Business Basics: Three Things You Must Have To Realize Profit

Business


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There is a great deal of information available for every single aspect of starting and operating a business. Sometimes what we really need though is just a reminder to keep things really simple and focus on the basics.

You are in business to earn a profit and, in order to do that there are three things that you must have:

1. Paying Clients - You don't have a business unless money changes hands and it is therefore very important that you not only find people who will buy from you but also maintain good relationships with them so that they will become repeat customers. A large client list of people who like you but won't take out their wallets is not helpful. They must be people who are willing to invest in the things that you have to offer and pay you promptly for them.

2. Understanding of the clients' needs and wants - When you know your clients, you will be able to serve them appropriately. This means that you need to spend time finding out exactly what problems and challenges they have. Talk with them, ask good questions and make sure that you have a clear idea about what they are lacking that they would be eager to purchase.

3. Appropriate products and services - You might have the very best product in the world but if it isn't something that people want, your business will not do well. Make sure that you develop excellent solutions for the clients' difficulties and then let them know that you have what they need.

Once you have established your client base, developed relationships that help you to understand their needs and then created products and services to fill the needs, you have in your hands the formula for success. You can continue to build your business by just doing these same things over and over again.

Attract new clients and get to know them. Create new products and services that will help them as well as your original clients.

Repeat business takes less time and effort because the clients who have been satisfied already trust you already. Because of this, they are not only open to trying new things that you suggest but also will refer their friends and family members who will become new clients for you.

You can learn and study about different techniques and business practices for years and years but it is always important to remember the basics and to focus most of your time and energy on them.

Your revenue should increase as you practice and get good at doing the three things that I have outlined and as your revenue increases, your profit should also grow.


Dr. Linda Hancock, the author of “Life is An Adventure…every step of the way” and “Open for Business Success” is a Registered Psychologist who has a private practice in Medicine Hat. She can be reached at 403-529-6877 or through email office@drlindahancock.com


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