New Business: Tips That Will Help Pt 1
Whether you are thinking about starting a new business or have in fact started a new business, there are many things you can do both right and wrong that will either help or hinder your progress. It is very easy to do the wrong things and suddenly find yourself back at square one again with a failed business behind you. However, it is just as easy to learn the right things and steps to do, to make your business a winner and stick in the hearts and minds of your customers.
Below are ten tips that have proven to be effective with helping in business, some learnt through interactions with others, some learnt the old fashioned hard way.
Expectation management. If you set expectations correctly with your customers and then exceed them you’ll always be the hero, even if these were set very low to start with. Think EasyJet.
Don’t be scared to say ‘no’ to customers when they ask for credit or extended terms. Cash flow is the life blood of all SME businesses so, keep control, pay suppliers on time and don’t let customers steal extra credit days.
3Hs: Hardworking, Helpful and Honest creates good working relationships throughout.
People like to know they are being thought of. Immediately after a meeting (the same day ) find contacts on Twitter and LinkedIn and connect to them and you will stick in their memory for longer.
Focus on what you do best. Every business person has their strengths and weaknesses. Great sales people are not always the best at paperwork and administration. Recognise your weaknesses and think about how you can outsource those tasks.
Invest in your employees. A happy work force is a productive work force. Staff need to be kept motivated. Clearly define their role in the business and make them feel part of a team.
Cash is king, keep it flowing. More businesses fail because of poor cash flow management than any other reason.
By all means, utilise the web for e-marketing, budget the balance right. Your Twitter and Facebook fans and followers don’t want to see lots of similar updates from you in a small space of time.
Don’t complain about competition. Use it as a way to guide your business ahead. In particular, in the technology area, don’t stand still. Constantly learn new skills and techniques and use these to create new products and services that your rivals are too slow to master.
Instead of having a seminar that sells someone something, educate them on a subject that is relevant. Improving someone’s knowledge is a more powerful tool than trying to sell them a product.