Economies are shrinking. Day by day businesses are becoming more tougher. Hence the few tips !!
- Be prudent : Before taking any decision which can affect your business in any way, be careful. Don’t just use your guts but also use your brain.
- Put your house in order : Although we are more affected by our environment, surroundings and markets, we are more affected how we work and how we keep our house in order.Keep your books up-to-date, maintain daily reporting system, keep your sales, debts, stock on your finger tips. Keep all legal papers handy. Make sure that you know all related laws of the land.
- Work with your competition : In usual business we want to work against our competition. I suggest to know them more. Make deal with them in better interest of both the business. keep good relation with them. know their business more. Lets not take the ostrich approach. Lets face it.
- Reduce your costs : Reduce your costs : Specially your fix costs. Try to maximize return on your current fix cost. Incur it if it extremely important.
- Work with ethics : Don’t forget why on the first place you are in business. The primary purpose is to create something, to make living but of course not at the cost of others. Anything which is not ethical will not last for longer.
- Diversify : Don’t keep all your eggs in one basket. Even if you are in one business, try to sell complementary products, Add value in what you do. Look at your products from end user’s point of view. Too much dependents on one product or service can be dangerous in longer run
- Insurance : It is not the cost but it is your peaceful sleep at night. Big or small, any business should not underestimate power of insurance.
- Look for new opportunities : While you are doing your business in a conventional way, keep your eyes and ears open. Look for gap in the market. Be creative and use different approach to promote your products.
Don’t use short cuts to achieve success. Grow your business like parents raising their children. Step by Step !!!