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Business strategy
Factors that determine the profits of a business.
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[QUOTE="Kendy, post: 211763, member: 63869"] Several factors also determine the profitability of business and these ranges from; location, good management, feasible business plan, good customer relationship, creativity and innovation. The location is very vital in promoting the profitability of a business, the location should always be given topmost priority because this is where you can access your target audience. Location can either impede or skyrocket the business, so a business owner should always be strategic about it and not settle for the less. Good management is very necessary in business, this is because even though the location is feasible yet the management and the techniques adopted is poor or faulty, then such business would face decline. Good management should be given prominence in business to avoid excessive and unnecessary spending of money. The funds should be managed even though it is in abundance to help out in unforseen circumstances. A good manager can make his little funds to become substantial funds but an incompetent manager would always look for excuses to spend funds haphazardly and blame the shortage on the economic situation of his Country. Creativity and innovative ideas like rebranding and promos could always spark up sales and boost the business growth. One other factor that determines profitability of a business is satisfying the needs of the customers because the customers are the key root to success of any business or organisations. [/QUOTE]
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