Whether you are starting a business, relaunching or simply wanting to drive continual improvement, the first step is to always believe that you can do better. Stay vigilant, and continually assess how to improve or eliminate processes using new technology, AI and social media. For example, who would have imagined that the verb 'to Zoom' would be part of everyday language around the world? Continually look to improve your relationship with your customers and remember that they are changing too. This second edition of 4 Magic Steps to Double Profit still uses a story to demonstrate the fundamentals of improving profit and cashflow. By keeping the message simple and clear it picks through the complex and sensitive business issues you will encounterand difficult decisions you need to make. It is now updated to reflect the rapidly changing times we live in, and the ways customers are changing too. Use 4 Magic Steps to develop and maintain a successful business that your customers will love.- Target (must have clear vision of what the end result looks like) Plan to deliver the target (otherwise how do you know what to do)Selling Price - maximise profit by focusing on Pricing mechanisms (and we learn that increasing your sales price by 5% could double your profit)Market research - always know what your customers want and what your competitors are doingIncrease Sales (How a 5% increase in items sold could increase your profit by 30%), Costs will devour profit if not controlled (see how easily a profitable business slumps into losses) Fixed costs are such a risk in all businesses. Management Information must be useful, informative and inspires success-
