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Financing - This is very important in the startup stage. It involves getting funds e.g. a loan to acquire assets such that when the returns come, they would be more profitable than the loan. It can be soft loans from family and friends without collateral. You use such monies to buy products or equipment to expand your business.
Business Focus - Every business has four crucial properties of focus; to create products (innovation, roll-out & establishment), to generate demand (advert and marketing), to fulfill that demand (execution, sales & supplies) and to manage the business (administration). All these are things that matter, however some matter more than others...lol. Sounds funny but it is true. The best way to maximize profits is to focus on the main cash generating activities. You need to eliminate, automate, outsource and or delegate any other activity that takes much time but doesn't necessarily bring in much cash or increase your cash flow.
Leverage on sales channels. A market place is a sales channel. Identify and create more market channels for the business.
Leverage on goal setting. Have a target with measurable and workable goals. Break them down to small goals that are easy to achieve.
Leverage on people & relationships. Partner with people who have a large circle of influence.
Leverage on perception management. Once your target market can perceive your products as valuable, you will make sales. You need to look like the people you want to become, so focus on your branding and appearance both personally and for the business.
Leverage on personal development. Train, study and research on better ways to achieve your goals.
Leverage on market intelligence. This may seem like spying but I believe it is simply being smart and business savvy. Find out what your competition is offering and adjust your product to have the same or better appeal to the customers.
Original content published by me [here]