A regular reader recently got in touch and asked me to address quick ways to reduce costs and increase sales during this cost-of-living crisis. You’ll know that over the years I’ve covered this topic many times but it never fails to be an illuminating exercise and one that is worth carrying out. Even writing this got me revisiting a few of our regular pain points and checking in on each element with fresh eyes.
Of course, the basics remain the same: there are only two ways to increase profitability – increase sales and reduce costs. So, let’s look at the key elements of the two in turn: