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Week 3 Discussion 2 revenues and profits

Explain the four fundamental ways in which a business can grow its revenues and profits. What reward system would you put in place for an organization of your choice(please specify) as part of the operations and budget planning process? Provide a rationale for that reward system. Support your primary response with at least one scholarly source.

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The four fundamental ways in which a business can grow its revenues and profits are corporate focus, customer alignment, pricing for value and speed of execution. All of these four elements will help a business reach their potential and be consistent doing so. The meaning of corporate focus is when a business focuses on their business and what their purpose of their organization is. Customer alignment is when an organization utilizes their products and into the market to where they are reaching more customers so that they reach the maximum growth potential.
The four fundamental ways to grow revenue and profit is operational and budget planning assist management set up objectives for the quarter or year. Without them the organization would not know if whether they are progressing or not. The use of project management tools as part of the strategic management process are used to record data and to analyze the progress of task in a specific process. Without them, it would be difficult to monitor strengths and weaknesses of the project. Reward systems or incentive programs gives an organization a competitive edge because they promote motivation which encourages employees to forge ahead where they can exceed expectations. There should be a mix of monetary and non-monetary incentives that is fair and available to all employees. However, it is important to not give incentives that exceed revenue levels. According to Spath & Abraham, (2013)based on a survey performed on 262 managers, the incentives they rewarded to employees was about10% of their salary (para. 7). If the organization is a non-profit entity, it is not ideal because profits are

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