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
Miles BurkeAs Director of Bam Creative, and Chairperson of the Australian Web Industry Association, Miles spends his time managing his business or speaking about managing businesses. Recently awarded as one of the top Western Australian entrepreneurs under 40 years old, Miles can also be found writing at his blog.
