QuestionAhlamsadiya - 06.05.2021 - 17:28:30
WHAT ARE SOME MAJOR SYEPS TO ACQUIRE PROFIT IN BUISNESS
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AnswerMuthuSubra - 06.05.2021 - 19:48:42
Major Step to acquire profit is to do market research in the field of operation you wish to operate. Its the first prelimenary step which every investors must do and also keep yourself updated with the business and financial news and legal changes pertaining to the industry. Most business people at some point may not think of diversifying the business aftermaking some handsome profits which cause major failures.
1. Market Research - Analyze the industry though its little costly and time consuming but better not to invest and make huge losses.
2. Arrange for Capex if its manufacturing or human and intellectual resources if its service industry by funding sources available to your level and most important point is to maintain a leverage position ,that debt and your personal funds must be at good proportion if debt level increases it will cause fixed financial burden by payment of interest charges.
3. Recruit your staffs based on knowledge and experience at priority to create new products and services along with them by motivating them with proper incentives.