In running a business, an entrepreneur will certainly go through various ups and downs of process. In running a business, an entrepreneur will certainly go through various kinds of ups and downs. All kinds of risks must be faced in order for the business to survive and not go bankrupt. One of the main reasons a business goes out of business is a lack of profit or profit. Therefore, an entrepreneur must strive to generate sufficient and consistent income to cover capital and avoid bankruptcy.
Attracting profits is difficult to understand because even people who are experts in the field of marketing are not necessarily successful in selling their products or services. To avoid bankruptcy, Shriner-Cahn advises entrepreneurs to identify various strategies to earn profits. Here are five strategies from Shriner-Cahn that you can copy for your business:
1. Become an expert
There are many types of business opportunities that can make money, but you have to focus on what you are good at. Look for a business field that you like, master the knowledge until you are truly qualified, then focus on developing it consistently and persistently. If you focus on an area that you are good at, then consumers will recognize 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 make a business go bankrupt is due to inappropriate marketing. Focus marketing on the consumer segment that most needs your product or service. And provide the best service to your customers. Don’t waste marketing costs on consumers who don’t match your product and service targets because this will be in vain and not optimal.
3. Know the ins and outs of your product or service
How will consumers be attracted to your products and services if you don’t know anything yourself? You must master the ins and outs of the products you produce or the services you offer so that you can explain in detail to consumers. You have to be smart in describing your product because it is closely related to marketing success or failure.
4. Don’t rely on one major customer
Diversify your income stream and don’t rely on one main customer, even if that customer is very loyal and often buys your products in bulk. Relying on a single customer can put cash flow at risk. According to Shriner-Cahn, you must have at least six regular customers. “The more you can create a diversified source of income, the more you protect yourself from bankruptcy.
Focus in this case means that you must be consistent in providing the best service to all customers without discriminating. You must treat every customer the same in service and price. “Don’t let the client dictate and make you do whatever the client wants because it is not profitable for your business