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Business strategy
Factors that determine profitability of a business.
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[QUOTE="Chibson, post: 211900, member: 27553"] [FONT=Times New Roman]Nobody without having the mindset of making profit, that is actually the main reason that some people venture into businesses. But there are a lot of things that determines whether in business will be lucrative or not. One of the things that determines if a business will be lucrative as you have stated is a good location. it is very much important that before you set up a business you look for a location that you will be very favorable to your business if not you will not be able to make any profit. Some of the things you should look out for whenever you are looking for a location is how competitive that business is in the location you are trying to situate. if there is high competition in that particular location that means the business is lucrative there but you should also note that competition sometimes is not good for small businesses or new businesses. It is important you look for an environment that is not too competitive for your business to thrive and locate your business there. Another thing that determines whether a business will be successful or not is the kind of people you employ, if you employ people with good business mindset your business will definitely succeed on the long run.[/FONT] [/QUOTE]
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