5 Tips on Running a Successful Business

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5 Tips on Running a Successful Business

Anyone starting out in business on their own, whether developing a brand new idea or starting your own business having been an employee for some time, there are five basic tips to assist in becoming a success:-

1. Have a Strategy

You need to keep looking ahead, working towards something. That means being proactive with what needs to be done to get there.

If you do not have a clear strategy, you will be working from day to day with very little progress. Many problems businesses experience are due to not being strategic. Set your goals and business plans to achieve them.

2. Focus on profit

the early stages of a business are likely to be a drain on cash resources. Ensure you have the finance available to cover the set up and ongoing running costs until a regular stream of income can be generated. However, the business must become self-financing to be successful and your business plans should reflect this. The aim should be to achieve profits which will provide both enough to re-invest in the business and also to make you feel it is all worth it.

3. Team commitment

you need to develop a team who are committed to the same aims as yourself. Staff commitment can not just be expected. They need to have goals set for themselves to the overall benefit of the business. They then have their goals and realise why it is they come to work each day.

The balance of the team is crucial. You need to have the right people working for you which means recruitment and training are essential.

4. Customer trust

You need your customers to trust you. That way, they will return for further business, will take on your advice and will recommend other people to you. Trust is all about consistency in the product or service you provide. We may still like people who are inconsistent but we don’t entirely trust them and may not recommend them.

5. Marketing

Don’t be afraid to let people know what you are providing. This applies to both current and prospective customers. Are your customers aware of all of the products/services that you provide? What other benefits do you provide? Free-parking? There are many things potential customers consider. Marketing is about creating a reputation for the business.

Whichever method of marketing you choose, you need to be sure it is achieving that aim. You should also ensure the benefits outweigh the cost so be careful with expensive and sophisticated marketing techniques. You don’t have to spend fortunes, you just need to be creative.

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