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Baltimore SourceLink Business Blog

Prescription for Business

Posted Mar 07, 2018

As March begins, what is your Prescription for Business? We would like to share with you some of the things business owners can be doing to improve their business…

1) At the beginning of each month, you should be reconciling your accounting system. For example, after all bills are paid and supplies are ordered, whatever is left over is the monthly profit.

2) Try to set sales goals for the month. What are you aiming to accomplish, whether it is to increase your profit margin, cut overhead costs, gain more employees, broaden your advertising base, etc.

3)  Identify the ten best customers. The ten best customers should be recognized for their timely payments, referrals, and volume of business. You may want to create an incentive based reward system for those businesses that help you market yourself and grow or just a thank you to let them know you appreciate their business.
Identify 10 new customers that you would like to go after. What kind of revenue or important contacts can they generate for your business.

4)  Schedule important meetings. Identify and schedule meetings with some of those businesses/customers that you would like to target in the previous section. Possibly speak with someone about marketing or advertising for your business.