Top 5 Tips for Business Success
As Business owners we need to be “all things to all people”. The list is endless. We need to have skills in Finance, Marketing PR, Customer Service, Legal experts, Counsellors AND do all this with a smile.
Attributes such as adaptability and versatility are the key skills business owners have displayed over the last number of years. As we get back to normal trading conditions here are the top 5 items that should be on your “to do list” as Entrepreneurs;
- Key information – Knowledge of your business is critical to success. It allows you take corrective action in time. Perfect the art of having key indicators at the ready – Turnover, Profit, Margins, Debtors/Creditors, Stock days etc
- Costing & Pricing– These are different ends of the spectrum but are forever entwined. Know exactly how much it costs to provide your product/service. Apply this knowledge to deciding the price you can sell at. Sounds simple but it is the key to attracting business that will add to your bottom line.
- Planning for Growth – While growth is the Holy Grail, it requires an increase in working capital, labour, fixed assets and funding. It is imperative to identify who will fund this and plan correctly.
- Cash flow – Manage the money; if you’re not doing it yourself get someone else to. A proper accounts system needs to be in place to manage your finances and identify cash highs and lows. Giving you time to put the resources in place to withstand these times.
