Are you determined to make as much money as you possibly can in your career as a business owner? If so, be sure to heed the information and advice laid out below.
Here are three things you must do if you want to build a profitable enterprise:
Obtain the right funding
If you’re determined to transform your startup business into a profitable enterprise, you need to build it on top of strong financial foundations. A sturdy fiscal footing will make it easier for you to steer your company through times of financial adversity and uncertainty, simply because it will grant you the luxury of being able to inject money into your cashflow as and when you need to.
To build a strong financial foundation for your business, you’re going to need to obtain the right funding. The lender/benefactor that you align yourself with in this instance will have a direct impact on your company finances for years to come, so it’s essential that you take your time and explore your options. When you feel the time is right to make your funding application, be sure to check out biz2credit’s expert advice on how to apply for business loans.
Learn the art of deal sealing
You aren’t going to turn over a profit in the world of business by chance. If you want your enterprise to make some serious cash, you must become well versed in the art of deal sealing. Don’t let your sales reps and customer service agents carry this burden — it’s your business, which means you need to up your game when it comes to schmoozing clients and clinching sales!
Here are a few crucial aspects of deal sealing that you should practice if closing sales is not currently your strongpoint:
- Identify the decision makers on the other end of the deal and do your homework on them (do they like meeting in certain restaurants, for instance?)
- Optimize your first impression (dress appropriately, maintain eye contact, greet with a smile and use a firm handshake, etc.)
- Pitch your solution, not your product
- Be clear and concise about what you want… but don’t come across as pushy or arrogant
- Anticipate hurdles and mitigate objections
- Drum up a sense of urgency
Offer your customers something of real value
If you want to draw profit out of your customers time and time again, you must provide them with something that they consider to be valuable. Should you fail to offer your customers something of real value, they won’t have any qualms in taking their custom elsewhere.
Quite simply, value is the cornerstone of success in the world of business. To provide it on a regular basis, you must:
- Go above and beyond when it comes to customer service (be fast, be effective, and exceed expectations)
- Provide your customers with gifts, perks, benefits, bundles, and add-ons
- Send out emails that your customers will want to open and read
- Add a personal touch to your customer correspondence
- Don’t beat around the bush — give your audience what they want (if you don’t know what they want, ask them!)
- Showcase the fact that you want your B2B customers to succeed in their own endeavors