List Categories | List All Articles | List Articles By Title
Business Success - The 42 Greatest Business Tips
What does it take to grow a business and run it successfully? The main ingredient is attention to the basics, operating with integrity and following the way other successful people have run their operations.
Here are StartRunGrow.com's 42 greatest business tips for you to follow:
Advisers - Make sure you talk to other successful people who have already done it. There is no sense in reinventing the wheel and learning by trial and error if you don't need to. Discuss it also with your family, especially your spouse. It's best to get their backing and support because you will need it.Costs - Watch your spending. It's very easy for business costs to "run right into the stratosphere". Even when you start to make money keep an eye on your costs.Capital - Don't start a business unless you have enough money saved up. You need to have enough to start up your business and to run your operation for a 6 month period (at least) until the business starts generating enough income to "fend for itself" and grow. Under-capitalisation by small businesses is one of the biggest causes of failure.Use others - Know your strengths and weaknesses and fill in the gaps with people (such as your advisers or experienced employees) who have expertise in the areas you don't.Court - Try and settle out of court if you can. Whatever your dispute going to court will cost you thousands of dollars for your lawyers as well as a huge amount of stress and heartache let alone loss of time and productivity. Avoid any type of court action if you can. Use negotiation, mediation or arbitration rather than litigation.Next level - Don't depend on your friends and family. They can help you at the start, but they are not usually the people to get you on to the next level because of their lack of experience and skills.Drawings - Try not to draw too much money out for yourself from the business at the beginning. If you take too much pay from your new venture it could impact on your cash reserves and leave the business with cash flow problems. Take out of the business the minimum that you need.Realistic - Keep your feet on the ground. Don't chase blue-sky potential. Be realistic in all you do. Don't show off. Use your head at all times.Good Products - Make sure you have good products and services. You can't have a business unless you are selling something that buyers want.There is no point going into the marketplace if your products and services are not up to scratch as far as quality or function is concerned. There are many competitors out there and it is tough to win, let alone survive.Cash Flow - Watch your cash flow every day. Monitor the cash that comes in and that goes out. Your cash is essential. Once that's gone - you're gone.Enjoy - Make sure you enjoy the business you are in. If you enjoy what you are doing, you will do it a lot better and a lot faster. It has to be something worth getting out of bed for.Motivation - Because you no longer have to account to anyone but yourself, you must be self-motivated. Get out of bed early every day just as if you had to beat the traffic to work.Determination - Unless you are serious and determined to succeed in your business you will find that little will be achieved. Be "dogged" determined and persevere.Confidence - Be confident in your own abilities. If you have confidence in your ideas and skills there is no reason why you cannot succeed, even alongside the big operators. Get ongoing help, if you can, from a successful business friend and your confidence will grow.Focus - Be focused. Don't be distracted. Keep your eye on the ball.Over-deliver - Always under-promise and over-deliver. There's something about doing more for customers than what you had originally promised. It gives your business and you a good name and reputation.Honesty - Keep your integrity. Don't do what many others do that involve cutting corners. Don't hide behind legal agreements. If it's yes then say YES, If it's no then say NO. Make sure your word is your bond. Keep honest and open. Nothing gives you a better nights sleep.Customers - Focus on your customers. Looking after your customers and pleasing them should be your number one priority. Without customers you've got no business.Skills - Make sure you possess the necessary skills to be able to carry out the type of business that you are contemplating or currently in.Experience - Even though it is not critical, possessing a little experience in accounting or business or finance will be a great help.Work - Work Hard. You will need to put in a few more hours at the beginning and for the first year or two. Tell your family and friends about this so they will understand and help you wherever possible.Pay your bills - Always pay your bills on time. Get a good name for it. Be faithful in this area and your suppliers will be able to trust you when you need more credit at certain times.Discount - If you pay early ask for a discount. In fact always ask for a discount when you buy anything. Most will give you a discount for cash. Discounts add up. No one pays the full retail price nowadays anyway.Tax - There are many things you can do to minimise your tax. See a good tax specialist if your accountant doesn't specialise in this area. Never delay your tax payments because penalties from the tax department can be pretty heavy.Records - Make sure your records are absolutely fantastic. Keep all your communication and emails. Keep every receipt. Take a copy of all documents. Lose nothing. They will "save your bacon" one day when you have a court case and you just happen to have a copy of that important piece of paper in your files.Hours - Keep to proper hours. If you burn the midnight oil everyone looses out. Your family, your friends, your kids and you. You will not be rested so your performance will suffer the next day.Learn - Get to know a little about business and the principles of finance, sales and profit. Read as much as you can on these subjects. Attend courses. Go to seminars. Learn and learn and learn. You cannot learn enough about business.Staff - Take your time in picking good staff. They will be the biggest asset in your business. Promote only to character. Character is never wrong. Dismiss those who do not work as they will not produce. Reward those who deserve it. Treat staff fairly.Golden Rule - Keep to the golden rule "Do unto others as you would want them to do unto you" - that never fails. And keep a smile on your face. It brightens everyone's day.Accountant - Get a good accountant. Someone who knows "their stuff". They must be prepared to "fight" for you if necessary. They must be able to give you attention. They must not be afraid of the Tax Department. Get someone who specialises in small business. Make sure you can get along - that's critical.Lawyer - Ditto as for Accountant plus they must be aggressive and be able to think on their feet. They must hate to lose. Get someone who can talk in plain language - not in legalese. They have to know all the tricks - legally. And they must be organised and sharp.Partners - Be very careful about who you bring in as partners or shareholders. The wrong people will ruin you. They will betray you and try to take your business from you. Keep control of all situations at all times. Make sure you are the Governing Director in your company and draft a Constitution in your favour before these people come in. Retain majority shareholding and keep directorship within your family or trusted associates. Make no one a director or partner unless they are totally loyal to you.Spouse - Don't leave your spouse or partner out of things. Men need to know that their wives have a special ability to see the details which they often miss. Woman's intuition? It's there and it works. Ladies, your man is great at seeing the big picture. Best working as a team.Passion - Be passionate about what you do. You have God-given abilities and they'll show through in your passion. Keep your passion. When nothing else gets you through, passion will.Live - Make sure you make a life and not just a living. Having a business should be long-term. It should be the investment for your retirement and an inheritance for your children and grandchildren. It has to be something that creates a life for you, not just a living.Stress - Watch out for worry and stress. Keep a calm attitude. Try being laid back. Learn how to relax. Take care of yourself. If the business loses you it loses its most valuable asset. Tomorrow's another day remember.Goals - Don't ever forget why you went into business in the first place. Now and then check up on yourself. What were your original goals? Are you still on track? Do your goals still excite you? If business no longer does it for you then it may be time for a change.Health - Keep yourself healthy and fit. Lose weight if you need to. Work in an early walk or gym session daily. Don't diet but develop better eating habits and lifestyle. Shortcuts don't work. Get to bed before 10 so you can get in at least 7-8 hrs sleep. Make changes that would be with you forever. "There's no change if there's no change".Rise Early - Start the day early. Get up before dawn while the family are still asleep. Wash your face, grab a "cuppa" and enjoy the morning. Have a quiet time for yourself and reflect on things. Be thankful for the new day. Rising early helps you to take control. Your mind is clear in the morning. Before 6 am is good. There's something about getting up early.Joy - Keep happy inside. Go with the proverb "A merry heart doeth good like a medicine".Family - Don't lose your family in your effort to get ahead. When you have become a millionaire it's not your money that will bring you happiness - it will be your family. Keep close to your kids. Be their rock. They need a secure hideout. Be the one person they know will always stand for them when no one else will give them a prayer. Love and respect your wife (or husband or partner) above all others. He or she is your greatest business ally. Value your family. Make sure they are there for you when you've reached the top by making sure you are there for them during your climb. Remember, No Business is worth it.Never Quit - If you fall or have fallen get up again. Don't stay down. Bounce back. Look up. "Two men looked out of prison bars - one saw mud the other saw stars". It depends where you look, up or down. No matter what you have gone through there will always be hope. Without hope life is hopeless. Never give up - ever.
Copyright 2005 StartRunGrow
StartRunGrow (http://www.startrungrow.com) is a global online information organisation that specialises in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.
Age Old Marketing Technique Improves Business Plan Executive Summaries
Every business plan book tells you how the Executive Summary is your opportunity to provide a brief overview of your business plan; capture your readers' attention and imagination; and, summarize the plan's highlights and key selling points.So, why am I telling you these 3 things when you probably already know them?Because it's useless advice unless you employ one, not so obvious, age old marketing technique to make these points come alive.
Work is a Four Letter Word
I love work, I can watch it all day.I am not scared of work, I have been known to approach within arm's length of it on a number of occasions.
Too Many Lawyers in Franchising Today
Attorneys and Lawyers are ruining the franchise industry. It is too bad too, because franchising represents over 400,000 businesses in our country and accounts for just over one-third of every consumer dollar spent in this country.
Franchise Territories for Mobile Businesses; Why Limitations
In franchising an individual desirous of their own business will sign on with a franchising company and use their brand name, know how and expertise to make a living. The franchisor will generally assign an exclusive territory with limitations.
Why Do Most Online Small Businesses Fail?
Search Engines account for almost 90% of all web traffic!In the Offline world its all about "location, location, location."Put your business were people crowd around and your set.
Starting a Mobile Auto Detailing Business; Dry Wash or Pressure Wash?
Many experienced auto detailing professionals who have started out using a pressure washer rarely use Dry Wash n' Guard. Most would say this is a matter of preference more than anything else.
Small Business Owners - They Owe You The Money Why Dont They Pay?
Doesn't it frustrate you when you've given good service, sometimes super service, and the customer doesn't pay you?Some of them aren't doing too well and are struggling for cash, but, gee, so are you. In the time they take to pay they could have paid off a little each week and the debt would be gone.
Why Small Businesses Fail (or Fail to Thrive)
Tammy, a skilled and gifted horticulturist, called me to discuss what she needed to know to start her own florist and landscaping business. She had been in the horticulture industry for 10 years and was incredibly skilled at working with flowers and plants - one of the best.
Franchising Pros and Cons
Last week's question from Anthony R. on how to choose the franchise that would best fulfill his life-long dream of owning his own business sparked a number of emails from other readers wanting to offer their two cents on the subject.
Competition Relations in Auto Detailing
There is significant competition in auto detailing and car washing. Even more between types of cleaning businesses, as each company attempts to expand into other services which are the mainstay of similar business models.
Arranging Your Fundraiser
When deciding to host a fundraiser for your company or organization there are many fundraising ideas available to you for choosing. The most popular fundraising ideas range from chocolate, magazines and candles to candy and much more!When picking your fundraising product be sure to pick a product that will have a good mark up and will be an easy sell.
Forming a Corporation - Investors
You've come up with the best idea since sliced bread, figured out a business name and formed a corporation. There is, however, one small problem.
Grants vs. Contracts
Commonly folks have asked me what the technical difference is between a contract and a grant. The difference is not about the dollar value or who the buying entity is nor the kind of work being done.
Aircraft Washing Business Tip - Interior Private Jet Cleaning
Aircraft Interiors of personal and corporate jets have hundreds of thousands of dollars invested. We have had an opportunity to speak at length in Tucson, AZ recently about the special custom interiors the weight they cost in performance and the needs in cleaning.
Nevada Incorporation: The Advantages of Incorporating in Nevada
Incorporation in Nevada has become an attractive option for savvy business entrepreneurs, and for good reason. Nevada corporations enjoy many benefits just not available anywhere else.
Presentations and Sales Automotive Detailers
Many auto detailers fall short in their sales presentations. I have often shopped the competition to see what their knowledge base was to gage their worthiness as a formidable competitor in the market place.
Small Business Owners - Form a Relationship with Your Bank Manager
It's just like a marriageTo expect a bank manager or officer to play such close attention to your account that he (or she) knows when you intend to deposit money and to know when to hold back a cheque is a hopeless dream.He has neither the time nor the resources, and you can complain until your blue in the face but, in the end, you have the sole responsibility to manage your bank account.
Simple Business Tactics Are Your Key To Success
In a world full of complications sometimes we overlook the simple things in life. We are so busy trying to work out our twisted problems that we miss out on the simple secrets to success.
Questions to Ask as Your Business Grows
Here are some of the questions that you need to ask yourself regarding various areas of the business before you start your growth push.
Are you clear on the goals of your business? Are your managers and other staff also up to date with these goals? Does your accountant or other adviser know what you are planning? Have you developed a business plan which brings into play the whole area of growth, which includes the resources that will be required of it? Have you assessed the performance of your marketing and advertising sections and if so, are these adequate? Have you put in strategies to get repeat sales? Are you clear about your competition and what you need to do to win when you start expanding your operations? Are you confident about your current advertising plan, including whether you have identified your target market and also the methods by which you will reach that market? Have you put in place policies for your employees? Do you feel you have loyal and productive staff? Have you put in place strategies for motivating your employees? This could include a system of extra remuneration or some other way of acknowledging their efforts.
Is Your Business Making Money?
Is your business making money? Would you know?Figuring out whether your business is actually making money is no easy task. Most small business owners have a pretty good idea of what their top line is (their revenues), but unless they're closely tracking and inputting all of their expenses, the bottom line can often come as a complete surprise.