In today’s turbulent economy, many companies have taken difficult measures such as eliminating product lines and positions in order to cut costs. But there is a more practical method of increasing efficiency, and therefore, improving financial results.

A comprehensive profit improvement program can positively impact a business’ bottom line by improving productivity while decreasing costs. The program is designed to help a company make sound, informed decisions by identifying its operational and financial drivers.

Key steps to adopting a successful profit improvement plan include:

Each individual profit improvement team has a specific set of processes and goals. Teams and their approach include:

The breakout of the teams in this manner allows for focused effort on areas within businesses that can generally be affected to yield impactful bottom-line change.

In difficult economic times, many companies are under immense pressure to adapt their operations in order to improve their bottom lines. However, companies that make significant decisions without first building the necessary strategic foundation and structured, disciplined approach may do more harm than good. By carefully evaluating the impactful financial and operational drivers of the company and implementing a programmatic approach to achieving improved financial results, organizations can benefit from a thoughtful and sound profit improvement program that yields a vastly improved bottom line to achieve both near-term and longer-term strategic financial goals. iBi