February 28, 2019
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The following content was submitted on behalf of Valpak.
Any major business move requires taking a risk. Whether you leave your corporate job to pursue a passion project, launch a new product, or partner with a new company, it can be daunting to make a drastic change. Thankfully, there’s a helpful strategy to weigh the potential outcome before taking the leap.
Calculated risk-taking involves carefully considering the pros and cons of a decision, with a thoughtful plan behind it. There are helpful steps, tools, and tactics you can use break down the outcome into smaller digestible steps. Make a list of everything that could go south if you move forward with the decision, whether it’s related to your business finances, relationships, self-care, or time. Schedule regular check-ins as you work towards a goal to see what kind of progress you’re making. The more you understand all potential costs to that risk, the better you can improve its outcome.
For a helpful breakdown on calculated risks, view the visual from Valpak below. It covers steps to follow so you can anticipate red flags and successful company who have used this method. Read more of this post
February 24, 2019
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The following content was submitted on behalf of Fundera.
In a dense market, it can be difficult for your business to acquire the capital it needs and stay afloat. Between branding, sales, and everyday operations, the cash that comes in can quickly flow out. That’s why it’s essential to select a pricing strategy that works for your business. The right strategy will not only help you stay afloat, but establish your branding within a market, and differentiate you from competition. To do this, you must conduct a thorough analysis of your company and the market.
First, if you’re not already aware of your costs, take time to account for these. Add up your expenses and overhead to get a finite number you’ll need to break even. Then set a ballpark number in profit that you’d like to achieve to determine a good price point for your product or service. This will give you a good idea about how much revenue you’ll need, as well as keeping you motivated to reach your goals.
Next, get to know your market. Take a look at the pricing strategies of your competitors, as well as how they’re marketing themselves to their audience. Look at the website, social media, and blogs to determine how they’re positioning themselves and what you can offer that they can’t. Knowing what your audience expects will go a long way towards help you compete.
With a thorough understanding of your market and profit goals, you will be better able to select a pricing strategy that drives success for your business. For more on which pricing strategy is right for you, check out this infographic below by Fundera: Read more of this post