Simple Answer: Efficiency!
By improving your operations, you get more efficient, which means you better utilize your existing investments and assets. Because there is no additional investment, and because you’re getting higher performance out of what you’ve already got, you automatically widen your profit margins. You can do this without raising prices.
How do you get started? Simply start by looking at anything and everything that deals with how you deliver what you deliver to your customer. Then, look for any and every way to make it better, little by little. Or as we say in ECHO Marketing, “Optimize, Optimize, Optimize!”
You’ll find this little approach is applicable whether you are in manufacturing or service, selling a tangible or intangible, whether you’re a for-profit or not-for-profit, whether you are a large organization or a small business, and whether you own the business or manage a territory, a department, or a single project.
Make little improvements and the big picture results will surprise you.