As you know, the spring season is drawing near. In our last blog, we listed…
We’d like to present you with what we call the “5 P’s Of Profitable Businesses”. When a company – no matter how large or how small – focuses on these five elements, it stands an excellent chance of being successful.
People: A focus on employee training and customer service.
We’re talking about both your customers and your employees here. Without both sets of individuals, your company could not exist. It’s that simple. No matter what product or service you provide, it’s imperative that you insist on providing excellent customer service. This involves hiring friendly and competent staff members and offering strong training. Remember that it’s the experiences had by members of your customer base that will encourage them to choose you over your competition – time and time again.
Products: Making sure you offer high-quality items and addressing supply and demand.
Products come second because, as mentioned, you’re nothing without your team and your loyal supporters. Of course, growing the number of your loyal supporters will require a strong and steady combination of excellent service and excellent products. However, this “P” also asks business owners to be on top of their supply and demand issues. Running out of product or ordering too much at any one time is simply bad for business.
Pricing: Keeping competitive in your marketplace without giving the wrong impression.
It’s important that you’re able to provide value to your customers. That’s a combination of great experiences, high-quality products and prices that don’t break the bank. Setting smart price points, however, isn’t all about offering the best products at the lowest prices. Recognizing that low prices can sometimes connote poor quality, it’s important that you study the marketplace to come up with fair price points that both intrigue shoppers and convey high standards.
Promotions: Advertising your brand in compelling and cost-effective ways.
Okay, so you offer incomparable customer service, superior products and your pricing is well-received. Does anybody know about all that? Quite obviously, you’ll need to establish a sound marketing strategy to ensure that members of your target audience are well aware of your store, its location, hours of operation, website and all it has to offer. Everything from television ads to billboards to website banners are worth consideration.
Profits: Ensuring that you always satisfy your bottom line.
Of course, after all of the above mentioned planning is complete, there is only one way to tell if you have successfully implemented the “5 P’s Of Profitable Businesses”. And that’s if you’re making money or not. It will always be important to make more money than you spend. But for most small business owners in Canada, it’s hard to turn profits when there hasn’t been enough money invested into the businesses to begin with.
This is where Synergy Merchants can help. We offer Canadian business owners merchant cash advances that enable them to secure extra working capital within 24 hours of applying. We simply take a look at a merchant’s credit card and debit card sales history to determine how much of a cash advance he/she is eligible for and what it would cost.
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026. You may also email us at firstname.lastname@example.org.