Increasing profits is a 2 step process. First you have to develop a strategy that will work and then you have to execute it.
A strategy only has to be changed or adapted when it stops producing the results the business owner wants. This is caused by 2 situations. One is because a major change has taken place outside of the company in, e.g. the economy; the industry; or the actions of a competitor. The second results directly from what’s happening in the company, for example, the development of a new technology or process, the desire to expand geographically or a change of ownership.
Executing a strategy is a different matter. It is entirely under the control of the business owner and management team. Each year they must do 4 things - identify and prioritize specific actions; allocate resources to them; regularly monitor progress against them; and adapt quickly when required. This discipline differentiates companies which succeed from those which fail because execution turns strategy into results.