To achieve business profitability, you need six sets of skills. Part 1 of this two-part article covered three of these skills - planning, generating ideas, and financial skills.
This article on skill sets 4 - 6 includes marketing, management and customer skills to improve your odds of attaining business profitability.
Management Skills Needed To Build Business Profitability
Whether or not you can achieve business profitability will depend partially on how well you manage your business on a daily basis.
You are the one that will create and oversee each business process, determine how business information is distributed, and provide leadership and team building for your employees.
You are responsible for building business skills that insure smooth business operations, and will ultimately lead to business profitability. If you don't do it, you may be hanging a "business for sale" sign sooner rather than later.
Even if you are a great manager, you still have to market well in order for your business to arrive at business profitability.
Marketing Skills You'll Need To Attain Business Profitability
Small business marketing is often the responsibility of the business owner. If that's true in your business, then marketing is one of your most important skills.
Marketing provides your business' best potential for earning a profitable income. Without it, you don't generate the business and sales leads required to assure that income exceeds expenses.
Without sales, your business will not generate income to offset expenditures. Unless your income exceeds expenditures, it will never reach business profitability.
With good marketing skills, you'll be able to promote and advertise your business effectively. It's marketing skills that attract new customers. However, if you want loyal, repeat customers, you have to treat them well. So customer relations is another required skill to reach business profitability.
Customer Relations Skills To Build Business Profitability
You need the skill to work with, and get feedback from, your customers. It's best to implement systems to assure that you are constantly surveying your customers for their opinions about your business and its products and services. And don't be intimidated by customer complaints. Instead see them as an opportunity to improve your business.
Pay attention, and your customers will reveal the best way to increase customer retention and satisfaction. They will tell you how to improve your customer service and relationships, which will increase repeat sales, and assure the income needed for business profitability.
Developing good skills in the areas of customer relations, marketing, management, planning, idea generation, and finances are necessary to attain business profitability.
In addition to these six skills, you need to target a specific business profitability goal and implement procedures to assure that you are always moving your business closer to that goal. A defined goal will help you build business profitability.
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