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Business strategy
Factors that determine profitability of a business.
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[QUOTE="Stena, post: 218712, member: 67486"] In the business world today, it seems many are all out to make daily gains. Some people just establish a business and then put in a sales person who is expected to make account at the end of each day. No new strategies, no development or expansion, no value added to goods or services, and this cycle continues until the day the business is folded up. We need to understand as business persons that there is more to just running a business, especially if you are keen on the profitability and growth of your business. The following points should be taken into cognizance: 1) Ensure you get a well drafted business plan. This plan is what you fall back to when it seems you are not getting things right in the business. Most persons after writing a business plan just dump it on starting the business, which is not supposed to be so. 2) The location of your business is of Paramount importance. Get your business out to an area where you can easily attract your target market. If your business is offline, endeavor to give it an online presence too, that way, you can get a huge customer base and increase sales. 3) Business management is one area that business owners do pay adequate attention to. Pay attention to the way you utilize your resources, minimize overspending, advertise your business from time to time, boost customer rapport, encourage reviews. [/QUOTE]
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