So, if you know what to monitor and where to get information, your business can be as successful as any. Consider the following ideas for saving time and money and making your business more profitable. To sell right, you have to buy right. If you're going to offer your customers prices that are competitive, you must first buy competitively. Attend wholesale auctions, buy factory direct where possible, and establish a buying co-op with other small but noncompeting businesses.
Customer service pays off in higher profits.
Your entire staff should be aware that it is the customer who provides the money to meet payroll and pay for future salary increases. Learn from other small businesspeople. Develop a circle of friends in similar businesses around the country. Discuss ideas and business problems with them on a regular basis. You'll find out what others are doing to manage problems with inventory, receivables, personnel, fixed assets, computers, etc. 4.