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Directions in business strategy to maximize business growth

Directions in business strategy to maximize business growth

Business
Business growth rarely happens by accident or by osmosis. A growing business is usually the consequence of a business strategy successfully deployed in order to achieve that specific outcome. The highest rates of business growth can be achieved by combining four separate strategic directions into a well designed, consolidated, and highly focused effort to: acquire more new customers/clients, sell more products/services to the existing customer/client base, improve profit margins by raising prices and/or reducing the costs of supplying the products/services, and increase the existing retention rates of current customers/clients. Acquiring More New Customers/Clients The most commonly used strategy to promote business growth is to adopt a business strategy directed ...
Why business and networking succeed together

Why business and networking succeed together

Business
Business and networking are a natural combination. The term 'networking' is relatively new name given to an activity that successful business leaders have used for generations - building a wide range of contacts to whom they can turn for a variety of commercial and social reasons. The connection between effective networking and business success is explained in the well-known sales phrase: "People buy from people." There is a considerable truth in this because, as naturally social beings, we generally prefer to buy from individuals with whom we have a relationship. This fact has been obscured by modern retailing, where we have become used to purchasing from large faceless organizations, either in stores or over the internet. However, these are typically low value transactions and ...
Success In Business Is All About The Final Numbers.

Success In Business Is All About The Final Numbers.

Business
Many businesses are beginning every single hour of the day all across the world and the one thing that they all have in common, it is that they're trying to save themselves money. It makes sense to want to try to save money at the beginning of any new business because most businesses go under within the first two years of setting up, because they run out of cash to pay utilities like rent and electricity bills. For this reason, many business people prefer to try to do their own accounting practices and because they are too close to the numbers, they fail to see financial issues as they arise. It is your job as a business owner to keep an eye on sales and your staff, and not to be worrying about financial statements, financial data, bank accounts and everything else that goes with it. ...
3 Tech Investments You Need to Make for Your Business

3 Tech Investments You Need to Make for Your Business

Business
If you feel like it's time to take your business to the next level, investing in recent and up-and-coming technologies is a good strategy. Whether you run a startup, small business or medium-sized firm, today's technology helps you communicate with customers, prospective clients, the public and other businesses everywhere, notes Forbes. A deeper dive into and adopting technology is essential in the 21st century, especially in the COVID-19 era. According to Finances Online, the pandemic has spurred companies to change their business plans with 44 percent increasing the pace of their digital transformation and tightening security, risk and government management strategies to support their technology and online data assets. If you need some help determining where to start with your ...
Tips to purchase flip property below market value

Tips to purchase flip property below market value

Business
No matter how many properties an investor buys and flips, each will be met with a new and unique set of challenges and problems. No two houses will offer the same overall experience and no two budgets or timelines will be the same. However, there is one absolute in every single real estate investment. No matter what part of the country, middle-class neighborhood or upscale community; a cosmetic flip or a total rehab there is one skill that every house flipper must master - the art of buying low. In real estate investing, money is made or lost the moment the property is purchased, and not when it is fixed up or renovated. Experienced flippers expect to obtain a property for 25-40% below retail value. The closer to the 40% mark, the more ‘budget cushion’ in the project in case of unfo...
Is business management art or science

Is business management art or science

Business
Business management involves extremely varied scenarios and one standard approach cannot work in all situations. A scientific approach seeks to impart precision to the process of decision-making by using mathematical and statistical tools to analyze available information and make predictions about future. At the same time, managers have to deal with people on several fronts and an "artistic" skill to deploy their insights into the social and political dimensions of each situation can help them achieve desired results. What Are the Management Sciences? Operations Research (OR) has traditionally been described as management science. It uses mathematical techniques like modeling, statistical analysis, digital certificate and mathematical optimization to suggest the best possible sol...