Five Strategies for Maximizing Your Business' Profitability

Setting your business up for long-term success, rather than just short-term profits, requires focusing on customers, operations, marketing and more.

A group of business executives sit around a conference table for a planning session.
(Image credit: Getty Images)

As a business owner, maximizing profitability is a top priority. However, achieving sustainable growth requires more than just increasing revenue. It involves implementing strategies that not only boost short-term profits but also lay the foundation for long-term success. Let's explore some key strategies that you can implement to maximize your business's profitability while ensuring sustainable growth.

1. Focus on customer retention.

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Justin Goodbread, CFP®, CEPA, CVGA
President, WealthSource Partners

Justin A. Goodbread is a CERTIFIED FINANCIAL PLANNER™ practitioner and an adviser with WealthSource® Knoxville. After years of working in a large firm, he ventured out on his own in 2009, starting Heritage Investors, and eventually joining WealthSource® Partners LLC in 2022. As a serial small-business owner, Goodbread has bought and sold multiple businesses. He uses this experience, along with his continuing education, to help business owners grow and sell what is often their largest asset.