I have an acquaintance who supplies products to the small business retail trade. He decided a few years ago that he was happy with the level of business he had. He stopped all forms of new marketing and focused on just keeping his existing customers happy.
He was now comfortable and business was good. What he failed to realise was whilst he was not seeking new customers, more and more supermarkets were opening in the area. They were taking business left, right and centre from the small retail trade.
Yes, you guessed it. Whilst still maintaining his existing customer base, his sales to each of them started dwindling. He realised his mistake far too late when a few businesses actually shut up shop or closed down due to lack of profitability.
A one / two person business can stay in the comfort zone for a lot longer than a business which employs 15 20 people.
In business usually / around 80% of your turnover pays the bills whilst the last 20% makes your profit. Therefore if a profitable business loses only 10% of their turnover and all of a sudden the prices you can charge customers become more competitive the business is no longer making...
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