Useful Tips 1 : The making of a successful business
I have been reading and researching on how to help small business to improve your bottomline and I came across this book : Secrets of Building multi-million Dollar Business by Adam Khoo. I have found the book very easy to read and have included some tips that could be useful.
The making of a successful business requires the following:
- An open mind to learn, an insatiable desire to succeed and the willingness to put in the hard work.
- Taking ownership, accountability and the responsibility for everything that happens in your business, then can you have the power to create the successful business you desire.
- Love the idea of selling. To achieve anything in life, you have to get out there and sell! You are meeting their needs and adding value to their lives through the sale. You are helping solve a problem , meet a need or help them achieve their vision or company goals.
- Be resourceful. Gather around expertise that can provide the support that you require. People are your greatest wealth resource. It is who you know not what you know.
- Build a system that is independent of individuals. Processes – streamline. Keep it simple.
- Have a compelling reason why you are in business. If you do not have a reason, then stop right now, and write your story. What do you want your business to do for you!!! What is your key motivation? When you have found the WHY, you will be able to find the HOW. So, take time to write down WHY do you want to be a a business owner? What do you want the business to do for you?
Watch out for Useful Tips 2.
Apply simple Project Management principles in running your business
When you are managing your business as a small business owner, you are often wearing many hats. You could be the person planning the budget, marketing, sales, technician, and bookeeper, etc, therefore it is essential that you follow a simple methodical approach to handle your day to day business activities. Running a successful business requires a lot of planning and organisation to shape it to what your goals and vision for your business or the questions is : Do you have a vision of what you desire for your business? If you don’t you should be!!!
Some simple project management principles that you can adopt are:
- Create a weekly task list in an A4 exercise book. As you complete each task, you give it a tick. Put some dates on each task so that you have created a schedule for yourself.
- Try to delegate tasks that can be done by someone else. All administrative duties should be delegated.Identify the role that you play in your business and focus on activities that will generate sales. Look at your sales figures nad break these sales figures by product groups/services.
- Do some risk analysis, i.e. be on the lookout for competitors, watch the local supply and demand for your products/services and its impact on your business, be alert to the businesses around you, talk to your clients.
- Look after your clients. Provide regular updates of your services /products via newsletters, special offers, educate your new clients on your products/services.
- Systemise your processes, so that a consistent way of doing things is followed by your staff.
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