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In This Issue 1
The Harsh Realities of Employee Stock Ownership Plans
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For Restaurant Managers: Moving From Crisis to Control
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Growth in Drive-Through Business Fuels Fast-Food Innovation
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2 Adjustments That Are Vital for Businesses in 2024
Essential Business Changes for 2024 Success
Almost every business needs to pivot and modernize to stay relevant, and a big part of that is finding a new target audience and more revenue streams, both essential for keeping up with the times while boosting profits. Here’s how you can go about doing just that. No. 1: Reevaluate your target audience. The pandemic and its consequences have shaken up almost every industry, including yours. Prospective customers may have different expectations and needs, while some of the loyal customers you’ve always relied on may not be coming back. In 2024, you must reevaluate your ideal customers and strive to cater to them. Adjust your pricing model, marketing, and other aspects of your business accordingly. If you adapt the company's business model to be more attractive to your ideal (but untested) clients, be sure to find a balance so you don’t alienate loyal customers staying with you.
Finding ways to maximize monetization is an effective way to boost profits without making substantial changes, and you should take advantage of them whenever possible. Identifying the right product to offer is critical. Start by considering the needs of your ideal and existing clients. Why are they buying your product? What could make their experience better? Consider introducing surveys, ideally with discount incentives, to get information from clients themselves. Ultimately, clients are the only ones who accurately know their needs and what they’re willing to pay for, and they may have ideas you’ve never considered. Remember Sears, Blockbuster, and RadioShack? Neither do we. Change is the only constant in this world; every company needs to adapt to it or face the consequences. All businesses, including yours, can be more efficient and boost profits like never before, so long as they’re willing to make the proper adjustments to grow.
No. 2: Find new revenue streams from existing clients. It’s much easier to sell to loyal clients than to find new ones.
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