Increase Net Profits by up to 45% with the 5-5-5 Improvement Plan – A Tech With Heart Interview with Jason Reid

May 16, 2023Business Growth, finance, News, profit, tech with heart, TWH Show

The 5-5-5 Profit Improvement Plan - A Tech With Heart Interview with Jason Reid

Not raising your prices can cost a business a lot of money

Did you know that discount pricing with the intent to make it up in volume often has an adverse effect on a business’s profit margin?

Did you know that a 5% price increase alone can increase a business’s net profits by 25%!

The 5-5-5 profit improvement formula is a 5% reduction in fixed costs, 5% reduction in variable costs, and 5% increase in price

The 5-5-5 profit improvement plan is a simple yet effective strategy that businesses can use to boost their profitability. The plan involves identifying and implementing five key initiatives that can each increase profits by 5%, resulting in an overall profit improvement of 25%. Learn more from Profit and Revenue Business Coach, Jason Reid, on this episode of Tech With Heart

Watch Interview

In this interview, you will learn:

  • Why altering different aspects of a business using the 5-5-5 will increase profitability
  • How to adjust pricing in such a small increment that it won’t impact customers, but it will drastically impact a business’s profitability
  • When is a good time to implement the 5-5-5 profit improvement plan
Price increases work, volume discounts do not

More about the 5-5-5 Profit Improvement Plan

The first step in the 5-5-5 profit improvement plan is to analyze the business’s current operations to identify areas where profitability can be increased. This could involve reviewing expenses, sales figures, and other financial metrics to determine where cost savings can be made or revenue can be increased.

“A business that is making a profit will be more profitable when selling” – Jason Reid

Once these areas have been identified, the next step is to prioritize the top five initiatives that can have the biggest impact on profitability. These initiatives could include anything from reducing overhead costs to increasing sales through marketing and sales efforts.

The final step is to implement the chosen initiatives and track their progress over time. By continually monitoring and adjusting these initiatives as needed, businesses can steadily increase their profitability and achieve their financial goals.

Overall, the 5-5-5 profit improvement plan provides a straightforward and actionable framework for businesses to improve their financial performance and achieve sustainable growth.

About Guest Jason Reid

Headshot of Jason Reid - male wearing navy suit with red shirt smiling

Jason Reid is an Executive and Strategic Business Leader with established record and true passion for defining vision and guiding early stage, as well as mid-cap and large companies to dynamic expansion and growth. 

He leverages reliable instincts, repeatable strategies and abilities to quickly sum up business needs, formulate a plan, and execute to achieve rapid growth, strengthen revenue, profit, market share and solidify competitive advantage. He has a unique, valuable blend of business development, sales leadership, financial, technology, and entrepreneurial experience.

Jason’s Past Experience:

  • Launched, sold, and run multiple SaaS businesses solving everyday problems in the compliance space. 
  • Launched technology company at the forefront of leading-edge wearables technology; raised $1.6 million and earned coverage on the Today Show, Wendy Williams Show, and in Huffington Post, TechCrunch, and others. 
  • Negotiated/won a $20+ million, multi-year contract with a major hospital system; partnered with IBM to outsource IT organization, laying the groundwork for a $350 million Cerner business. 
  • Generated $45+ million in multi-year deals by developing a model to bundle technology solutions, services, and maintenance contracts in a single-fee model, enabling clients to implement technology upgrades while reducing costs.

Schedule a free business consultation with Jason at ProfitandRevenueCoach.com

About Tech With Heart

Tech With Heart is a nonprofit 501(c)(3) foundation focused on creating a safe, nurturing learning environment for entrepreneurs, students, and children. Tech With Heart is a nonprofit with a passion to ENLIGHTEN and EMPOWER business owners to EMBRACE technology and business strategies that will keep them competitive and relevant for long-term success, in a rapidly changing digital world. The entrepreneurial support program, Tech With Heart Network, is unlike other business networks because they are a nonprofit focused on serving and supporting, not gaining financial wealth.

  • Members are heart-centered AND forward-thinking
  • They teach emerging technologies and growth strategies
  • All questions are good questions. They provide timely answers too!
  • All ages and knowledge levels are welcome to participate
  • Members build and nurture long-term business relationships as they grow alongside one another
  • Warm, professional, and vetted business referral network

Visibility and promotional opportunities for experts and influencers as they enlighten and empower the entrepreneurial audience

Would You Like To Be Interviewed On The Tech With Heart Network Or TV Show? 

If you would like to gain visibility, and build credibility and authority as the expert in your industry, we have an opportunity for you.

We are always on the lookout for innovative, heart-centered business experts to be interviewed on the Tech With Heart stage.

You need to own your own business, and your business model, service, or product needs to add value to help others grow their businesses as well. If this opportunity seems like a good fit for you, please click here to be considered.