In the tenth article in De Rebus Peter Rafferty writes that there are only three ways in which one can increase a firm's profitability, namely:
- Increasing the fees,
- Decreasing the cost of generating the fees, or
- A combination of both.
To increase one's fees he suggests:
Proper time management - don't wait, be proactive and do.
Setting and driving targets - start each month by setting a target, adapt it if necessary and communicate it regularly to your staff.
Debiting fees on a daily basis - will give you an indication as to whether your targets are being met.
To decrease one's operating costs he suggests three basic, but effective methods.
Administrative costs - If an administrative action does not contribute to making money, allowing you to make money, or collecting the money owing to you; it should be done away with.
Unproductive costs - make sure everyone is busy all day long.
Proper planning - budgets should be adhered to and unforeseen expenses managed correctly.