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Knowing the lifetime value of customers provides valuable insights into how much they can invest in acquiring and retaining customers. By understanding the worth of each customer over the duration of their relationship with the business, owners can make informed decisions regarding their marketing and pricing strategies. In this blog, we will explore the concept […]
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At some point this year, many of us will be in the delightful position of planning and preparing for a well-deserved winter or spring vacation. This made me think on sometimes tedious preparations before venturing on our much-anticipated time off from work. As I pondered this, I couldn’t help but recall the insightful words of
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As a small business owner, it is crucial to have a clear understanding of your company’s gross margins and profit margins. Surprisingly, many entrepreneurs overlook this vital aspect of their business. Gross margin percentages play a pivotal role in determining the success and viability of your company. Without sustainable or improving margins, your business could
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Being a successful entrepreneur requires particular personal qualities. Still, those qualities can sometimes hinder one from becoming a successful business owner. The self-confidence, determination, and drive for independence that enables entrepreneurs to launch new businesses may impede their ability to grow beyond the startup stages. However, abundant outside help is available for business owners in
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It has been said that isolation is the foe of success. Business owners and leaders often feel that they must figure everything out for themselves. After all they are the owner, or the leader, right? They have knowledge, experience, and skills. They can figure everything out for themselves! The problem is that even if you
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What is the secret to financial success for a company? I am often asked this question by small businesses owners I work with. This is of course a tricky question to answer as there could be many ways to answer it. When pushed to give one answer, the best answer I always offer is “Focus”.
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Uncover untapped potential in your business with the help of the timeless speech, Acres of Diamonds. Discover how maximizing current resources and assets can lead to growth and success, without constantly seeking external solutions.
Does your business have an ongoing planning process? An ongoing planning process is vital to a company seeking long-term success. Unlike annual planning, which is often treated as a one-time project, perpetual planning embodies a continuous and dynamic approach to strategy development. Perpetual planning acknowledges that the landscape constantly evolves, requiring organizations to respond quickly.
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