Can You Achieve Business Profitability?

Part 2
By Linda P. Morton

Business profitability requires six major skill sets. The first part of this two-part series on profitability covered the first of these three skills: financial, idea generation, and planning skills.

This second part deals with the customer, marketing, and management skills that you need to achieve profitability.

Management Skills Needed To Build Profitability

Whether or not you can achieve profitability will depend partially on how well you manage your on a daily basis.

You are the one that will create and oversee each process, determine how information is distributed, and provide leadership and team building for your employees.

You are responsible for building skills that insure smooth operations, and will ultimately lead to profitability. If you don't do it, you may be hanging a "business for sale" sign sooner rather than later.

Even if you are a great manager, you still have to market well in order for your to arrive at profitability.

Marketing Skills To Build Profitability

If you do your own marketing, you need to do it well because without good marketing, you won't have sales.

Marketing is so important because it ultimately determines sales. It generates leads and produces income.

Without marketing and marketing leads you don't get customers. Without customers, you won't earn enough income to cover your expenses. Without more income than expenses, your can never attain profitability.

You have to know how to create successful advertising, promotions and public relations in order to attract new customers.

Win some, lose some


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Sticky fingers
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Known and unknown unknowns
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When the chips are brown
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Then you have to establish good customer relations in order to create customer loyalty and repeat sales.

Customer Relations Skills Required To Reach Profitability

To develop positive customer relations, you need to monitor and record all feedback that your customers provide. You even need to solicit their opinions through surveys and other feedback systems. And don't forget that customer complaints provide great feedback that, if you listen, can improve your profitability.

Pay attention, and your customers will reveal the best way to increase customer retention and satisfaction. They will tell you how to improve your customer service and relationships, which will increase repeat sales, and assure the income needed for profitability.

Summary

Developing good skills in the areas of customer relations, marketing, management, planning, idea generation, and finances are necessary to attain profitability.

But you still need something else. You need to establish a profitability goal and constantly work toward it. With this goal in sight, you are far more likely to travel toward it and to build profitability.

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