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  • Category: Miscellaneous
    Points:5

    How to avoid losses in business?

    When we are in a business, sometimes there will be losses also. When there are losses, we should see what are the ways and means to overcome these losses and we should take quick actions so that we will come out of losses. If we are inactive, losses will continue and at a point of time we may have to close down the business.
    What are the action one should take at such critical times. Different entrepreneurs will come out with different ideas. There are some simple actions one can think. Many people suggest to sell more so that losses will come down. At the same time one should see various expenditures and see the areas where there is a scope for reduction in expenses. Such actions will help reducing losses.
    There may be many other actions and I expect members to come out with their suggestions in this respect.
  • #769449

    Points:5
    Business is not an easy thing to carry out successfully. There are many factors which determine the profitability of a business. Generally people think that more sales volume determine the profit but it is not always true.
    One of the major problems in business today is that there is a lot of technological advancements and new products and services are being offered by the dynamic companies making the old items obsolete. So every business house cannot mould itself in this new environment and starts losing the business volume affecting the profitability of the company.
    So it is imperative that a company should be prepared to make changes in its products and services as per the changing needs of the customers.
    For success of a business some fundamental elements are to be adhered to like discipline in workplace, employee affinity with the organisation, good customer service, maintaining the quality of products etc and then only the company can make a place in the competitive market and earn handsome profit.
    Knowledge is power.

  • #769450

    Points:5
    If we talk of the initial years of starting business, it could be the experimental phase when the owner needs to watch the choice of the customers within the locality where the business is being carried out. One way could be the straight talks with the customers relating to their choice of the products and the promptness of the staffs to serve the customers. The customers would not like any delay in the process of buying due to less operating conditions of the counters leading to the delays in the billing process.
    The owner has to ensure how the other shop owners are offering discounts in several products and how far the owner can do best to woo the customers. It must be at least matching to the other shops if not offering more in the discounted price.
    Also location of the establishment is also important so that it could be the convenient point for the customers to reach out there. The owner should also take meetings of the staffs to know how best there could be augmentation of the profits. He needs to win the confidence of the staffs apart from the customers.


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