We are told that the worst of the Great Recession is behind us, but I’m discovering that while some small-business owners’ sales have recovered marginally, many of their revenues are still severely down. Although some customers are a little more lenient with their money, it is obvious that consumer behavior has changed.
Entrepreneurs – whether unemployed people starting their own business or veterans trying to get their mojo back – need to do different things to survive. Everyone needs to change, especially small business owners. Fortunately, what has not changed is the core of business, those management qualities that almost all successful entrepreneurs have: ability, commitment and vision, and basic business skills 안전한카지노사이트.
New strategies are important, however, strategies designed to work in changing business conditions. I had the opportunity to develop and implement these strategies first hand during the recession and its aftermath – and I have used it myself. Not only have I approached many companies over the years, but I have been involved in the management of over 57 companies. I have a good idea of what works and does not work today, I learned that on the front lines of small business hand-to-hand combat.
Here are seven tips that will help ensure the success of your business:
Have a written plan. No plan, just a dream. It doesn’t have to be a document, but you’ll need a few pages detailing your goals, strategy, finances, marketing and sales strategy, and how much money you’d like to make. Writing them all down is a very important first step.
Don’t make your plans. Every serious fighter in history knows that even the best plans will sometimes be thrown into the flames when the bullets start flying. Edit, compete and win.
Keep your money and listen to others. Mentors are very important because you want people to reflect, evaluate what you are doing, and make you achieve greater things, holding you accountable for what you are doing. Always be true to your word and keep your promise, even when it is difficult and demanding. It’s not about you; it’s about business. Do not take things personally and avoid emotions. Don’t let your money control you.
Keep everything and manage by numbers. Create a written process for everything, because you will benefit from them later. This is how you train your staff and maintain consistency. Know your numbers and check them daily and make all decisions based on what they tell you. One of the most important calculations is the financial system. Find out how much money you need to start the business and don’t start without the necessary funds in hand.
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Delegate to employees and avoid micromanaging them. The manager’s job is to deliver and check progress. So don’t be bossy. Keep the business company flat. If you submit a job well, you will get more than expected. Have a well-written training and organizational plan so your employees know what is expected of them. Use incentive-based compensation systems and maintain a non-judgmental attitude toward issues that arise.
Use the Internet. It is very powerful and very profitable, but it takes time and skill. It’s about building a community, using social media like Facebook, YouTube, Twitter and blogs to build relationships with your customers. You have to get on the train and do it, because your competitors are doing it.
Transform your business. It is net profit, not gross profit, that you want to focus on. Separate yourself from your story and create a new competitive advantage, whether it’s a targeted niche or a large project, but not by discounting.
Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and thrive in this shrinking economy, if you follow the right path.
