My intention is this mini Business 101 is to provide a brief overview of business so that a better understanding of what marketing is and the part it plays in business can be achieved.
Since entrepreneurs come from different professions within different industries, some may not understand the basic principles that all businesses operate under, or at the very least, the terminology of those principles.
Without knowing where you are in the process of your business development, I’ll rely on what history has taught me -- The best place to start is ALWAYS at the beginning! If you don’t understand the underlying principles of a thing, being able to follow the rules can be difficult, if not impossible, and I’d like to help eliminate some of that discomfort if you happen to be new to business.
So here goes… in a nutshell; my basic business training.
In business, there are three components that are constantly at play:
Marketing – acquiring new sales and maintaining relationships with existing customers;
Finance – your cash flow, profitability and capital; and
Operations – the day-to-day, functional management of your service/product delivery.
All these pieces are connected and dependent upon each other to function. There is no Marketing without Finance and Operations. No Operations without Marketing and Finance. No Finance without Operations and Marketing. You have NO business without all three.
Pretty simple, huh? They all work together to fulfill one goal – MAKE MORE MONEY!
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