Strategies business use ensure profitable and sustainable

• Thorough planning

  • planning is important when it comes to being efficient. Time is money and it is best to plan for effective research management
• Sound financial management

  • Sound financial management and good accounting practices are the best ways in which a business can remain profitable
• Effective management of scarce resources and employees

  • Many projects fail because a business invests in too many or too few resources
• Maintaining a solid customer base

  • Customer retention is an important part of a business, as this can ensure that they remain profitable and sustainable.
  • A business needs to offer a great customer experience and build solid customer relationships
• Being ethical

  • An ethical business behaves in a socially responsible way and does what is right even if it is not necessary by law
• Being socially responsible

  • Surveys show that consumers like to support a business that supports the community in which it operates.