People new to business is like going back to school, there are many things to learn and tasks to do. Often, this chaos of thinking what to do makes the entrepreneur “paralyzed”. Here are 10 “DO-IT-RIGHT-AWAY” tips that will help you move towards business growth.
Create Value not Discount.
Value can be defined as the benefits the customers pay for and price is the amount the customers pay in exchange for the value.
It is common in many entrepreneurs offer discounts at the start of the business. While this is good in increasing the cash flow, this is not good for the image of the company, unless, you want to be known as a discount business. If you do not want to be known as a discount business, then giving discount is only a tactic and not a strategy. But remember, this is the easiest strategy to imitate.
Keep your costs low
Costs are money that goes out of the business. You should always have more revenue/sales than expenses. To make sure you keep your costs low, be very conscious where your money goes.
Test and measure everything.
All business are experiments. No amount of planning will ensure the success of the business. So always keep in mind that you need to look for the formula that works for you and of course, measure them.
Your responsibility is not confined to your customers alone, you also have social responsibilities and that is to follow the rules of the government. If you want to have a good experience in doing business, make sure that you register your business and pay what is due to the government.
Get a coach
One can not handle everything in business, let alone see all concerns and solutions to everything. To improve your decisions, get a coach or a consultant. If you do have have budget for them, you can attend seminars or read books. You may also want to consider joining industry-organized netwroking nights .
Do not sell everything
One of the common mistakes of a new business is selling everything. Selling everything takes away your focus away from the needs of the market you want to serve. Trying to sell anything and everything creates a lot of wastes in space and inventory. To be able to focus on the product you want, you need to be able to what your customers want.
Think of market domination from start
Many founders want to confine themselves to a certain area. Think big and maximize the potential of your business and your team.
From the onset, work for great standards. Document all your best practices, this will help you train the people based on your standards. Documenting the business opens you to different opportunities like franchising and liscensing in the future.
Work with the right people
Your business is dependent on people, they operate and make it work. Without people, it will not prosper. Therefore you need to work with the right people. Sometimes you get lucky and you get good people. But most of the time you need to spend plenty of time to train and develop good people.
Separate Business Money from personal Money
Poor money management is the reason why most businesses fail. What happens is that owners use their business money for personal use. It is always best to think that business is another person. If you borrow money from the business, it has to be paid back.
Make your life easy. Focus on what needs to be done as long as it is aligned to your goals and objectives.