Get Tability: OKRs that don't suck | Learn more →

10 strategies and tactics for Profitability

What is Profitability strategy?

Every great achievement starts with a well-thought-out plan. It can be the launch of a new product, expanding into new markets, or just trying to increase efficiency. You'll need a delicate combination of strategies and tactics to ensure that the journey is smooth and effective.

Crafting the perfect Profitability strategy can feel overwhelming, particularly when you're juggling daily responsibilities. That's why we've put together a collection of examples to spark your inspiration.

Transfer these examples to your app of choice, or opt for Tability to help keep you on track.

How to write your own Profitability strategy with AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own strategies.

Profitability strategy examples

We've added many examples of Profitability tactics, including a series of action items. We hope that this will make these examples as practical and useful as possible.

Strategies and tactics for expanding Sterling Tour and Travel Agency into the Kenyan Market

  • ⛳️ Strategy 1: Forge strategic partnerships

    • Identify and partner with a medium-sized Kenyan tour and travel agency
    • Leverage the local partner’s market knowledge and customer base
    • Align services to meet local cultural and tourist preferences
    • Ensure clear communication channels with partners
    • Negotiate mutually beneficial terms in partnership agreements
    • Engage local travel influencers to promote joint offerings
    • Create co-branded marketing materials with local partners
    • Host joint events and travel expos to increase brand visibility
    • Develop shared objectives and performance metrics
    • Regularly review and refine partnership strategies

  • ⛳️ Strategy 2: Adapt services to local market conditions

    • Research and understand customer preferences in Kenya
    • Develop Kenya-specific travel packages including popular destinations
    • Implement a pricing strategy that reflects local purchasing power
    • Offer flexible payment options tailored to Kenyan market needs
    • Launch culturally immersive experiences like safaris and heritage tours
    • Translate marketing materials into Swahili and other local languages
    • Align services with environmental and cultural preservation initiatives
    • Conduct training sessions for employees on local customs and practices
    • Incorporate feedback from local customers into service offerings
    • Regularly update offerings based on seasonal tourist trends

  • ⛳️ Strategy 3: Enhance marketing and brand awareness

    • Launch social media campaigns targeting Kenyan travellers
    • Partner with local influencers to widen digital reach
    • Participate in local and international travel expos
    • Utilise radio and print media to reach different demographics
    • Highlight local partnerships in marketing communications
    • Develop emotional and engaging storytelling content
    • Create promotional videos showcasing Kenyan attractions
    • Establish a customer referral programme
    • Leverage customer testimonials in marketing materials
    • Conduct surveys to measure brand awareness and adapt strategies
partnershipslocalizationstrategic-plannermarketing-specialistmarketing-teambusiness-development-team
Implement these strategies

Strategies and tactics for growing cash sales and increasing profitability for a funeral business

  • ⛳️ Strategy 1: Enhance service offerings

    • Conduct market research to understand customer preferences and pain points
    • Expand service packages to include unique and personalised options
    • Partner with local vendors for discounts on complementary services like flowers and catering
    • Offer pre-planning services to secure future business
    • Develop an eco-friendly package to attract environmentally conscious clients
    • Introduce flexible payment plans to accommodate different customer financial situations
    • Train staff to upsell premium options during customer consultations
    • Regularly review and update service packages based on feedback
    • Incorporate technology for virtual consultations and service streaming
    • Highlight unique service offerings in marketing campaigns

  • ⛳️ Strategy 2: Improve marketing efforts

    • Redesign the website to ensure it is user-friendly and informative
    • Utilise social media platforms to share client testimonials and success stories
    • Implement an SEO strategy to rank higher in local search results
    • Create educational content about funeral planning and share on a company blog
    • Network with local hospice care facilities to create referral programmes
    • Develop a customer newsletter to keep clients engaged and informed
    • Run targeted ads that focus on key demographics in the local area
    • Host community events or seminars related to funeral planning
    • Collaborate with local media for features or advertisements
    • Offer limited-time promotions to drive immediate sales

  • ⛳️ Strategy 3: Optimise operational efficiency

    • Review current business processes to identify areas for cost reductions
    • Invest in staff training to improve productivity and service quality
    • Implement a customer relationship management system to streamline operations
    • Analyse expenses regularly to eliminate unnecessary overheads
    • Negotiate better rates with suppliers for cost-effective inventory management
    • Schedule regular team meetings to evaluate progress and gather improvement suggestions
    • Establish clear performance metrics for staff and operations
    • Launch incentive programmes to motivate staff towards achieving sales goals
    • Adopt energy-efficient practices to lower utility costs
    • Continuously monitor and refine operational procedures for increased profitability
**-cash-salesprofitability**-marketing-manageroperations-manager**-sales-teamcustomer-service-team
Implement these strategies

Strategies and tactics for growing cash sales and improving profitability

  • ⛳️ Strategy 1: Develop unique service offerings

    • Research and identify unique services to offer that cater to cultural and regional preferences in SADC
    • Bundle services into attractive packages at a cost advantage
    • Create a membership or loyalty program offering future discounts for repeat business
    • Partner with local florists and catering services for packaged deals
    • Offer free workshops or seminars on funeral planning to engage potential clients
    • Implement an easy, user-friendly online booking system to capture immediate sales
    • Introduce aftercare services such as grief counseling to add value
    • Offer a prepaid service plan option as a discount incentive
    • Solicit feedback from customers to continuously refine offerings
    • Develop strategic partnerships with insurance companies for integrated service offerings

  • ⛳️ Strategy 2: Enhance marketing efforts

    • Develop a comprehensive digital marketing strategy focusing on social media platforms
    • Engage in community events to build brand presence and trust
    • Create informative content on topics related to funeral services to boost SEO
    • Run targeted advertising campaigns particularly during peak seasons
    • Enhance the visibility of testimonials and case studies on your website
    • Collaborate with local influencers to reach a wider audience
    • Create educational videos explaining the benefits and process of funeral planning
    • Utilise direct mail campaigns targeting nearby residential areas
    • Encourage satisfied customers to refer friends and family
    • Implement a localised PR campaign to share company milestones and achievements

  • ⛳️ Strategy 3: Optimize operational efficiency

    • Evaluate and monitor supply chain for cost-effective suppliers
    • Implement a robust inventory management system to reduce waste and over-ordering
    • Train staff thoroughly on cost-saving practices and efficient service delivery
    • Utilise automation technologies to streamline administrative tasks
    • Conduct regular audits to identify areas for cost reduction
    • Negotiate better terms with creditors and suppliers
    • Pilot a flexible pricing model to optimise demand fluctuations
    • Establish a feedback loop with staff to garner insights on operational improvements
    • Regularly review and adjust pricing strategy to maintain competitiveness
    • Benchmark against industry best practices to drive continuous improvement
profitabilitymarketingmarketing-manageroperations-managersales-teamoperations-team
Implement these strategies

Strategies and tactics for preparing a comprehensive mall review strategy

  • ⛳️ Strategy 1: Establish a robust mall management structure

    • Appoint a mall general manager to oversee overall operations
    • Set up specialized departments for operations, leasing, marketing, and finance
    • Designate managers for each department to ensure focused leadership
    • Implement weekly cross-departmental meetings for alignment on objectives
    • Create clear reporting structures with department heads reporting to the general manager
    • Conduct quarterly reviews of the management structure to identify areas for improvement
    • Develop a succession plan to maintain leadership continuity
    • Integrate communication and project management tools for improved collaboration
    • Organize bi-annual team-building activities to strengthen team dynamics
    • Set up performance evaluation criteria for department heads

  • ⛳️ Strategy 2: Maximize tenant occupancy through strategic lease management

    • Establish a dedicated leasing department for managing tenant relations
    • Develop a tenant mix strategy to balance retail, F&B, and service stores
    • Introduce a lease expiry management system for timely renewals and negotiations
    • Set up KPIs for monitoring occupancy rate, lease terms, and tenant satisfaction
    • Conduct market research to identify potential new tenants and sectors to enhance the mall's offering
    • Review and adjust lease terms to reflect current market conditions
    • Implement a feedback system for tenants to express needs and concerns
    • Organize regular tenant meetings to discuss and negotiate leasing issues
    • Provide incentives for anchor tenants to ensure long-term occupancy
    • Develop a contingency plan for managing high vacancy rates

  • ⛳️ Strategy 3: Enhance financial transparency and operational efficiency

    • Set up a finance and accounting department for revenue and cost management
    • Implement monthly financial reporting to track profitability and operational costs
    • Introduce a centralized billing system for tenant payments
    • Automate vendor and supplier payments to optimize cash flow
    • Conduct regular financial audits to ensure accuracy and compliance
    • Establish an expense management policy for cost control
    • Analyze financial data to identify trends and areas for cost reduction
    • Train staff in financial literacy to enhance fiscal responsibility
    • Create an annual budget plan aligning with mall objectives
    • Integrate accounting software for streamlined financial operations
mall-managementtenant-occupancygeneral-managerleasing-managerfinance-departmentleasing-department
Implement these strategies

Strategies and tactics for growing revenue and increasing profitability in a funeral services business

  • ⛳️ Strategy 1: Expand service offerings

    • Conduct market research to identify new service opportunities
    • Develop unique personalised funeral packages
    • Introduce eco-friendly funeral options
    • Offer grief counselling services
    • Create a loyalty programme for repeat clients
    • Partner with local florists for package deals
    • Offer funeral pre-planning services
    • Provide memorialisation products
    • Host community events to raise awareness about services
    • Leverage partnerships with local hospice providers

  • ⛳️ Strategy 2: Optimize cost management

    • Negotiate better rates with suppliers
    • Streamline operations to reduce overhead costs
    • Implement energy-saving practices in facilities
    • Utilise technology to automate administrative tasks
    • Train staff to improve service efficiency
    • Review and renegotiate long-term contracts
    • Adopt just-in-time inventory practices
    • Monitor and control utility expenses
    • Evaluate and adjust pricing strategy regularly
    • Conduct regular financial reviews to identify savings opportunities

  • ⛳️ Strategy 3: Increase marketing efforts

    • Develop a comprehensive digital marketing plan
    • Enhance website with SEO and user-friendly features
    • Utilise social media to engage with the community
    • Create informative and engaging content about funeral planning
    • Offer referral incentives to existing clients
    • Partner with local businesses for joint promotions
    • Organise informational webinars on funeral planning
    • Send targeted email campaigns to past clients
    • Develop and distribute brochures to local healthcare facilities
    • Leverage positive customer testimonials in marketing materials
revenue-growthprofitabilitymarketing-manageroperations-managersales-teamfinance-team
Implement these strategies

Strategies and tactics for establishing a 10-Year Strategic Plan for HKMH Incorporated Land Group

  • ⛳️ Strategy 1: Empower economic growth for customary landowners

    • Conduct customary landowner workshops to understand their needs and goals
    • Develop a landownership equity scheme for HKMH ILG in commercial ventures
    • Facilitate access to development finance institutions
    • Initiate projects supported by international donors
    • Implement government grant writing training for community leaders
    • Reinvest 40% of profits into local social programmes
    • Establish a community trust fund for health, education, and infrastructure
    • Collaborate with stakeholders for equitable profit sharing
    • Develop monitoring and evaluation frameworks for economic projects
    • Launch campaigns on the benefits of economic empowerment

  • ⛳️ Strategy 2: Diversify and sustainably utilise natural resources

    • Conduct feasibility studies for agriculture and fisheries
    • Initiate organic certification processes for farms and processing
    • Develop supply chains for fishery and agriculture products
    • Establish community marine conservation zones
    • Partner with research institutions for R&D in renewables and agriculture
    • Launch education campaigns on sustainable practices
    • Integrate cultural heritage into eco-tourism planning
    • Create youth agri-cooperatives to promote agriculture involvement
    • Develop infrastructure for processing and value addition
    • Ensure compliance with environmental, social, and governance policies

  • ⛳️ Strategy 3: Enhance community participation and workforce development

    • Conduct regular community meetings to involve stakeholders
    • Implement local hiring priorities for present projects
    • Design annual youth upskilling programmes
    • Collaborate with educational institutions for workforce training
    • Create public awareness campaigns about development projects
    • Establish partnerships with local businesses for community projects
    • Launch mentoring programmes for young entrepreneurs
    • Incentivise local businesses that collaborate with community projects
    • Set up feedback mechanisms to improve project engagement
    • Implement digital tools for real-time monitoring and community feedback
sustainable-developmenteconomic-empowermentcommunity-leaderproject-managerdevelopment-teamfinance-team
Implement these strategies

Strategies and tactics for ensuring safety and security in the company

  • ⛳️ Strategy 1: Implement safety training programs

    • Conduct a needs assessment for safety training
    • Develop a comprehensive safety training curriculum
    • Schedule regular safety training sessions for all employees
    • Implement a safety induction program for new employees
    • Conduct periodic reviews and updates to training materials
    • Utilise both in-person and online training tools
    • Encourage employee feedback on training effectiveness
    • Establish a system for tracking training completion
    • Provide refresher courses as needed
    • Evaluate training effectiveness through assessments and incident reports

  • ⛳️ Strategy 2: Enhance physical security measures

    • Conduct a security risk assessment of company premises
    • Install surveillance cameras in key areas
    • Implement access control systems and issue ID badges
    • Hire professional security personnel
    • Develop and enforce visitor management policies
    • Install alarm systems and emergency response protocols
    • Conduct regular security drills and simulations
    • Establish a reporting system for security incidents
    • Evaluate and update physical security measures periodically
    • Coordinate with local law enforcement for additional support

  • ⛳️ Strategy 3: Promote a culture of safety and security

    • Communicate the importance of safety and security to all employees
    • Develop and distribute a safety and security policy manual
    • Encourage employees to adhere to safety and security protocols
    • Implement an employee recognition program for safety compliance
    • Conduct regular safety meetings and briefings
    • Create an open-door policy for reporting safety concerns
    • Utilise internal communications channels to share safety updates
    • Provide resources for mental health and wellness support
    • Offer incentive programs for proactive safety measures
    • Monitor the effectiveness of the safety culture through surveys and feedback
safety-trainingphysical-securitysecurity-personneltraining-coordinatorsecurity-teamtraining-team
Implement these strategies

Strategies and tactics for increasing revenue and profitability for 2025

  • ⛳️ Strategy 1: Enhance market positioning

    • Develop marketing campaigns targeting the rising demand from aviation, consulting, pharmaceuticals, and automobile sectors
    • Leverage the opening of the new terminal by offering exclusive packages for travelers arriving at the 16 connected airports
    • Collaborate with Tata Electronics and other nearby industries to secure corporate bookings and events
    • Increase online marketing efforts to boost awareness and attract regional and domestic travelers
    • Host industry-specific events and conferences at the new restaurant and banquets to drive footfall
    • Partner with local tourism boards to promote the hotel in key domestic markets
    • Utilise guest feedback to fine-tune services and improve guest satisfaction
    • Offer loyalty programmes emphasising value propositions for frequent travelers
    • Use targeted digital advertising to attract high-yield segments
    • Launch a referral programme encouraging guests to recommend the hotel to peers

  • ⛳️ Strategy 2: Optimise operational efficiency

    • Review and adjust staffing levels to match predicted demand enhancements in 2025
    • Implement energy-saving initiatives to reduce operational costs
    • Regularly evaluate and optimise the supply chain for cost savings
    • Enhance revenue management strategies to optimise room pricing dynamically based on demand
    • Streamline reservation processes to improve inventory management
    • Minimise wastage in food and beverage operations in the new restaurant
    • Use data analytics to predict trends and make informed staffing and resource allocation decisions
    • Conduct regular training sessions to improve staff efficiency and service quality
    • Optimise the use of technology for seamless check-in and check-out experiences
    • Negotiate better terms with suppliers and partners to reduce expenses

  • ⛳️ Strategy 3: Expand revenue streams

    • Launch innovative dining experiences in the new restaurant to attract local and guest diners
    • Promote the new banquets as premier venues for weddings, conferences, and corporate events
    • Create themed weekend getaways focusing on lifestyle and wellness for short-stay guests
    • Initiate partnerships with local attractions to offer bundled travel experiences
    • Offer exclusive, high-end packages for guests attending events at the new terminal
    • Develop a loyalty programme with incentives for frequent stays and onsite spending
    • Introduce a bespoke concierge service to cater to high-end guests
    • Enhance recreational facilities to encourage extended stay bookings
    • Explore collaborations with airlines for joint promotions targeting travelers
    • Identify and host live entertainment or cultural events to draw in transient traffic
revenue-growthmarket-positioningmarketing-manageroperations-managersales-and-marketing-teamoperations-team
Implement these strategies

Strategies and tactics for achieving sustainable financial growth

  • ⛳️ Strategy 1: Increase revenues

    • Analyze current revenue streams and identify the most profitable ones
    • Introduce new products or services to tap into new customer segments
    • Expand into new geographic markets to reach a wider audience
    • Enhance online presence through digital marketing to increase reach
    • Collaborate with partners to cross-sell complementary products or services
    • Implement loyalty programmes to encourage repeat business from existing customers
    • Adjust pricing strategies based on market research and competitor analysis
    • Invest in research and development to create innovative offerings
    • Attend industry events to gain visibility and attract potential customers
    • Utilise customer feedback to refine offerings and increase customer satisfaction

  • ⛳️ Strategy 2: Optimise costs

    • Conduct a cost-benefit analysis to identify areas of excessive spending
    • Negotiate better terms with suppliers to reduce procurement costs
    • Automate repetitive tasks to reduce labour costs and increase efficiency
    • Implement energy-saving measures to reduce utility expenses
    • Review and optimise inventory management to minimise storage costs
    • Streamline operations by eliminating redundant processes
    • Invest in technology to improve productivity and reduce manual errors
    • Outsource non-core activities to reduce overhead costs
    • Regularly review financial statements to monitor progress and identify cost-saving opportunities
    • Train employees on cost-effective practices to foster a culture of frugality

  • ⛳️ Strategy 3: Expand market presence

    • Conduct market research to identify potential markets and consumer segments
    • Develop customised marketing strategies tailored to different regions or demographics
    • Leverage social media platforms to increase brand visibility and engagement
    • Establish partnerships with local businesses to facilitate market entry
    • Attend trade shows and exhibitions to showcase products and network with potential clients
    • Create high-quality content to improve search engine rankings and online presence
    • Invest in public relations to enhance brand image and reputation
    • Develop a strong brand identity to differentiate from competitors
    • Use data analytics to track market trends and adjust strategies accordingly
    • Ensure consistent product quality and service delivery to build a positive reputation
financial-growthmarket-expansionmarketing-managerfinancial-analystsales-teamresearch-and-development-team
Implement these strategies

Strategies and tactics for growing sales for GLOEW e-commerce clothing store

  • ⛳️ Strategy 1: Optimise advertising budget

    • Allocate 60% of the daily advertising budget to top-performing ad channels
    • Utilise retargeting ads to convert window shoppers into buyers
    • Test different ad creatives weekly to identify what resonates most with the audience
    • Focus on high-conversion keywords in search engine marketing
    • Leverage social media platforms where target customers are most active
    • Run limited-time discount ads to create urgency
    • Use A/B testing for ad copy and visuals to improve click-through rates
    • Track ad performance daily to adjust spend for maximum returns
    • Collaborate with micro-influencers for authentic product endorsements
    • Analyse competitor ads to identify opportunities and gaps

  • ⛳️ Strategy 2: Enhance product offerings

    • Introduce a limited edition designer collection to create excitement
    • Bundle popular items with complementary products for value offers
    • Obtain customer feedback for favourite designs and iteratively improve product lines
    • Expand T-shirt collections with unique designs targeting summer months
    • Offer customisation options for a personalised shopping experience
    • Ensure high-quality imagery and descriptions on product pages
    • Highlight best sellers and trending items on the home page
    • Use analytics to identify top performers and underperformers
    • Seasonally update collections to maintain relevance and interest
    • Utilise customer reviews and ratings to build trust and credibility

  • ⛳️ Strategy 3: Leverage customer engagement

    • Build an email list for newsletters and exclusive offers to foster loyalty
    • Initiate a referral program to incentivise existing customers to bring in new ones
    • Host giveaways or contests on social media to increase brand visibility
    • Create engaging content on social media to maintain regular interaction
    • Implement a live chat feature for immediate customer support and queries
    • Develop a loyalty program to reward repeat purchases
    • Encourage satisfied customers to leave positive reviews on the website
    • Share user-generated content to showcase real-life usage and satisfaction
    • Use surveys to understand customer preferences and improve offerings
    • Regularly update an FAQ section to address common queries and minimise barriers to purchase
advertisingengagementmarketing-managerproduct-designersales-teamcreative-team
Implement these strategies

How to track your Profitability strategies and tactics

Having a plan is one thing, sticking to it is another.

Setting good strategies is only the first challenge. The hard part is to avoid distractions and make sure that you commit to the plan. A simple weekly ritual will greatly increase the chances of success.

A tool like Tability can also help you by combining AI and goal-setting to keep you on track.

More strategies recently published

We have more templates to help you draft your team goals and OKRs.

Planning resources

OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:

Table of contents
Copyright © 2024 Tability