SELLWANE KHAKHAU
Many people come up with great business ideas, but struggle to bring the idea to life. Entrepreneur.com shared ten tips that are essential when running a business.
1. Offer what people want to buy, not just what you want to sell.
Get into a business that’s already proven to have a market. Not one built around a product or service you THINK will be successful.
2. Get cash flowing ASAP.
Cash flow is the lifeblood of business. Therefore, find ways to jump start cash flow immediately.
3. Always find new ways to keep costs low.
Bring in more cash than you pay out. Keep your costs and expenses low.
4. Always overestimate expenses and underestimate revenues.
Being conservative in your numbers doesn’t mean you are willing to
accept those numbers, it just means you are arming yourself with information you can work with and work over.
5. Focus on sales and marketing manically.
From the start, find a good way to get leads, convert leads into sales, and make sure you keep getting repeat sales from your customers.
6. Exponentially increase profits.
In business, there are five drivers that impact profits:
1) Getting more leads. 2) Converting more leads into customers. 3) Increasing the number of times customers buy from you. 4) Increasing the average price point of sales. 5) Increasing profit margins.
7. Test and measure everything.
Test, measure and track your results to know what’s good and what needs to change.
8. Understand that learning comes before earning.
Commit to learning as much as you can about sales and marketing and operations, if you want to have a truly success business.
9. Don’t discount, add value.
Discounts mean you’re taking money directly out of your pocket and directly from your bottom-line profit. Rather create added value propositions all the way up and down your product or service line.
10. Get a coach.
Get someone who is objective and outside of your business you can rely on for business advice.
