According to the Lord, there are some major steps you need to undertake as an entrepreneur or a business person when trying to do business with people in a hard economic time.
Below are the underlying factors you need to know when trying to do business, especially in a hard economic time. These can also help your business grow.
”No matter how basic these suggestions maybe, they’re strong and good foundations for business stability, and for business growth,” said the Lord to me.
- Remember To Buy Raw Materials In Bulk:
Buy raw materials for your businesses in bulk.
However, in a much better way, try to produce your own raw materials yourself, if you can. This can help you gain more leverage from the business you’re doing.
However, if you don’t have the means to be doing that yet, start by buying your raw materials from the farm or from their places of production, and not just from retailers around you, whose prices could be relatively expensive. In other words, some of us are not growing in business because we get the resources from very expensive places, or from retailers who as well put too much profit on each unit product thus making the business become more expensive too from our end. In addition, the fewer your raw-materials for business which you end up obtaining from higher prices, the lesser your profit-margin is going to be, from the business. This will be possible because your cost of production will also be high.
2. Why Not Tidy Up Your Business Premises Frequently?
One of the reasons for cleaning or for tidying up a business premises is to protect your business assets and machinery. Should you clean them frequently, they will last long for business.
We should try to keep all machines, tools and equipment in good shape, otherwise they may begin to rust, losing their effectiveness or efficiency. When this should happen, this will affect your business in both the short-run and long-run.
In fact, the neglect of this simple advice, is one of the reasons why many factories today have broken, and are unable to operate again.
3. Price Your Goods And Services Very Well:
Finally, you’re supposed to know how to price your goods and services very well, to attract a lot of customers. The wrong price can slow your business, as your potential customers may draw away from your products.
Meanwhile, the setting the right price can immediately make the difference.
Now, I have a post which covers this topic, and you may have read it. You may check here.
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