A banking professional, Julio M. Herrera Velutini is the chairman of an international online bank based in Puerto Rico. Throughout his career as a banker, Julio Herrera Velutini has recognized the importance of establishing long-term strategy for his businesses. Every business owner needs to have a strategy to work toward long-term business operations. A good starting point is the business’ value proposition. What strengths set the business apart from the competition? What added value does the business offer customers? For example, some restaurants position themselves as the healthiest alternative, while others position themselves as the most affordable. Identify your unique business proposition and build your business operation and marketing around it. Next, identify your ideal customers and solve their problems. If your restaurant’s value proposition is the fastest service time, your ideal clients could include businesspeople with little time to dine. Build your business around exemplarily solving the specific problem this customer has. Once you’ve established a loyal customer base, you want to keep them. Recognize good customers through loyalty programs, perks, discounts, or first consideration on new products. Another key consideration is the business’ revenue. What are the business’ current revenue streams? Are there other additional streams that are within reach, sustainable, and profitable? Finally, hire the right people and keep them motivated. Involve them in decision making, encourage them to innovate, and make sure they are all on the same page.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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