Why Is Customer Lifetime Value Important? As a business owner, you need to cater to your customers. Having satisfied and loyal customers is extremely vital to the growth of all businesses since, at the end of the day, the gains, and the profit one makes are due to the...
What does having a successful business mean to you? That is a really important question to ask yourself when starting out. This quote below sums it up rather nicely. “If you don’t know where you are going, you’ll end up somewhere else.” - Yogi Berra And...
Have you ever thought about product grouping? Or has it been something you’ve put on the shelf and it’s been collecting dust? How does it get you a greater financial understanding of your business? How product grouping can help Above all by looking at your...
Are thinking of getting a loan? Did you know that there are mistakes in borrowing money? So the logical question is: Do you want to know how to avoid those pitfalls? Here are four simple steps to follow so that you can be on your way to avoiding those common mistakes...
Any business that strives towards success should be making money, or in business terminology, generating profit. One of the main reasons that businesses go under is because of the confusion between two seemingly similar, but in reality quite different aspects....
Wondering how to price your products or services so you can make a profit? It’s not as simple as it seems because it involves several things to consider. That’s why figuring out the right price is one of the biggest challenges business owners face. There are...
Running a business means setting clear goals that you would like to achieve as a business owner. Whether that is to provide services or manufacture products, you must have a defined target and strive to reach it. Certainly, one of your goals should be making...
Making as many sales as possible is the goal of every business. Whichever service you offer to your customers, that is going to be what you’re aiming for. However, what really lies behind a successful business story is the profit generated from these sales. In...
Your business cash story is a big deal. It contributes to business continuity, survival, and growth. Profits are what it all comes down to ultimately, but cash plays its own part in this narrative. Cash is what we see appearing and disappearing from our bank...
Business is all about making a profit, isn’t it? But in accounting, there are several terms used to express different kinds of profit. Ultimately, what should interest you is your operating profit. There are multiple names for operating profit. You might hear...
Creating and following a financial plan (your financial story) is an important step to taking control of your finances. If you're like most business owners, you know that it's important to have a financial plan in place. But do you know how to effectively use...
How do you assess financial performance? It’s not that straightforward, isn’t it? Knowing how to judge your financial performance can be tricky. It’s because many factors come into play. Plus, it's not always easy to know where you stand. You can get a good...
Break even in business is more than just a number. If you're like most business owners, you're always looking for ways to cut costs and increase profits. But before you can do either of those things, you need to know your break-even point. What is break even in...