves in the top rows.

You don't need to overhaul everything at once. Just take the first step. Want to see results in the next 30 days? Start by walking through your own sales process and pricing, the two fastest levers on this list.

Whether you're trying to lose weight or boost profits, the formula is the same: Stick to the basics, stay focused, and don't go it alone.

Frequently Asked Questions

What's the fastest way to increase profits in a small business? Start with pricing and waste. A modest price increase of even a few percent goes straight to your bottom line, and cutting unused subscriptions or inefficient processes frees up cash immediately. Those two moves alone can show results within 30 days.

Should I raise my prices if I'm worried about losing customers? A thoughtful, well-communicated price increase will almost never cost you your best customers. Those who left over a small bump were usually the least profitable to begin with. Focus on delivering value, and price accordingly.

How do I know which products or services are most profitable? Look at your gross margin by product or service line, not just revenue. The item that sells the most isn't always the one making you the most money. If you're not sure how to calculate this, that's a good conversation to have with your accountant.

How often should I review my business expenses? At a minimum, monthly. But a quarterly deep audit of subscriptions, vendor contracts, and recurring charges is where most business owners find the biggest savings. If you haven't done one in a while, start there.

You Don't Have to Build a More Profitable Business Alone

Every successful transformation, personal or business, takes support. Mike had trainers, family, and friends keeping him accountable. Your business deserves the same kind of team in its corner.

That's what we do at Patrick Accounting. We're a Memphis-based accounting, bookkeeping, tax, and advisory firm that works with small and medium-sized business owners across the country, including restaurants, home care and hospice agencies, salons and spas, and professional service businesses. Whether it's spotting where your margins are leaking, building a real budget, or just helping you understand what your numbers are telling you, we help business owners turn financial confusion into confidence.

If you’re ready to take your business to the next level, you don’t have to do it alone. Check out our article, Why Every Business Needs an Accounting Team in Their Corner. 

Success isn’t a solo journey. Let’s make it a team effort.