What Do You Need to Run a Profitable Business?

The primary goal of any company is to be profitable and successful. It’s a lot more fun than spinning your wheels and always being a few steps behind! You have to be innovative and willing to take risks if you want to thrive.

There are a number of key aspects that you should focus on if you want to have a profitable business. Do this, and the rest should fall into place nicely. Keep trying and aim to always do better than you did the quarter or year prior. Network and listen to advice from people who’ve already accomplished what you’re setting out to do.

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Boost Business Performance by Using These Brilliant Strategies

The performance of your business is very important and plays a big role in developing a successful future. That’s why you have to do whatever you can to think about your business performance. What can you do to improve this? What is business performance, and why is it so vital to the future of the company. You’ll find some ideas and suggestions on here that will help you with that.

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How to Use Data Analytics to Effectively Manage Loan Portfolio

Data Analytics
Data is the lifeblood of nearly every business. In the financial world, data is the primary reason companies succeed. This is why so many credit unions are using data analytics tools to help them improve their lending performance. If you are involved in credit union lending, you might benefit from the use of lending software. According to CUDirect.com, lending software can provide you with important data that helps you manage your loan portfolio. Read on to find several ways in which data analytics can help improve the performance of loan portfolio.

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Small Business Owners – Do not Neglect Existing Customers to Attract New Ones

Customer Loyalty
Every business loves to attract new customers. After all, these new customers help them get additional sales and improve profit. We are all familiar pre-approved credit card offers we receive in the mail every week, where the goal for these companies is to find new customers. Unfortunately, in the zest to attract new customers these businesses forget to pay attention to the customers they already have. As a result they are in constant churn mode of losing existing customers and finding new ones.

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Improve Small Business Profit with Corporate Social Responsibility

Improve profit with corporate social responsibility

Many small business owners once dismissed Corporate Social Responsibility (CSR) as a public relations stunt used by large corporations to look good in front of customers and governments. However, over last few years an increasing number of small businesses have started implementing CSR policies.

Why? The simple reason is because CSR can help to improve profits no matter what size of business you are running.

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Do not Undersell – How to Set Prices for Maximum Profit

How to Price for Maximum Profit
The goal of pricing a product or service for any small business owner is to charge the maximum amount that customer is willing to pay and maximize profit. If you charge lower than what customer is willing to pay you leave money on the table. If you charge higher customer will walk out the door and you will lose profit.

To some it may seem like Black Magic, but pricing is combination of art and science. Big corporations, such as Wal-Mart, do lot of research and number crunching to figure out to the pennies exactly how much they should charge so that they get the maximum profit. This is the science side of pricing. No matter how much number crunching and data analysis you do human behavior and psychology plays a big role in customers determining whether a given price is a good deal or not. This is where art comes into play. There are number of ways in which business owners can convey the message about good deal (aka pricing) and take advantage of how customers react to that message.
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How to Improve Sales 5X by Focusing on Customer Needs

In the previous post we discussed how you can find the “right” customers for your business. By segmenting your customers based on their needs you can not only identify the customers that best fit the value your business provides, but also it provides you the action plan to target those customers. This is one, and most important, reason why we prefer to segment and target customer based on their needs. Once you have identified the “right” customer base you don’t need to spend extra effort to attract them to your business.
So, how do you go about finding the customer needs? While there are several approaches you can take to find out what customers are looking for, you can start with a set of attributes that are universally valued by various customer segments. These attributes give you a good starting point towards the path of finding right customer base.
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Is Groupon and other Daily Deals Good for your Business?

Daily deals have proliferated in the last year like dandelions during spring time. I am receiving at least 4-5 deals from one well-known daily deal company alone. Are you feeling left out because you still have not run any daily deal yet? While many businesses and consumers have taken advantage of this latest marketing tactic, I don’t think you need to feel sorry if you have not jumped on this bandwagon. This is because for every business that has seen great success with daily deals, there is another one who can share horror story from his experience. Just look at the experience of one particular business.
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What you do NOT do is more Important than what you do DO

The most difficult decisions you will ever make are the ones where you decide NOT to go ahead. We live in a world full of constraints – there are only 24 hours in a day, the bank is only willing to give you 50% of requested loan, you can only hire 5 employees. The list goes on and on. Given that there is only so much you can do with the limited amount of resources it is imperative that you pick your battles wisely. Decide to fight all the battles and soon you will run out of ammunition.
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A Systematic Approach to Cost Reduction for Small Business Owners

A penny saved is a penny earned. This age-old saying is relevant to small business owners now more than ever. The great recession of 2008 has squeezed consumers and businesses alike and continues to do so. They are reluctant to spend their hard-earned money on anything but basic necessity. This has made direct impact on the revenue, particularly for small businesses.
Given that there is less money coming in, the obvious step small business owners need to take is to watch the money outlay. Only those who can reduce their expenses to a sustainable level will be able to survive the ongoing economic challenges.
Now, it may be tempting to take a machete and start cutting your expenses; however instead of going about this willy-nilly you should try to use surgical knife and make systematic cuts that will keep your foundation intact and help you take advantage of the upturn when it happens. We have come up with a systematic approach to looking at your expenses that will help you find “low hanging fruits” for expense reduction without impacting your operations and customer service. You should study and deploy these steps in the order described to minimize the damage, while still achieving your expense reduction targets.
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