Nt1310 Unit 3 Assignment 1

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Tip # 1: Raise your prices 3% today
Always test the limit of your revenue and do not settle for less. If you sell a product for $10.00 and you increase the price by $.30, that profit will go straight to your bottom line and will not be enough of an increase to turn your customers off to your product.

Tip # 2: Share your profits
Share your profits with your employees by creating a "Pay-for-Performance" Plan. Motivate your employees by making their paycheck a direct result of their productivity. Do not put your employees on salary. Instead, reward them with a share in the profits so they notice their paycheck is bigger when they've done a good job.

Tip # 3: Commission
Always pay your sales force commission, rather than salary. Encourage your sales force to sell and determine the commission based on work performance, If you guarantee your sales force's income, you reduce their incentive to sell. …show more content…
Be sure to base the commission on the profitability of the item being sold and not the sales price. The cost of production may reduce your profit margins on certain items and the commission you pay out must reflect this or you are liable to lose money. This will also encourage your sales force to sell the items that make you the most profit.

Tip # 5: Accept Turnover
Do not be afraid to accept turnover as a natural way of doing business. Personnel can affect your profit and if employees do not perform, you will not perform. You should try to limit turnover and manage it to ensure you have the best employees, but you cannot be afraid to replace the people who are not performing.

Tip # 6: Give up Golf
Golf is an excuse for goofing off. There are no deals made on the golf course. It is only an excuse to skip work. Instead stay focused on the business and save golf for the

Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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Nt1310 Unit 3 Assignment 1

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