Business Archives

How to Attract Customers: Marketing 101

What are some things you should consider when deciding on your marketing strategy? Who should you market to? How do you make your product/service appeal to your target customers? Once your business has something of value to offer, the next thing you should focus on is how you can attract attention and appeal to potential customers. According to Kaufman, your best bet is to tailor your marketing approach to people who’ve already expressed an interest in your offer. Here’s how to attract customers who are most likely to buy your product.

Implementing the Profit First System: Common Mistakes

What is the Profit First system? How can implementing the Profit First accounting system help you improve your business’s bottom line? The Profit First system is entrepreneur Mike Michalowicz’s solution to replace traditional business accounting. Implemented properly, the Profit First system should lead your business to long-term success. However, Michalowicz notes that there are some common misunderstandings entrepreneurs have about the system, which can lead to mistakes in financial decision-making. In this article, we’ll explain the three most common mistakes entrepreneurs make when using the Profit First system, the misunderstandings that cause them, and ways you can avoid making these

How to Find Your Ideal Small Business Tax Percentage

Do you own a small business? How can you determine your small business tax percentage? In his book Profit First, Mike Michalowicz provides three methods for determining your ideal tax percentage as a small business owner. The tax percentage should not only cover your business taxes but your personal taxes as well. Here’s an overview of the three methods.

What Is the Profit First Method? Definition & Overview

What is the Profit First method? In what way is the Profit First accounting system superior to traditional methods? Mike Michalowicz, a business makeover specialist and entrepreneur, believes that traditional accounting methods often fail in the long term because they prioritize the wrong things. The Profit First method is Michalowicz’s alternative to traditional business accounting. In this article, we’ll explore the main principles of traditional accounting, Michalowicz’s argument for why they don’t work, and the main tenets of his Profit First accounting method.

Benefits of Vertical Integration, According to Elon Musk

What are the benefits of vertical integration? How does Elon Musk use vertical integration to run his businesses? The benefits of vertical integration involve improving costs, existing technologies, and efficiency. Elon Musk always uses vertical integration to effectively run his businesses, but there are cons to vertical integration as well. Keep reading to understand the benefits of vertical integration, according to Elon Musk.

How to Increase Profits Without Raising Your Prices

Do you want to amp your business’s bottom line? What are the different ways to improve profitability without raising prices? Raising your prices in an effort to increase profits is a dangerous move that has a high chance of backfiring. Unless your business provides a product/service of exceptional value, you risk losing a significant proportion of your customer base to competitors. Before you raise prices, you may want to consider other ways of improving your business’s bottom line. Here’s how to increase profits without raising your prices.

These 2 Types of Mistakes Drive Improvement

What are the two types of mistakes? How do they drive improvement for you personally and for an organization? These types of mistakes are inadvertent mistakes and intentional mistakes. Understanding the differences and why you make these mistakes helps you to learn and grow from them. Keep reading to explore these different types of mistakes.

Cost-Cutting in Business: 4 Failproof Methods

Are you looking to cut down on your business expenses? How do you determine what your business needs and what can be cut? When it comes to cost-cutting in business, it should never be done at the expense of your crucial functions. Before you cut costs, identify resources you couldn’t do without and cut only what you don’t need. Here’s how to lower your business expenses.

Tesla’s Company History: It Almost Went Bankrupt

What is the Tesla company history? What did the beginning of Tesla look like? What almost brought Tesla to bankruptcy? Tesla was born out of a shared vision for the future and a big investment from Elon Musk. After the first model was built, manufacturing and financing issues quickly followed. In the end, it was a deal from the Department of Energy that saved Tesla and put it on the road to success. Keep reading to learn more about Tesla’s company history.

How to Close a Speech: 5 Strategies for Success

What’s the best way to end a speech? What are some things you should avoid doing as you close your speech? A spectacular talk can be ruined by a bad ending. Your speech ending will determine how your audience will remember it. Avoid boring endings, asking for money, or alluding that there was more you couldn’t get to. With this in mind, here’s how to close a speech on a high note.