Bob Phibbs, the ‘Retail Doctor,’ offers some valuable insights in his recent blog article on ways retailers can increase their profit margins. According to Phibbs, this is a two-step process. Retailers first must know what their current average profit margin is, what their target margin should be, and then implement his 15 suggestions for increasing their margin:

1. Increase prices
2. Narrow your focus
3. Limit the discounting
4. Cut waste
5. Schedule retail employees to need
6. No overtime — period
7. Don’t schedule for the convenience of your employees
8. Award extra hours based on merit
9. Personally hand out all paychecks
10. Give bonuses when deserved
11. Look for theft by matching inventory to sales
12. Cut vendors
13. Combine your orders
14. Sell added value by bundling products and services
15. Fire unprofitable customers

Read more.