To increase your profits, look at your financials on a granular level, rather than in aggregate.
Your business probably has more than one product, more than one service, and more than one revenue stream. However, if you are like most people, you typically look at your financials in aggregate. You are shown a snapshot — homogenous revenue opportunities and cost inputs. A snapshot is inadequate for drilling down and determining how you can increase profits. You need to get granular with your financials.
Start by looking at your sales figures. Look at profit by product type, region, brand, etc. Are there similarities? Differences? Outliers? By looking at your figures on this level, are you able to identify what works? Stumbling blocks? Barriers? Or do you need to drill down further? For example, is the success of a specific product a result of work by one specific team? Can that team's approach be applied elsewhere?
As you go through this exercise, it is essential to recognize that there will likely be products, regions, or brands that don't make sense. They may devour too many resources, bleed profits, or just not be the right fit for the company. Don't try to fit a square peg in a round hole. It may be time to make some hard decisions.
Once you feel you have a granular understanding of your sales figures, take action. Reduce your low-profit items, and plow the resources into higher-profit activities.
Note that this is not a one-time exercise. Get in the practice of looking at your financials on a granular level, and it is likely you will realize increased profits over time. It won't take as long as you might think.
Do you have examples that you've found in your business? Share them below in the comments.