What decision had the biggest impact on the profitability of your business?
Posted by Andru Edwards Categories: Blogging, Business
Continuing our series of posts on starting up a small business, the next order of business is profitability. Before we jump in, if you have missed any other posts from the series, check them out:
- Getting the confidence to start your own business
- Taking “bet the farm” risks in business
- What was the first defining moment of your business?
Now, back to the topic of profitability. I have to say that, if I could just pick one, then the one thing I did in business that had the biggest impact on profitability was recognizing what we were worth. In the beginning of our ad-supported online business, I was just happy with anything that any advertiser was willing to give us, and happily gave them ad real estate for bargain prices. It took me a little bit, but there was a day where the lightbulb went off, and everything clicked. I was way underselling our ad inventory, and pretty much, we were being taken advantage of.
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