10 Tips For A Successful Business

1. Have a Growth Plan
Invest time into a well thought out and researched business plan and revisit it before making any decision about growth.

2. Location, location, location
Ensure that your business is in the right location and that you are operating at a size that is the best for your current and future needs.

3. Learn Technical Skills
Choose a business where you will require minimal additional technical skills and business management skills, ie. Choose a business area that you are familiar with.

4. Learn Sales and Marketing Skills
Learn proper selling techniques and ways to market your business to ensure success!

5. Learn Financial Skills
Make sure you have the necessary financial skills for your business ie. An understanding of cash flows and budgeting. Don’t hand over the control to someone else.

6. Define Financial Resources

You need a stable cash flow for growth because it can be a slow process over a number of years. Make sure you forecast your cash flows into the future and monitor them closely.

7. In-depth Market Research
Always know what you competition is doing and market trends so that you can capitalize on these trends and stay ahead of your competition.

8. Don’t Invest in Trendy Businesses
Don’t invest in trendy businesses such as the “low carb trend” without researching their potential longevity or you could get caught in a trend that is on its way out before it is even established

9. Under-project sales, over-project marketing costs:
Be realistic in projecting sales AND the associated costs. It may take up to 3 years to generate a consistent profit. The main point is to stay realistic with your projected numbers.

10. Consult Professionals!
Budget money in your business plan for lawyers, accountants, consultants etc. If you are having problem, ask for help, this is why there are there.

No comments: