|
|
| www.1001TopWords.com |
|
|
Entrepreneurs - 7 Business Mistakes You Must Avoid
Many mistakes can be made in business and if you are able to avoid some of them by reading and taking note of these warnings, then the time taken to put these together will be worth while. Here are some business mistakes that are common to many entrepreneurs.. Many people go into business without any plan at all. The old saying that "if you don't have a plan you won't know when you've got there" still holds true today. You need to set up a business plan and that plan will contain other subsidiary plans such as a marketing plan, a finance plan, a sales plan, etc. If you have a business idea and you are looking at developing that into your business, then be prepared to change and be flexible. Sometimes the original idea needs some fine-tuning before it becomes commercially viable and profitable for you. By all means stay with your dreams, vision and ideas, but be flexible and allow yourself the luxury of discussing those ideas with professional advisers, as well as those who have already done it before. Every business must have customers. If you don't have customers you won't have sales. If you don't have sales, you won't have profits. If you don't have profits you won't have a business. Make sure you are aware of your customers as well as your competitors. You need to know your customer's preferences, as to the services you can provide. Unless you know your customers well, it is difficult for you to know what to supply. You need to know what their requirements are. You need to find a bit more about their buying patterns and you need to be aware of your competitors so they don't take your customers away from you. Also provide good customer service. The short answer to customers is, work hard to get them and when you've got them, keep them by providing quality products, service and good support so they won't consider going anywhere else. Ensure your cash position at all times allows you to make decisions and pay for the requirements of the business. The saying that "cash is king" still holds true today because if you run out of cash your business will come to a "screaming halt". You always need to maintain sufficient cash in reserve to meet emergencies and to pay staff and to pay for goods and services. This means that the fact you have a lot of stock in the warehouse or a lot of equipment or other assets, does not guarantee you will not fail. If you don't have cash you will definitely fail because most people don't' look kindly on being paid for their goods and services with your stock or plant or equipment. People want cash. Make sure you employ good people. Motivate and train them so they are happy in their work. The result will be increased productivity and work satisfaction. Be patient and persistent, and insist on a high standard of work from your staff. Motivate, encourage and coach if necessary, as well as pat them on the back when that's needed. Some psychologists go so far as to recommend that the staff need a cuddle now and then, but that is probably going a bit overboard! Make sure you have good morale in your workplace, because that will result in high productivity and high profits for the business. If the business is doing well, ensure that the staff know about it and praise them for it. The best confirmation of your satisfaction with your staff will be when you share some of that increased profit with them by way of bonuses and other benefits. Listen to good advice. The person who thinks they know everything is headed for disaster. Being a lone ranger does not entitle you to a medal and you will find most people are prepared to talk and help you if you ask. Also be aware of the fact that you cannot do everything yourself, based on the knowledge you have. Others also have expertise and something that takes them five minutes to explain could take you a couple of days to figure out on your own. If you are in business, you need to live in the real world. You need to watch your business performance. Control your expenses. Look at ways of increasing your income. Continually monitor how the business is going and how the staff are performing. Have a reserve of cash in the bank for a rainy day and plan ahead all the time, rather than waiting for disaster to happen.
StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.
|
|
|
|
RELATED ARTICLES
Top 7 Business Tips For Small Business Starters For Online Business 1.) Brainstorming for an idea - You must select what interests you in any field and put together 5 to 7 possible ideas that seem viable as a source of income. Entrepreneurs - 7 Business Mistakes You Must Avoid Many mistakes can be made in business and if you are able to avoid some of them by reading and taking note of these warnings, then the time taken to put these together will be worth while. Here are some business mistakes that are common to many entrepreneurs.. Start Your Own Website in 10 Easy Steps If you're a beginner, starting a website doesn't have to be difficult. If you begin with a good idea and take it step-by-step, you'll reap the rewards of a popular website. 10 Compelling Reasons Not to Downsize Almost daily, newspapers, business magazines, radio and television carry reports of corporations, large and small, that are downsizing. Their attention is chiefly focused on the impact to the employees, as they are the ones most acutely experiencing the immediate effects. But what are the effects on the companies? Downsizing, rightsizing or any of the number of synonyms for radically cutting expenses and employees, may provide a decrease in operating expenses in the near term, but how will they impact the longer term future? Top 10 Ways to Use Quotations to Be Healthier, Happier and More Productive! Most people have at least one favorite quotation from a famous or not-so-famous person. Some people collect them like baseball cards, figurines or classic cars. You can find hundreds of websites featuring quotations, thousands of sites with a favorite quotes page, and many collections in any bookstore you walk into. All of this proves that quotations are popular. What may be less evident to you is exactly how you can use them to improve you life and your results. Top 7 Strategies for Writing Accounting Procedures Part Two of Cash to Cash Cycle Series How To Finally Unlock Your True Potential And Discover The Secret To Lasting Success Did you know that there is one critical difference between average businesses and super-successful businesses? How to Counsel Your Non-Performing Team Members - 10 Tips Counselling non-performing team members is a tough part of any managers role. This article is full of tips to help you perform this difficult role. Tips to Starting your Own Busniess The 9-to-5 grind can make you feel like a just another cog in the corporate machine, constantly punching the clock for someone else's vision. One day, while dreaming of the world outside the cubicle, you have your big "Eureka!" moment-you've come across an idea so perfect that you need to start your own business around it. Top Ten Tips for Participating in Online Business Expos Are you ready for a BASH? Have you ever been a vendor or exhibitor at an expo, craft show or other offline event? Well, when you are a participant in an online bash or online expo - many of the same expo tips apply. Here are the Top Ten essential business expo tips for online events. 7 Reasons You Want Referral Business and How to Get Them Studies have proven that there is one reason why people don't do more referral business: they don't ask. There are two reasons why, they forget or they don't have a strong enough relationship with their clients, so they don't feel comfortable The Ten Best Kept Secrets For Protecting Your Business Property Against Theft 1. Locks and Padlocks ? Locks on all outside entrances and inside security doors should be double cylinder deadbolts with removable collars. The deadbolt should have at least one inch throw containing a hardened steel insert and protected by a latch guard. Padlocks should be of hardened steel, mounted on bolted hasps and always locked to prevent exchange. Serial numbers should be filed off to prevent new keys from being made. 7 Tips on How To Prepare for Business Events Are you scratching your head after business events wonderingwhy you aren't finding prospects? Whether it's your firstor 100th event, here are some tips on how to prepare foryour next event that can make the difference betweenscratching and smiling. These tips will help you save time,money, create memorable impressions, and increaseconnections. Top Ten Reasons to Write a Sales Letter for Each Product? - Part 2 Authors/publishers are great at getting their books written. Entrepreneurs know their products. But after the initial one-year honeymoon, sales slow down. To counter this make sure your ebook, product, or service you offer will keep on selling from the first day, the first year, even for life. Write a short sales letter for each product or ebook. Learn to Improve Sales - 10 Ways to Get More Business Starting Today You need sales and you wanted them yesterday. Here are ten ideas to start those sales pouring in. Learn them then use them. Ten Top Performance Management Tips Talk to Your People OftenBy building a great relationship with your people you will bring trust, honesty and information. This gives you a head start in Performance Management of your people. 7 Online Banking Success Stories You have seen their ads and you may have wondered if they are worth a second look. What am I talking about? Online banks! Also known as internet banks, these are financial institutions who provide the majority of their banking services over the internet. Typically, online banks offer consumers high savings rates, low loan rates, and a mix of other services. Let's look at 7 winners in this fast growing field: Advice for New Coaches: 10 Ways to Attract Your First Paying Client and Receive Endless Referrals Many new coaches struggle to attract their first client. Often, these coaches are so desperate to prove themselves, they'll sacrifice their financial health to coach their first few clients for free. 5 Tips to Manage and Organize E-Mail How do you focus on your urgent e-mail and organize the rest for your review? Think about how you handle your paper mail. You probably sort your paper mail quickly before you read it to figure out what to look at first, what to read later, and what to throw away. Here are some similar ways to automatically process and prioritize your electronic mail for better and faster results: Plan Your Success In Seven Ways Many businesses lose money yearly because they don't think creatively about the future. They run their businesses doing what they think they should: dealing with customers, dealing with problems, ordering for their business, and paying their expenses. They act like their business is a job. They are surviving and that's it. They are not looking at the big picture. They need to use their business as a stepping stone to success. Picturing themselves as a successful business person, and setting up a plan to succeed.
|
| © Athifea Distribution LLC - 2013 |
