General Tips for Your Small Business
These are just some general tips to keep in
mind as you design/operate your small business:
1. Take the time out to explore and understand whether or
not you are compatible with running our own business. Some
people are just plain happier and better off financially on
the other end of the paycheck.
2.Get your personal finances in order. Before you jump into
the entrepreneurship world, get your own money matters
squared away.
3. Pick your niche. Many small business owners succeed in
businesses that are hardly unique or innovative. Take stock
of your skills, interests, and employment history to select
the business that is best suited for you.
4. Benefit from your business plan. The exercise of creating
a business plan is what pays the dividends. Answer the tough
questions now before the meter starts running.
5. Do not think you need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.
6. Acquire the proper background. In the early months and
years of your business, you will have to acquire many
skills. Gain the background you need to oversee all facets
of your business well, but determine what tasks you should
outsource or hire employees.
7. Remember that nothing happens until a sale is made – How
many good products go nowhere because they do not reach the
shelves? Sales drive your business. You will need a good
marketing plan to sell your product or service.
8. You have to see a customer to know one. N o matter how
busy you are, spend at least 25% of your time with
customers. You cannot make the proper business decision
without understanding their viewpoint.
9. Solve your customers’ problems. The best way to satisfy
your customers is not by selling them products but by giving
solutions to their problems. There is a big difference.
10.Quality takes minutes to lose but years to regain.
Quality is not a destination, it is a never ending journey.
After you have strayed from quality’s path, your journey
maybe sidetracked forever.
11. Put profitability first, rewards seconds. In small
businesses, profitability must come first. Find out how to
measure your cash flow and understand key financial ratios.
12. Hire supporters. If you intend to create a growing
business, your number one duty is to assemble a great team
of employees.
13. Do not do it alone. Find such help from small business
peers, a mentor, even trade associations. They can help take
some of the trial and error of beginning your business.
14. Vendors are partners too! Treat your vendors like
customers and watch your partnership grow.
15. Make use of benefits. Understand how to provide
insurance and other benefits for your employees and cut your
tax bill at the same time.
16. Ignore regulatory issues at your peril. Federal, state,
and local governments require licenses, registrations, and
permits. Obey them or face losing your business.
17. Know the tax laws. Invest in understanding tax issues
that affect your small business.
18. It’s the people! Whatever happens to a small business
happens at the hands of the people who work for it. The
evolution of the business is a result of their efforts.
19. Fast, good, cheap. Pick any two. Serious trouble awaits
those who attempt to be all three in the market place. Stick
with what you do best.
20. Develop a passion for learning. As your business grows,
you need to change and grow along with it. One common
denominator can be found in all successful business owners
and that is a passion for learning.
About the author: by : Dave Ryan
For more great business, marketing and mind power ideas to
develop
your business visit the Higher-Profits Blog at
www.higher-profits.com