Thinking about starting a business or wanting to be more successful. Below are 10 things you need to know to increase your chances of being successful
CREATE A WRITTEN BUSINESS PLAN
All businesses started as an idea or concept. The successful ones also have a written plan. The business plan is a road map for your business. It charts the course that you plan to take and it outlines how you plan to get there.
USE THE INTERNET
The internet is a fabulous marketing tool. It allows you to have a global as well as a local identity and it is available 24/7. This is one of the most cost effective ways to market your business and reach potential customers.
IDENTIFY YOUR IDEAL CUSTOMER
Take the time to picture who your perfect customer would be. This allows you to structure your marketing efforts, products and services to meet the needs of the customer you are trying to reach.
CHOOSE THE RIGHT BUSINESS STRUCTURE
There are various ways to structure your business from a sole proprietor to a corporation. Each one has long term implications both from a business and a tax perspective. There are many factors that go into making this decision and each one should be considered carefully.
DETAILED FINANCIAL REPORTING
This is the area in which most business fall short. Most business owners are expects in their field but they have no knowledge of how to create a financial statement. In order for your business to succeed you need to learn how to read and use a Profit/Loss Statement, a Balance Sheet and several other key financial reports.
KNOW YOUR COMPETITION
Business can be ruthless. Customers are always shopping around for the best deal. Knowing who your competition is and what they are offering will help you to be competitive.
EXCEPTIONAL CUSTOMER SERVICE
Getting customers is actually the easy part. Keeping them can be harder. Customer service is one of the key aspects of your business. If you don’t treat your customers right, they will find someone who will.
NETWORK WITH OTHER BUSINESS OWNERS
Word of mouth is one of the best ways to attract new customers. Business owners like to support each other. One on the best ways to obtain new customers is through referrals. Going to networking events allows you to develop business relationship with other business owners who may know just the customer who could benefit from what you have to offer.
BE VERSATILE
Every business finds a concept that works for them; it may be a sales pitch or an advertisement. As a result they use it again and again and again. After awhile the concept starts to loose stream. To be successful you must always be on the look out for the better mouse trap. Remember, what works today may not always work tomorrow.
PROPER BUSINESS MANAGEMENT
The success or failure of your business can come down to proper business management. No matter how good you are at making the product or providing the service that you went into business for, the money the business earns will literally slip away if you ignore the basic management aspects of your business. According to the U.S. Chamber of Commerce, poor management is considered one of the leading reasons for business failure. Business management includes bookkeeping, managing customer credit and collections, controlling expenses, price setting, and the hiring and supervision of employees.