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| Building
a Better Business |
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Top Tips for Making the Most of Your Business
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1.
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Be realistic about who you are and where
your strengths lie. Very few people have all the qualities
and ideas to be able to devise and implement a successful
business on their own. Make sure you have someone you
can talk through your ideas with - whether it's a partner,
fellow director, or your spouse, talking things through
serves a number of purposes - |
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i)
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It helps you formulate your ideas
and helps develop your ability to communicate and
sell your idea or product to others. |
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ii)
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Obvious mistakes, shortcomings
and difficulties are more likely to be spotted |
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iii)
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Dangerous over-optimism on your
part may be countered by another person's caution
or pessimism. |
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iv)
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You will realise what is achievable
in the short term, and what long-term aims you need
help with. |
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2.
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Remember every good business needs to
succeed today, learn from yesterday and plan for tomorrow.
In order to have a future you have to make a success of
your current operation. If you have started small make
sure you can build big by delivering a good product or
service on time, within budget and keep your customer
happy. Take time to get the opinions of your customers
/ clients and, if things were not entirely right, learn
from the mistakes you have made. You need to research
and meticulously plan where your business is going in
the future. You may be succeeding now, but times and your
competitors will change. |
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3.
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In terms of the best investment you
can make in your business there is nothing to beat research.
Much of this can be done with little or no cost, save
for your time and effort, and an ability to listen to
what people or the market is saying. Research your product
or service that you intend to provide. Make sure there
is a market for it, at the price and time span you can
supply it. Talk to people, talk to your competitors -
if not face - to- face, then look at their web sites and
brochures. Make sure you can use the internet - there
is so much free and useful information available at your
fingertips. |
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4.
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Once you have done your research you
can plan your business. Whether you are at start up stage,
consolidation stage or expansion, research and planning
are on-going continuous processes. You can never have
too much of either. You need to develop a strategy for
your business. What is it you are going to do? Who are
you going to do it to or for? Why will people come to
you and not one of your competitors? You must find out
all you can about your customer and your competitor. You
need to constantly develop your strategy, reassessing
your plans at periodic intervals. You must plan for the
short term, medium term and long term. |
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5.
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Make a note of all your good ideas. Even if
you can't pursue that dream or idea at that stage, who's
to say it won't be feasible later. Create a dream file
or wish list for those ideas you have, but just can't
see a way to implement. If you've kept a record you
can reassess them in the future.
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6.
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Make sure your price is right for the
product or service you are providing for the potential
customers you are hoping to attract. Don't forget
to build into the costs of your product or service the
cost of advertising it or getting it to the attention
of your customers. |
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7.
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Remember also that you can't usually
build and run a business entirely on your own. You
need other good people to help you, and although this
is a crucial cost, it is also an investment in your business.
Two heads are better than one, and there is no substitute
for loyal, effective and intelligent staff. |
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8.
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Manage your relationship with your bank
carefully. In a way your bank manager is like your
mother - in - law - someone to dread, someone who can
make your life a misery, someone who is crucial to your
future success and happiness, but someone who if skillfully
handled won't turn out to be the ogre you expected. Keep
the promises you make to the bank - if you say you will
call them - make sure you do. Fill in their documents
and application forms carefully; give them all the information
they ask for, even if it doesn't seem relevant to you,
and if you need a banking indulgence make sure you ask
in plenty of time, rather than just trying to take an
unauthorised overdraft! |
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9.
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Remember if you work from home, you need
to be even more disciplined than if you work at business
premises elsewhere. There are many distractions at
home, from children, pets and just one load of washing,
to TV, a deckchair in the garden and a quick afternoon
siesta! Whilst the flexibility is one of the plus points
- don't let it become your downfall. Set aside times when
you are going to have no interruptions to your train of
thought, where your efforts are going to be productive.
Working from home always takes up more space than you
think, and you need to avoid the office spilling over
into the rest of the house. Not only will you lose things
and be less effective, that important document doesn't
look so good with a scribbled shopping list on the back! |
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10.
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Learn from your own mistakes and the
mistakes of others. If a client decides not to use
you anymore, find out why. Be polite, don't argue or beg!
Just ask for the opportunity to talk through why the customer
is changing. Was there a problem with the service or product
you supplied? How does the customer think it could have
been improved? Has your customer changed his needs or
requirements? Why does he believe you can no longer do
what he needs done? Look at your competitors. Are they
in trouble? If so why? If they are making mistakes, check
whether your business is making the same mistakes, and
take steps to correct them before you suffer like your
competitor has. |
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