STARTING A NEW BUSINESS
Points to take into consideration when starting a new business
Doing little things right, is the stuff that will secure the success of your business.
A few points to take into considertion when starting a new business
1.. MANAGE YOUR CASH
Lack of cash is the reason many small businesses go bankcrupt. Good planning of cash layout and understanding what has influence on your cash layout is paramount. This entails whether you buy an inventory, how much you should have to hand, do you physically collect payment from clients. Loans you have to pay back should also be taken into consideration.
2. UNDERSTAND YOUR MARGINS
Understanding your margins with regard to your clientele and the products you supply is important. Just understanding your bottom line will not be enough. Know your products, because a lot of small businesses go under due to carrying a lot of products that are dead in the water.
3. RECRUITING THE RIGHT PERSON FOR THE JOB
Quality talent is a benefit for any business. The saying "paying peanuts, you get monkeys" and that is not what any business need. Quality staff deliver quality work. Take time in recruiting the right person that will fit in with the culture of your business with the same outlook as yourself.
4. CUSTOMER SERVICE AND ADVERTISING
Remember, customers are the backbone of your company. Without them, your business has no chance of survival. Provide service superior to that of any of your competitors. You can never lack in the training of your staff, upgrade your returning policy and impovements such as quick responds to voice messages or emails from customers. Your customes are the best advertisement you can have. There is no bigger advertisement to any business than that of word of mouth. Treat your customers right and they will be responsible for another customer to seek your services. Treat them bad, and you will loose any credibility you may have build up in the past.
Build a customer friendly website simply because people searching for products, turn to the internet for their first search. If you have a webpage that is not customer friendly, they will most certainly turn to the next page available.
5. MARKETING
Effective marketing is key to sales increasing. There are many ways to do marketing, for instance, sending promotions with invoices, newspapers, free workshops, vehicle advertising. Promotions running with competitions where a prize, no matter how small, is advertised also works wonders.
Remember : Building a successful business is a marthon and not a sprint, it is the journey that counts not the destination.