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5 Secrets to Building a Strong & Money Making Business System

Many people think that by simply opening a new business, money will start flowing, but the reality is that to build a profitable firm requires more than just that. The primary key to making money is having an excellent business plan, conduct an extensive market research and have some basic organizational and entrepreneurial skills.

Here are the top five (5) secrets to building a strong and money making business system.

1. Be innovative to thwart competition
Building a business from scratch is hard and especially if you are competing with already established systems. Nevertheless, competition is not always bad as there are new things you can learn from them and incorporate into your venture.

Giant companies like Coca-cola, Microsoft, MacDonald’s and the rest, have to be innovative to remain competitive but still, if you find yourself unable to compete well with others, you can agree on a buy-out plan with your stiffest competitor before your investment is emasculated. A case in point was that of Honest tea in 2011 when they sold the company to Coca-cola when competition rendered it untenable.

2. Create a website for your business
Many companies today have created their websites and shifted most of their operations there. Have you ever asked yourself why companies like eBay, Amazon, Alibaba, etc are able to rake billions of money in profits even during economic recessions? Their make money secrets here are to ease the convenience of buyers and to increase sales by tapping into the massive online community.

When you take your company online, you increase both its geographical coverage and customer base, and in the long run, this translates into more profit. If you can’t afford creating a website, you can create a blog where you can post and promote your products, it’s as easy and affordable as to ask 123helpme. In 2014, online businesses made a total profit of $359 billion and the figure could be higher at the moment.

3. Adopt a friendly leadership and management style
If you are a company manager, you should learn how to relate to your employees as it is a key ingredient to building a strong business since productivity is tied to how you treat workers. For this reason, as a manager, you should create a friendly work environment as workers spend more time in workplaces more than they spend at home. Therefore, the workplace environment should be as good as a home environment for workers to be motivated to spend long periods at the office as required.

4. Advertising your business on social media platforms
No business minded person can ignore the power of the social media in online marketing. Many people spend a considerable amount of time chatting and networking with friends and relatives. Currently, Facebook has over a billion subscribers, and Youtube and Twitter have their fair share of followers too.

Social platforms and especially Facebook have devised ways of luring merchants into their platforms by enabling them to advertise their products there to tap into its huge customer base. So, if you want to spring your business back into profitability, make use of social platforms to increase your products’ visibility and soon you will reap the benefits.

5. Automation and outsourcing services
Today we are living in a digital world where almost everything we do revolves around a computer. To increase efficiency in doing business, people should embrace and incorporate technology into their businesses. For example, many banks have now resorted to using Automated Teller Machines (ATMs) as opposed to hiring full-time tellers to work in their banking halls.

Another example is of online shops which have user-friendly platforms where customers browse products, view them from all angles, read their descriptions and if they like a product, order and buy it online securely using a credit card or a mobile wallet while enjoying the comfort of their rooms. Suppose all those customers were to go to a shop and demand to be taken round to see a product? Wouldn’t that require a huge manpower?

Also, in order to remain profitable, companies nowadays prefer mundane outsourcing tasks to other companies as a way of cutting on their wage bill rather than hiring full-time employees to be doing that work.

These are not the only money making secrets to building a strong and profitable business entity, but at the moment, they are the top five ‘5’ tips to consider.