26 Aug

More Sales is NOT More Profit

There are a lot of people in business who either believe more sales equals more profit or want you to believe more sales equals more profit.  Let me share this – more sales does not equal more profit.

Certainly, sales are important and I am in no way suggesting it isn’t.  However, sales are but 1 part of a business.  If used correctly it can be an important contributor, if allowed to go forth and sell, sell, sell, it can destroy your business.  Understanding both how it can do that and what to do about it to prevent that is an important step to developing sustainable sales revenue and sustainable profit.

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19 Aug

Is E-Commerce Your Business’s Next Step?

E-Commerce is very popular with many small business owners today and why shouldn’t it be?  You literally have the entire world, at least the connected world, as potential customers.  Where your business used to only be able to sell locally to those you met, those who read your advertising or those who someone you knew referred them to you.  Taking your business to the next step of being an E-Commerce business could be a great move.

Or not…

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12 Aug

Need a Business Loan?

All businesses, whether they are just starting or they have been operating for some time, will ask themselves, “Do I need a Business Loan.”  For those trying to get their first business loan, the process can seem daunting, or, they think it’s as easy as going to your local Bank or Credit Union and applying for one.

Getting a loan is not an easy process.  Bank loans require a great deal of paperwork.  This can include:

  • Business Plan
  • Business Financial Statements
  • Projections for your cash flow for the next 12-months, or more
  • Some type of Guarantee from you and any other owners of the business

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05 Aug

Why Are You Reducing Your Prices?

You’ve seen it many times.  A business owner sees a competitor lower their price on a product or service and they then decide to lower theirs to the same or slightly lower price.  Little thought is given to what exactly has occurred beyond, “I have to meet or better the prices my competitors charge.”  In simple words, this is usually the wrong approach.

Price always equals value.  Further, when pricing a product or service your goal is to not only make a profit but even before that profit, it is to communicate what you offer to the marketplace while also identifying your business’s brand.  Lowering your price sends a message many do not consider, “if you can sell it for that lower price, why have you been selling it at the higher price?”

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