Please go easy on the MBA thing, it might fly in the U.S. but not elsewhere.
The measurement of "profit" itself is problematic.
What you are trying to do is maximise the value of the firm in the long term.
The correct methods of doing this are to focus on long term profitability, which is why smart companies are moving away from "incentivising" managers with short time horizon driven bonuses.
The ultimate measures are return on shareholders funds as well as return on capital employed (which includes debt), the targets for both of these are adjusted for the riskiness (beta) of the associated industry.
The techniques for achieving a good return are:
1. Eliminating waste in all its forms.
2. Doing more with less - finding more customers and also requiring less capital or debt.
"Cost cutting" can sometimes be necessary if the pax are not there to pay peoples wages.