Allwebco Web Templates · Build your own toolbar · Financial Data · Audio, Fonts, Clipart
powered by
bravenet.com
|
|
TIPS FOR SUCCESSFUL BUSINESS
Decide on your product or service
Put together a business plan of how you plan to market this product or service. This should include short, medium and long term goals
Do a very professional job putting all the company details together e.g.. agreements with partners. Ensure you also have letterheads, business cards, etc. before you even book your first appointment to see a prospective client
If you are manufacturing a product you need to inform your first few prospective clients that it is the product or a prototype. Don't sell a prototype as a product. Be up front with your clients, they will no doubt work with you if they believe in your product.
If you are selling a product make sure you have well presented literature to give them, and a professional brochure.
Have a sales pitch plan ready to know what you are going to say in each meeting. Also have a full plan of action for the presentation of your product or service.
When selling anything, give your clients two
choices
a. A good price for 100% up front payment with order or
b. Extended terms at full price
Never give both - you are in business to make money
Is your business franchise able? Can you create a detailed company manual to tell people how to easily do what your company does? If so, look at the options for franchising or licensing!
Always confirm verbal discussions in writing. It saves many misunderstandings down the line.
Always be open minded to complimentary products or services that you could add to your company or to your clients rather than individuals products or services.
Plan for growth by taking the time to put together a strong business plan. And review it regularly and make changes to reflect changing circumstances.
Identify "SWOT"s -- Strengths, Weaknesses, Opportunities and Threats.
Investigate financing opportunities and present a case for financing in a way that speaks the same language as investors or lenders.
Balance growth by determining which opportunities present the best form of return.
Control costs to ensure the company is in a cash-positive situation. A good strategy is to develop cost-cutting or cost-avoidance goals.
Manage key relationships by effectively communicating with employees, business partners and customers about the direction the company is heading. Growing companies are constantly changing and evolving and times of change can create uncertainty for both clients and employees.
Create a succession plan. Well-managed exits ensure investors get their original money out and the entrepreneur is adequately compensated for the years of time and effort spent building the company.
Devise benchmarks that can act as points of comparison such as previous results or industry averages.
TIPS FOR SMALL & HOME BASED BUSINESS
=== 1. Research Your Market.
Don't try to force a new product or service on an unwilling market. Research
your intended market first, then create a product or service to fit that market.
Put another way, you can't force people to want what you have to offer... but
you can offer them what they want.
Your research should also include an in-depth look at your competition. Is there
too much competition for the area that you plan to service? Can you offer
something that your competition cannot, while still making a profit? By
analyzing your competitors, you'll be able to learn from both their successes
and failures.
=== 2. Don't Try to Be Everything to Everyone.
You will never make everyone happy, no matter how hard you try. So don't;
instead, focus your efforts on one particular segment of the population.
For example... let's say you run some sort of business related to gardening.
Gardeners range in skill from the rank amateur, who can barely manage to keep
even the most robust houseplant alive; to the serious professional who is able
to nurture and coax exotic and fragile flowers to bloom.
Instead of attempting to offer every type of plant or information to all types
of gardeners, you could instead narrow your focus to one specific group: for
example, amateurs who are interested in colourful, low-maintenance and
easy-to-grow plants.
Focusing on a niche market allows you to more easily build a unique and solid
reputation for your business.
=== 3. Keep Your Spending Under Control.
Keep overhead costs low, and don't spend frivolously. There will always be
necessary expenses - for example, if you're running a business online, you'll
need a good computer and a reliable Internet connection. But would you also need
new, top-of-the-line home office furniture?
On the other hand, don't balk at spending money when you need to. Figure out
which expenses are true necessities, and which are luxuries. As cash flow
improves you can look into purchasing other items you may need.
=== 4. Keep Growing.
A business can't be successful unless people know about it. That's where
marketing comes in. All businesses require hard work - and even after you've
established your business, you will need to continue to work hard in order to
make it grow. At times, the hard work may be necessary just to sustain your
current level of profitability.
=== 5. Have a Contingency Plan.
Businesses go through rough times. Sometimes it will appear to happen "all of a
sudden", but there are always warning signs. Learn to recognize the signs of
trouble. By pinpointing potential problems before they occur, you can try to
prevent them from occurring at all.
Develop a well-thought-out contingency plan to keep your business running with a
minimum of lost time, effort, or profits.
=== 6. Learn From Your Mistakes, and Build On Your Successes.
Just as you will experience success in some of the things you do, you will also
make some mistakes. In both cases you'll have an opportunity to improve your
business. Ask yourself what you did right (or wrong), why it worked (or didn't
work), and what you could do differently.
Ask yourself questions. What kind of start up capital do you need? What are your
estimated monthly expenses? Is your business making the profits you expected? If
so, what are you doing right and how can you improve upon it? If not, what can
you do differently? What are your competitors doing and how can you convince
customers to switch (or stay) with you?
These types of questions will help you to make smart, educated business
decisions -- decisions that will help your business to grow and flourish.
=== 7. Be Customer-Focused.
It's much easier to sell to a happy customer, than to try convince a new
prospect to buy from you. Be professional, courteous, and always deliver a
quality product or service. Your customers will be thrilled and much more
inclined to come back.
=== 8. Target Your Marketing.
This goes back to the research you did before you started your business. Know
who to target in your marketing efforts. You want to attract people who are
interested in what you have to offer -- not just curious 'passers-by'.
You can see great examples of targeted marketing by looking in your mailbox. If
you've ever ordered from a mail-order gardening club, you've probably received
additional catalogs from them *and* from other gardening clubs who purchase the
customer lists. They know that you have an interest in their products, so the
chances of you ordering something are much higher than if they were to send a
mailing out to a random bunch of addresses.
=== 9. Take Your Business Seriously.
There are lots of images floating around that show relaxed 'home business
owners' reading a book, playing with their kids, lounging in a comfortable
chair, etc. There's a tendency to think of a 'home business' as 'not real work',
or not as serious as a 'real' (corporate) job.
To start and build a successful business, it needs to be treated like a business
- not a hobby. Take it seriously and work hard to achieve your goals.
=== 10. Do Something You Love!
This is what it all boils down to. Find something that you're passionate about,
and will enjoy doing. Business doesn't have to a daily grind; it can be a true
pleasure!
bravenet.com