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Three knowledge areas every business owner needs to reach profitability

It’s a well-known fact that the majority of businesses on the market fail before they have a chance to thrive. Yes, most companies will be dead in the water by the end of year one. Why is this and what’s going wrong?

Well, there are a lot of reasons but ultimately the business world follows one clear rule: survival of the fittest. 

If your model isn’t designed to be strong in the face of fierce competition it is going to die out. 

Believe it or not, this does all depend on the owner or manager of the business. It’s important that they have the right knowledge in place before they start up their business. Alternatively, they need to quickly acquire the knowledge within that first year. Here are some of the knowledge areas to consider.

Data

It’s true to say that data is becoming immensely important for modern business. With the right data set, you can find out exactly what your customers want and how to deliver exactly what they need. This isn’t a magic trick. It just takes a little knowledge of how different data sets work. 

For instance, you need to learn and understand the key details about SQL join types and how you can use these to explore data. You should also consider how you can automate data processes so that you don’t have to spend all your time syphoning through the information. A lot of people think that they can hire data processors to complete this job for them. However, by learning the skill yourself, you can remain in control and save money. 

SEO

SEO is arguably linked to the use of data these days. However, it’s important to be aware of the latest practices in SEO and the solutions that are going to work. The problem here is that SEO is constantly changing and it’s an umbrella term that includes a lot of different pieces. SEO in 2020 is not going to resemble the SEO tactics of 2019. So, you need to constantly learn and research the different tools and processes that will ensure your business website does rank. Remember, if customers can’t find your business they won’t be able to buy and it’s as simple as that. 

Security 

Lastly, it is vitally important that your business is completely secure. If you poll your customer base, you will probably find that security is one of their top concerns. It’s not hard to understand why this is. Without proper security, you will be leaving your customers vulnerable to a potential hack. This could mean that the reputation of your business is irreparably damaged. It will leave customers wondering whether they can trust your business with that crucial repeat sale. 

There are various ways that you will be able to make sure that your business is secure. For instance, you can think about investing in an IT support team. However, you should understand the basic ways to guarantee that you are providing the best form of security for your customers. 

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