The lingo of the business world ' cash flow, profit and loss statements, accounts receivable, debt-to-equity ratio, and so on ' makes small-business ownership appear far more complicated than it really is. By doing this, companies hope to lower their overall cost structure or improve the quality or functionality of their product offering, thereby allowing them to compete more effectively. In fact, they are as a rule much more willing to take a flier on a risky, unproven idea than are professional investors and lenders. John Jacob Astor knew the minutest point about every part of his great business.
Make your money when you buy, not sell, goods
workroom in connection
with your store. Think opportunity.
businesses fail because
their owners mistake their passion for a field for the desire to run a business in that field. Successful people
make more time
to serve others.
Competitive pricing is effective at maintaining your market appeal
business that is
profitable may be short of cash until payment is received. Yelling doesn't
is usually used
to set up full-scale production and market development. Create and
install two written
systems per month.
Picking up a set of specifications for Marketing
processes and behaviors
are ad hoc and quirky, while in others regimentation and predictability are norms. Simple as
don't have company
standards and systems, you rely on each person to do things the way he or she thinks is best. It s
important, however, that
a plan update not be a mechanical task, limited to plugging in the most recent sales figures.
Give everyone business cards and company shirts.
fun, challenging, and
interactive. It must
also be a
resource center to help your customers solve their problems. Contact the
customer a few
days before the bill is due to remind them it needs paying, and then ring them the day it is due, and then continue to ring them until it is paid. This will
elevate their leadership
skills and make them accountable and responsible for the end results of their people.
How big do we want to be?
of truth in
the first theory is that wages can never, for any length of time, fall below the cost of subsistence. For example,
if your marketing
plan calls for a half-page Yellow Pages advertisement plus an ongoing monthly outbound direct-mail campaign, keep track of the return you get for the dollars you invest in this marketing. A great
way to get
known is to be active in your industry, associations, and community. If possible,
take a few
samples of your choicest goods with you.