Market research
Whether it is state run, a private sector operation, charity or social enterprise, cash is the blood flow of any organization; without it, the organization cannot function and will cease to exist. In the same way, an organization with no cash flow isn't able to function properly to meet its objectives. Whether you operate purely for profit or to benefit a community, your ability to identify what people want to buy and at what prices will dictate whether you succeed or fail.
Failing to plan is planning to fail
A common mistake made by new market entrants is to basing prices entirely on what people say they will pay rather than what it costs to deliver and be profitable. This approach is both lazy and naive, exposing their business to exploitation from market buyers, while at the same time increasing risks that limit their ability to deliver quality and make a profit.
"If ignorant both of your enemy and yourself, you are certain to be in peril." | ||
| --Sun Tzu, The Art of War | ||
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