Increasing your company’s profits is about balancing your outgoings with the money that is coming in. There are many ways to do this, from reducing overheads to boosting the price of products and services, however many of these will end up being false economies.
By reducing workforce for instance, productivity will drop and your ability to keep up with demand will fall. Likewise, higher prices will put off many customers, meaning you sell less. So how do you best go about boosting profits?

There are three main areas to focus on when looking to boost revenue: costs, company awareness and tax.

Finding cheap ways to make sure people know about you will always increase profits, and being unique and interesting in your marketing campaigns will no doubt lead to the workload you need to increase profits. For small companies, outsourcing work can also ensure you cut costs, as you only employing people to do the work that needs doing and never end up paying people for simply waiting around.

Finally, especially for smaller companies and sole traders, tax can make a major difference. Understanding contractor tax is not as easy as it might seem and when doing accounts, many people overlook legal ways they can write off great amounts of money against tax. Using a contractor accountant can help you to not only save money by being free to be more productive, but also by undoubtedly making huge savings on the amount of contractor tax you pay.

Most companies and sole traders pay far more tax than they need to or end up claiming for things they are not able to claim for and facing fines as a result. A contractor accountant will help sort through the confusion and see you raise your profits without you even having to lift a finger.

So if you want to raise profits, always think about tax, costs and just how much people know you actually exist.