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Business strategy
Factors that determine the profits of a business.
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[QUOTE="Abigael, post: 214742, member: 25357"] The size of a business is truly not the only thing that determines whether they make profits or not. There are so many factors that apply too. One of them which is very important is the business being able to satisfy people's needs. People will always patronize businesses that offer what they need. That makes businesses earn profits well. So a business should focus on looking for people's problems and solving them through a business so as to earn profits. Another factor that determines the amount of profits earned is the location where the business is set up. You would not earn profits in an area where your potential customers are scarcely populated. For example selling pork meat in an area made of 90% Muslims. They don't eat pork, so you won't be making profits. Therefore, a business person needs to locate a business in a place where it is densely populated by people who need your products or services. Lastly, a business needs to be run really well so as to make profits. A business person should understand so well where profits come from so as to tap into it. For example, a trader needs to know that the profits comes from buying goods from the supplier at a low price and selling it to consumers at a high price. [/QUOTE]
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