Every entrepreneur gas their own strategies for prevention of the losses in the businesses. So what are the most effective loss prevention strategies that you use in your business?
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What are the best loss prevention proactive strategies?
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eLdavis
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For my business i always ensure that i pay attention to what my clients actually want so i won't do the wrong thing for them.
It is to hire honest people and keep away from uncalculated risk. Taking only risk that would be worthwhile
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Reduce your management cost, increase your marketing budget and start marketing aggressively to generate more sales
To prevent loss, while boosting sales through marketing, you should also try to reduce unnecessary costs.
You should strive to ensure that the cost of production is reduced. Optimum pricing should be ensured to cut losses.
Sales and more sales. Doing this brings in more profit and even if you experience loss it would work In your favor as it will cover the losses
Insure your business and insure your business. Therr are different insurance packages one should consider in case of any eventualities! A lot of business crashed due to inability of an entrepreneur to insure the business.
Don't go into a business you don't grab or have the knowledge or expertise for. You need to know that you need the right information to excel
