Practice Being More Profitable
Submitted by Steve Bentley BA CFP on
As a small business owner, no matter how much revenue you generate, it’s the size of your profit margin that makes the biggest difference between growing a thriving business and struggling to improve mediocre results. That’s why great entrepreneurs should put profit at the top of their priority list as they plan for the coming year. Here are two simple ways to reliably improve your profit margin and the health of your business.
Create systems to reduce costs
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At one time, selling internationally was something only well-established organizations could hope to do. Small businesses never dreamt of entering foreign markets. They only opened their doors to their local community or within the country. The number of small businesses who have opened online and want to expand the borders of this business has significantly increased.
I was talking to an associate the other day and realized I have been in a customer service related industry for over 30 years. Yes, I know my boyish looks tend to make you drop your jaw in disbelief, but it is true. Another thing this associate and I were talking about was the fact that it is pretty easy to tell the people who have worked in this industry from the people who have. There is just a difference.
Fortunately, this does not have to happen a lot. But as small business owners, we need to realize and accommodate the fact that sometimes things don’t always go our way with a client relationship. It is something that a lot of small business owners struggle handling.