Two Notes Tuesday: Fundamentals of Business
1 min read

Two Notes Tuesday: Fundamentals of Business

Lessons from Personal MBA on finance and revenue
Two Notes Tuesday: Fundamentals of Business
Photo by Dmitry Mashkin / Unsplash

Managing finance in business

Finance in business isn’t complicated if you focus on what’s important.

Finance is:

  • Keeping track of the money flowing into and out of your business
  • Deciding how to allocate the funds
  • Determining if you’re achieving your expected outcomes

A successful business brings in more profit than expenses to keep it going. It’s simple.

Great businesses build a cycle, create huge value, keep expenses consistently manageable, and make enough revenue to return a profit.

4 Ways To increase revenue

The four ways to increase your business' revenue:

  1. Get more customers with outreach and marketing.
  2. Get more sales per customer. Increase the frequency of their purchase.
  3. Increase your price to increase your profit margin.
  4. Increase your price per transactions by upselling. If you can bundle your products or services, you can make more per transaction.

Keep customers that value the service that you provide and focus the majority of your effort on serving them to make the most out of your time.