Entrepreneur
Article

Opportunity and Profit – The Alphabet of Web Business

By Miles Burke

We’re back again with another installment of the Alphabet for Web Business series; I trust that you find these two words inspiring and helpful.

O is for Opportunity
Many of us speak about innovation or “different thinking”, however much of the great inventions of the last decade have been the result of finding opportunities. To be successful, many businesses create a product or a service not being offered, or being offered badly.

Look for opportunities every day – often hear clients grumbling they wished they had an easy way to send marketing emails, or manage web content, or; you get the idea. Create a product to help them. Finding opportunities and then presenting an offering is a great way to build business.

P is for Profit
Spend your time focusing on your turnover? Unless you have a fixed profit percentage on turnover, you’re looking at the wrong figure. Start watching your profit, not your turnover. Turnover doesn’t allow you to pay your employees (or yourself!) better, buy new equipment and spend more on marketing.

Let’s look at it this way; a business making 20% profit on $200,000 is making more actual money than a million dollar business only making 3% profit – and there’s a very good chance they have less clients, transactions, overheads and ultimately, problems as well!

Have a great word you believe deserves inclusion? Let me know by emailing tribune@sitepoint.com

Accessibility to Need

Free Guide:

7 Habits of Successful CTOs

"What makes a great CTO?" Engineering skills? Business savvy? An innate tendency to channel a mythical creature (ahem, unicorn)? All of the above? Discover the top traits of the most successful CTOs in this free guide.

No Reader comments

Recommended
Sponsors
Because We Like You
Free Ebooks!

Grab SitePoint's top 10 web dev and design ebooks, completely free!

Get the latest in Entrepreneur, once a week, for free.