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If you are a business owner, your goal should be to grow and become profitable as a business owner.
There are many ways to become profitable, but if you don’t have a strategy or a plan, profitability will be slow and scarce.
Be consistent in creating and faithful in implementation.
Listed below are 5 Reasons Why Your Business May Not be Profitable
1. You Have the Wrong pricing strategy and|or structure.
Pricing is a key component of profits. If over or under priced, you lose. Pricing must be aggressive, yet conservative. Pricing is symbolically equal to value and quality. Yet your pricing must be competitive in order to get the right buyers. Learn how to price your products to sell and profit here.
2. You are targeting the wrong people.
Everybody is not your customer. When you target everybody, you aim at none. Your aim should be pin pointing those who need what you have to offer and could benefit. The need is based on demographics, income and desire. Poor targeting is one of the reasons new business owners fail. The targeting process must be clear and specific in order to acquire the right clients.
3. You don’t follow up with potential clients.
The money is in the follow up. Most people lose by missing this small strategy. In order to follow up, you must be mindful of what was said to hold it up in the 1st place. People forget and the power of checking in could result in a sale. People buy based on need and want. Perhaps now is the time.
4. You are mixing business with pleasure. I’m very clear in distinguishing the two so that there is no misunderstanding. This difference keeps the playing level fair and the motive clear. Even though business should be pleasurable, your customers need to know your purpose.
5. You are not offering an upsell. Restaurants have perfected this behavior. If you buy a burger, they will offer you fries and/or a drink. The more you sell, the more you profit. An upsell with a complimentary product can give you a competitive and profitable edge. Develop complimentary packages in your business to assist your customers to achieve their goals and objectives.
A successful business creates consistent results.
If you are new to business and seeking how to start, market, grow and profit, check out this bundle of business tools.
Starting a business is easy. Staying in business is hard.
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Bottom line.. if you want to succeed in business, you must be prepared to consistently learn and be willing to take a chance.
I pray these tips enable you to start, market, grow and profit in business. Connect with me on INSTAGRAM for more inspiration.
May everything you touch turn to gold. Love & virtual hugs,