Now that the national independence day is over its back to business. I hope you enjoyed the holiday with family or time with your self to reflect and enjoy life. Although it is no longer Independence day, we still have to work and look forward to one other independence day, and that is the day you become financially free!.
I know we all know by now that profits sustain our business. Now there are a few ways to increase your profits. One way to increase your profits is to reduce your expenses. The less you spend the more you keep. Another way to increase your profits is to increase you sales, revenue or income which ever term you like to use to refer to your coins, the money!
The biggest way to increase your sales is to have repeat customers. When people like you, they come back. When people like you, they refer people to you as well.
One thing I notice is that entrepreneurs do not have enough accounting knowledge. So I want to share with you 3 people who have an interest in your business. These 3 people are called stakeholders. Google's definition of stakeholders is a person with an interest or concern in something, especially a business.
I want to go over the 3 types of stakeholders that a business should be aware of.