When it comes to turning a profit, many business owners make the mistake of assuming that charging a premium price is the only way they can increase their profit margins. While low prices can certainly be a problem, raising your prices too high can cause sales to decline, leaving you with similar issues to what you were facing before. Fortunately, adjusting your prices is far from the only way you can build a profitable business. By doing some extra digging on the back-end, you can increase profits without pricing your products or services out of reach of the average customer. … Continued

When you think about the sheer number of components it takes to build a business, your mind starts to race. There are the structural elements, such as the type of business, products and services, the marketing, client fulfillment and more. As an entrepreneur, your focus might tend to be on what you need the most right now. An informal poll of entrepreneurs would probably point toward a discussion of prospecting and closing new business. It would center around getting more sales and the filling of pipelines. While the here-and-now are essential, successful entrepreneurs think strategically. They focus on long-term moves … Continued