MUST-DOs
10 MUST-DOs FOR SMALL BUSINESS OWNERS:
1. MARKET, MARKET, MARKET - from the beginning and continually.
2. TAKE A SALES COURSE - You’ve got a great product/service, but the market is mean out there. If you don’t know how to close that lucrative sale then your competitors sure will.
3. KEEP AN ACCURATE EYE ON FINANCES – relying on gut instinct is not enough!
4. PAY YOURSELF PROPERLY, BEFORE OTHERS - if there’s not enough money to do that, then you need to question why you’re in business.
5. DIVERSIFY YOUR SPREAD OF CUSTOMERS – don’t rely on just a few major contracts.
6. PROCEDURISE ROUTINE TASKS - written procedures save a lot of time if you have to get extra help and lay the basis for building a business system.
7. EMPLOY ON SHORT-TERM CONTRACTS IF POSSIBLE - not only will staff be better motivated, but also it can help in a business downturn.
8. BE AWARE OF ANY ADD-ON SERVICES OR PRODUCTS YOU CAN OFFER - ones that are complementary to those you are already supplying your customers.
9. DON’T BASE YOUR PLANS ON PROMISES OF SALES - nothing is certain until it is signed and sealed.
10. CUT BACK ON OVERHEADS AS SOON AS POSSIBLE IN A DOWNTURN – don’t keep them going without the sales. That way you are draining your resources. You can take them up again when sales increase.