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Successful entrepreneurs constantly have their eye on the prize, they will use every possible opportunity to maximise their profits without compromising the services or products. If you are looking for new ways to boost the potential of your business or want to seek out some fresh approaches then here are three strategies you may consider employing.
1) Make Surplus Capital Work Harder
The use of sweep accounts is common practice in the business world, this is the process of moving surplus capital into an account from which interest can be accrued and then moving it back into the business as and when it is needed. A strategy that is less commonly used is to take some of that surplus capital and invest it. Investing your money in the right place at the right time can give you a much better return than any interest rate you are likely to get from a bank and you can still access it at any time should you need to put it back into the business. Trading on the foreign currency markets or Forex trading is one of a number of routes you could take in order to do this. Forex trading is, potentially, a very good option for businesses that are looking to make their surplus capital work harder and there are several reasons for this. First, you can trade Forex 24 hours a day and therefore trading needn’t interfere with any of your other business activities, you decide when to trade and when not to trade. Also, Forex trading benefits from leveraging, this means that you can make relatively sizable investments without having to put up all of the capital, sometimes the leverage ratio can be as much as 1:200 and this gives you the chance to gain exposure to trades you may not normally be able to reach. Finally, Forex trading offers you the opportunity to make significant gains on the money you invest, the market can be quite volatile, the prices go up and down regularly and in this kind of trading environment, there is money to be made.
2) The Customer is King
The old saying “the customer is always right” is a cliché for a reason. Your customers and clients are the lifeblood of your business, as without them you wouldn’t have a business. It is all too easy to fall into the trap of working really hard at doing what you believe to be right, but not taking on board the feedback and advise from your customers. Using social media applications is a good way you can gather customer feedback easily; you can ask customers about their experience with your company, products or services, canvas opinions on new products or simply to “like” or “share” your pages and posts – this in itself can be a good way and to gage the kind of impact you have had on customers or clients. So social media is a quick and easy way to gather customer research, but there are lots of ways to approach it. It is critical that your customers are getting as much value from your products and services as possible and listening to them will help you achieve that. A happy customer makes for a happy business.
3) Continuing Professional Development
Your staff are your strongest asset, however, under trained or under motivated staff can be a liability. Staff who are not completely confident in what they are doing or who are plain uninterested are likely to put off customers or lead to a decline in standards. Engaging in Continuing Professional Development (CPD) is a great way to set yourself apart from the crowd. If you are on top of your game and know the latest news and developments in your field, your clients and customers will notice it and in turn trust and respect you all the more. Regularly taking the time out to attend seminars, lectures or meet ups, is a good way to meet and talk to like-minded people. Spending time, even if it’s just half an hour each day, researching and reading will soon pay dividends. If you are well informed about your particular field and have an up to date insight into what is going on, you will feel confident and confidence breeds success.
