Here is part two in our two part series on how to run a successful business.
3. Continuously find better ways to keep expenses low. If you manage to keep the coffers full and ensure that theres more money in than out at the end of the month, then youre doing well. To do this, you have to keep your expenses and costs low. If youre doing something like furnishing a start up then your first thought should be that you should never pay retail, and make sure you look around for pre-loved or previously owned things to outfit your office or your retail space.
Paying sellers in advance also makes it easy for you negotiate some better costs. Particularly in this sort of business environment, where credit is at a premium, suppliers are more eager than at any other time in the past to find inventive ways to ensure that they can continue with their trade, and that is a pattern will probably continue to grow over the long run. So do some additional work and find out now how to your suppliers and trades people are going to work out for you. You may find a whole new way of working that will be even more lucrative for you.
I’ve never seen a new company where costs were no less than 30% more than first thought or expected, and in any case, you projected income is usually a great deal less than you might have initially expected. Being conservative in your numbers doesn’t mean you have to expect those numbers, it simply means you are giving yourself data you can work with and work over. It implies you can gauge the sorts of effort and time you will need to put into deals and promoting.
4. Focus on sales and marketing like a crazy person. When youre in a business environment nothing happens unless youre making sales, so find a way to make those sales and then push them so that you can continue to get repeat business. The best way to do this is to figure out a great marketing tool that you can use to channel your sales. Its even better if you can test and measure it.
Too many people worry about getting their brand completely nailed down before they start to eork on generating some all important leads! That is precisely the wrong and most backwards way to go about starting and generating business! Your leads are the most important part of your business, so dont waste money on promoting your brand when you could be working on generating more leads.
Soon, you’ll find out that its possible to business your brand from the ground up instead of spending years and hundreds of thousands of dollars on building it from the top down. And whos to say youll even last that long without leads?? Without leads you wont last at all. Thats not to say that for 1300 numbers in Australia visit Zintel shouldnt be a priority its just more important to get leads first.
5. Discover ways to exponentially increase and expand on your benefits. It’s as straightforward as getting more leads, changing over more leads into clients, expanding the quantity of times those clients purchase from you, expanding the normal cost purpose of your business and expanding your net revenues. Do any of those, while additionally holding expenses down, you will see more benefits. Do every one of them and you will see your business truly take off.
6. Test and measure everything. You can’t change what you don’t measure, and you can’t tell if a system or procedure is working on the off chance that you are not regularly testing, measuring and following your results.