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Business Profitability: Are You Prepared To Achieve It? Part 2 |
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Written by Linda P. Morton
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Friday, 09 May 2008 |
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To achieve business profitability, you need six sets of skills. Part 1 of this two-part article covered three of these skills - planning, generating ideas, and financial skills.
by LindaP.Morton
To achieve business profitability, you need six sets of skills. Part 1 of this two-part article covered three of these skills - planning, generating ideas, and financial skills.
This second part deals with the customer, marketing, and management skills that you need to achieve business profitability.
Management Skills Required To Reach Business Profitability
Business management will require most of your day-to-day activity.
You are the one that will create and oversee each business process, determine how business information is distributed, and provide leadership and team building for your employees.
Being prepared to operate your own business means taking the responsibility for the success or failure of it. If the system works well, it will move toward business profitability. If not, you'll travel some bumby roads on your way to failure.
Even if you are a great manager, you still have to market well in order for your business to arrive at business profitability.
Marketing Skills Required To Reach Business Profitability
Small business marketing is often the responsibility of the business owner. If that's true in your business, then marketing is one of your most important skills.
Marketing provides your business' best potential for earning a profitable income. Without it, you don't generate the business and sales leads required to assure that income exceeds expenses.
Without marketing and marketing leads you don't get customers. Without customers, you won't earn enough income to cover your business expenses. Without more income than expenses, your business can never attain business profitability.
You have to know how to create successful business advertising, promotions and public relations in order to attract new customers. Then you have to establish good customer relations in order to create customer loyalty and repeat sales.
Customer Relations Skills You'll Need To Attain Business Profitability
To develop positive customer relations, you need to monitor and record all feedback that your customers provide. You even need to solicit their opinions through surveys and other feedback systems. And don't forget that customer complaints provide great feedback that, if you listen, can improve your business profitability.
Pay attention, and your customers will reveal the best way to increase customer retention and satisfaction. They will tell you how to improve your customer service and relationships, which will increase repeat sales, and assure the income needed for business profitability.
Summary
The six skills covered in parts 1 and 2 of this article are vital. You need to groom financial, planning, idea generation, marketing, management and customer skills to build business profitability.
But you still need something else. You need to establish a business profitability goal and constantly work toward it. With this goal in sight, you are far more likely to travel toward it and to build business profitability.
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