Why is profitability important?
In essence profitability allows you the necessary funds to keep your business going and shows to investors that you understand the core fundamentals of operating a business.

Tips for Getting and Staying Profitable
There are hundreds of factors that effect profit. Here are a few big factors.
1. The Product Mix
Current products and services need to what the client is looking for.
i. Have I done the necessary research to ensure my clients demand?
ii. Have I analyzed my competition and my market?
iii.Do I have the resources and support to produce what my clients need?
2. Proper Pricing
Compute all direct and indirect costs of producing product.
i. How do your customers perceive your product/service in terms of price?
ii. How do your prices compare with your competitors?
iii. What value do your customers get from your product?
iv. Are your prices consistent with your benefit/value?
v. What is the supply-and-demand of your product?
vi. Does your business have brand name recognition that has intrinsic
value?
3. Smart Marketing
i. What is your marketing budget?
ii. What percentage of your total sales does your marketing bring in?
iii. What is your marketing goal in measurable terms?
iv. How effective is your current marketing (money invested vs. return)?
v. What is your marketing plan?
4. Manage Overhead and Debt.
Good business uses cash to perpetuate more business
i. Do you have a clear picture of your company cash flow/balance sheet?
ii. Are there expenses I your business today that could be reduced?
iii. Analyze your spending with a need vs. want chart.
iv. Streamline Man hours.
a. What work must be done in house
b. Are there times when you can increase profit and time by outsourcing?
v. Taxes. Understanding your tax responsibility can increase profit

For more information google "Profitability" and do all the reading and research yourself!