Tips for Success with Your Business
- Set goals to grow and profit from your company; remember it is not what you make but what you keep.
- Review and cut your fixed overhead costs; eliminate unnecessary expenses or personnel.
- Preserve cash now; cash is always king!
- Eliminate poor employees who have bad attitudes and work product; good people are easy to find right now.
- Go visit your top customers and make sure you are meeting their needs.
Five Tips to Transform Your Business Model
A business model should be constantly evolving to better serve your customers needs and survive the ever changing economic environment. Here are five tips to help you transform your current business model:
- Globalization and technology are rapidly evolving the environment in which will operate so get comfortable with change.
- Reassess your customer’s needs, requirements and values; understanding them will allow you to furnish the right service or product.
- A good service or product will always sell so don’t be afraid to innovate during these economic times.
- Think about new markets and applications for an existing service or product.
- Trim costs where you can by renegotiating prices with suppliers and vendors and lowering your overhead.
Ten Operating Tips for Your Business
- Focus on cash flow rather than profitability; you can’t buy groceries with profit.
- Forecast from the bottom up. What is you company capable of producing rather than how much market share you can capture.
- Ship your service or product when it is good enough; you can perfect it while you are making money.
- Don’t chase the proven candidate with large amounts of money and ownership option as they usually don’t live up to their hype; hire hungry, young, inexpensive people.
- Focus on functionality rather than form; it make not look pretty but if it is effective and cost efficient embrace it.
- Start as a service business; the benefits include low startup capital and immediate revenue.
- Don’t staff for what could happen; staff for current projects and build a network of freelance personnel you can utilize should all hell break lose.
- Try and sell directly to your customer without going thorough middlemen.
- Don’t be afraid to position yourself against the leader in your market and be sure to highlight your service or product features.
- Know how much capital is required by compiling a detailed cash forecast.
Five Tips for Success with Your Business
- Always seek new customers by showing them the need and benefits of your services or products.
- Look for opportunities to sell in different markets via joint ventures with other compatible services and products.
- Increase your sales and marketing efforts; attracting and retaining your clients is imperative.
- Increase spending on technology in order to increase productivity, save time and reduce costs.
- Buy your competition; with the current economy deals are cheap.
5 Questions You Should Ask Prior to Selecting a New Location for Your Business
When a small business is looking for a new location, people are always skeptical of a vacant space. They often ask, “If the previous business failed there, is this a loser location?” Here are some questions you should answer prior to selecting a new location:
- What and where is the competition?
- Did customer traffic decline and if yes, why? Check with your State Department of Transportation to see if there is upcoming road work to be performed.
- Are there structural or serious maintenance issues with the space and can these be corrected?
- Does the location have a negative image from the previous owner? If you want to put an ice cream store at a former adult bookstore that will be an issue.
- Ask the former tenant why he/she vacated the premises. If you can not find them, ask you real-estate agent.