For example, a newsstand, dry-cleaning establishment, or coffee shop sited modestly between a car park and commuter ferry may be in a better location than one with its own destination parking lot, because of the morning and evening foot traffic between the two anchors. Love your passion, but know your business. But you should have an ideal trade toward which you steadily work. The service industry is the fastest growing of the four categories, in part due to the low cost of entry (that is, you typically need no significant inventory outlays and minimal equipment).
Get major exposure at minimal cost
should be taken
very seriously, because it can have a tremendous impact on the overall success of your business. If chewing
gum, for example,
were not sold through intermediaries, a manufacturer would have to sell gum to each person who wanted it'an impossible task! For this
reason, you want
your accountant, financial advisor, or attorney to review your loan documents and spell out everything for you very carefully. Technically, the
officers of a
corporation report to the board of directors, who bear the ultimate responsibility for the proper management of the company.
Stay in touch with customers
undesirable in some
bedroom communities, business development is more cost effective for municipalities than a comparable level of residential development. Those include
everything from a
solid explanation of why you need the money and what you re going to use it for to details about any other borrowing or leasing deals you ve entered into. Whose lifestyle
are you paying
for? The bulk
of any extra
business went straight to the bottom line, showing up as profit improvement.
Train your sales staff so that they will act as a powerful resource for your company
a bit differently
the second time often helps uncover misunderstandings. You may
be sure that
your employer knows the market value of politeness. Consumers in
the large middle
market are often attracted to average quality products at decent prices. Does the
economy even matter?
Is Distribution the main function of your business?
the stroke oar
on a varsity crew, while in a race against an opposing crew from a competitive institution, should suddenly stop rowing in harmony with his associates and begin to row backwards-that crew would not get very far without trouble. Put the
highest priority items
at the top. The staff
doesn't participate in
activities or provide input, and therefore doesn't learn how to implement the new skills being taught. Such a
board lends great
credibility to a company.
Talk to salespeople who are in touch with customer needs
you need more
products or materials in a hurry, you revert to calling your good old friend at the same supplier or distributor, getting it shipped out without taking time to get another price quote from a different supplier. This will
show you care
and get them to call, refer, or buy from you when the need arises. There are
some generally accepted
conventions about what a full-blown business plan should include and how it should be presented. One way
to lead is
to offer the best price, service, or quality.