Money Monday; Steps To A Successful Business
Money Monday. Steps to Help In Sustaining Your Business.
A healthy business is known for its outcome. By outcome, it means that the business can sustain itself, pay for its storage, add more stock and pay its workers without digging deep to your pocket. To achieve this, you must know the ABCs of a healthy business.
To begin with, avoid debts as much as you can, especially for a young business. Borrowing money to fund your business is a sign that your business is going downstream.To avoid this at an early stage, use the first couple of profits to boost your business. At a 'young' stage of business, do not expect much regardless of how promising it appears to be.
Have a boundary between your business and your friends, unless the friend is promoting your business. Most especially if friends start borrowing from you. It is best to loose a friend over your business.
Be a personal manager of your business. Whether or not you have workers and trustees, do not let any operation from your business go past your watch. Keeping a record of the activities will help manage funds and returns all together.
Most inportantly, make sure you have 'enough' in all aspects, from machendise to funds. The only way to achieve this is by having a clear record of your items. Replace once an item is sold, it might also save you from the shame of borrowing .
For people offering services, be available whenever a client needs you, always. Availability is the best marketing strategy. Have the best quality of everything. This way, you will get refferals and it is easier to maintain your customers.
Lastly, customer relations is always a game changer in any business field. Offer after-sale services, discounts once in a while and make a follow up from your customer to know whether or not they were certisfied. Learn to listen to both your customers and those with simillar businesses and ideas.