In running a business, an entrepreneur will certainly pass through various kinds of up and down processes. Everything that must be improved so that the business can survive and cannot be canceled. One of the main causes of a business out of business is profit or profit. Therefore, an entrepreneur must return enough income and funds to cover capital and avoid bankruptcy.
Attracting profits is difficult to solve because good people who are experts in the field of marketing do not necessarily succeed in selling their products or services.
To avoid bankruptcy, Shriner-Cahn asked entrepreneurs to get various strategies to get profits. Here are five strategies from Shriner-Cahn that you can check for your business:
1. Become an expert
There are many types of businesses that can make money, but you have to focus on what you are good at. Look for fields that you like, master your knowledge until you are truly qualified, then make the focus of development consistent and persistent. If you focus on the field you are in, then consumers will know you as an expert in that field.
2. Think systematically
Create a systematic marketing strategy because marketing is the spearhead of the company. Sometimes one of the factors that makes a business go bankrupt because of inappropriate marketing. Focus marketing on the consumer segment that needs your product or service the most. And provide the best service to your customers. Do not waste marketing costs for consumers who are not in accordance with the target of your products and services because this will be useless and not optimal.
3. Know the ins and outs of your product or service
How will consumers be interested in your products and services if you don’t know anything yourself? You have to master the ins and outs of the products you produce or the services you offer for you to explain to consumers. You have to be smart in describing your product because it is closely related to success not marketing.
4. Don’t rely on one main customer
Diversify your storyline and don’t depend on one main customer, do these customers very loyal and often buy your products in large quantities. Relying on one customer can cause risky cash flows. According to Shriner-Cahn, at least you have to have at least six regular customers. “The more you can create diversified sources, the more you protect yourself from bankruptcy,”
Focusing on this means you must be consistent in providing the best service to all customers without discriminating. You have to serve every customer the same in service and price. “Don’t let the client dictate and make you do whatever the client wants because this is not profitable for your business,