Question

Looking at the company you now work at, where you previously worked, or where a spouse/friend/relative works, which of the 3 basic strategies is employed to keep profits from eroding?

Answer 1

Definitely, when we will look on the functioning of some of the best firm in the world we will found that they all have something similar in them and that's why they are still able to maintain their profit even after many decades and thus some of the key strategies that have been followed by all the successful organization to remain profitable and  to keep profits from eroding

1) Continuous Innovation: innovation may be related to firm goods and services that they are offering or innovating in their technology on which they are working, it will not only enhance their reach on the market, apart from segmenting them from other firms and even making them ready to compete with other new entrants in the market offering similar products and services,

2) Relationship with Clients and other Business House: it is the only way through which we can manage our presence in the market for long term as building a healthy relationship with the firm client and other related business houses are important of any firm strategy as it always helps us in technology transfer and in sharing information as well, clients are the source of revenue and that's why their relationship with the firm has to be memorable.

3) Investing in Human Capital: without knowledge, a firm cannot grow and not only getting knowledge is sufficient it has to be updated regularly as per the industry requirement, apart from it keeping all the employee motivated by taking care of their financial need not only motivate the employee but also make them more loyal towards the organizations, thus providing proper salary to all the employee along with providing them proper training needed for their career growth always help all the firm to do better in the industry