SUCCESSFUL SMALL BUSINESS PART 2
SUCCESSFUL SMALL BUSINESS PART 2
Next to Successful Small Business Part-1
A lot of works Required by Small business startups.
A lot of work is required during the small business startup period. Small business startups require a lot of work. However, you may wonder what kind of work should be spent most of your time.
Computer consultants, when they consider small business startups, focus on the technical aspects of the business. The justification is that they want to offer a decent service and must have great technical skills before they will be ready to pay them.
During the startup period of small business, you should follow the 90/10 policy which is 90% of the time on direct marketing and 10% on building technical skills.
Types of small business startup activities to spend 90% of their time include:
Proposal Preparation – Lead Generation – Prospecting – going out on sales calls.
During the small business startup phase, you should be very mindful of the need to get high-quality customers. Not every non-client hour needs to go into administrative or organizational duties, which should engage in prospecting and networking. Once you start getting beyond the small business startup phase it can get a little easier. For now, however, client generation is your priority.
The Bottom Line in Small Business Startups
For small business startups, it is important to follow the 90/10 rule. Spending 90% of your time on direct marketing and business development activity vs. 10% on technical skills development is a trade-off that is worth it.
Mastery of small business
If you do not have a client to practice on them, there is no point in acquiring technical skills. Startup in small businesses is the time that can grow or break down your business. Grab your training and certifications for some time and meet people and contact more.
Small Business Owner – Listen
Have you ever wondered why SPAM has made more public opposition than direct and junk mail silence from their unsolicited paper cousins? People care a lot more in their inbox than their letterbox. And think of logical alternatives to the words “notice”, “read” and “care”.
All of this turns into campaign results that can eliminate other forms of direct communication, making it an ideal cost-effective option for any small business owner.
Let me explain why…
First of all, it is about personality. Email messages are written in personal style look best. Writing in this way is not what most small business owners think. Usually, their business shows more than their personality when writing in such a way seems to be a natural choice when compared to larger competitors with customers.
Secondly, a small business owner can understand which content has a good chance of reading. By working closely with them, they understand what their customers want to know and can easily translate it into articles and reports.
Third, the time and cost-efficient nature of email marketing are ideally suited to the busy small business owner. It may take more effort
You should prepare a list of 500 newsletter subscribers as it is up to 50,000. Also, the costs of producing an email are a part of the alternative paper option.
For a small business owner, a regular e-mail message can have personality and content, which itself is the next best thing as a phone call, just to be more efficient and at a much lower cost to produce.
So, you have these three reasons why small business owners can make it big in the inbox. Enjoy this great tool for your company.
Here’s an interesting assumption for successful small business
Did you know that mistakes can occur at different stages of the development of your business, which you can kill slowly for months or even years if you don’t find them?
Well, these mistakes exist and they are not reserved only for fraudulent companies. Businesses that have been running for 10+ years and that you think are successful and you are building them, possibly losing money and / or a waste of time.
While some of these big and sneaky mistakes are targeted more at service type companies, they don’t really fit the bill for almost any type of industry. I have done my best with the listing below to give an example to prove it.
Underestimating Project / Service Time–
It is a big one and it deals with service companies as well as companies that sell products. It is the bread and butter of a service company. If you do not anticipate your time to perform each of your services on your repertoire, you will get burned and there is little that you can do, but bite the bullet and learn from it.
The best way to estimate the time is to do it yourself once or see your best worker working and then throw a little fraud factor over it. For product-based companies, it should be aware because time becomes an issue with logistics.
Don’t know your company number / incorrectly setting the price for -successful small business
Notice I emphasized the word “your”. This is a common mistake as a competitor’s own pricing gauge without really knowing why they use those numbers. Think of the nightmare that you will find yourself in. If you price a competitor, cut it by 10% and then start selling.
What if the competition has a poor price structure and is barely making money or even losing money what if your costs are higher than theirs? You can use a competitor as a starting point, but you cannot base your entire strategy on it.
The cost as far as go variables industry to industry, you should be aware of your product pricing. The price you are paying for the product you are going to sell is not the only cost incurred in your head when you are pricing the products. How much does your labor and materials cost for a service at an hourly rate?
The cost of employees is more than just a salary and not every employee is a part of your labor cost. Every company has insurance for payment. There are tons of overhead expenses that should be part of your price. Oh, by the way, many people who forget about their price, it is the quality factor. Whether you are involved in “standard services” or “standard product features” as well as job site etiquette or store service or warranties, all need to go into your pricing. Why I will get more in the next segment.
Not all fees for your time and costs–
This seems like a stupid statement to make, but I’m sure most business owners will admit that they have given a little too far from the farm at times. Hey, there is nothing wrong with giving you a little extra here and there to take care of you. But either way, I’m not talking here.
I cannot cover the cost in consideration of works or products and shops putting too much quality what is concerned me. As an example, suppose you run a service company and your competitors do not serve a certain standard of service that you do. You cannot reduce their price to steal a job; You have to include that price in your rate and advertise the fact that it comes with a price upfront.
For example, when they place more people on the floor for customer service but do not charge for it, the stores themselves are vulnerable. You have to pay for these things and when your competitors do not do this then it costs less money for them. Serve better and then underestimate them, and your competition will have to wait a little longer so that you can fall on your face so they can bounce back.
As a business owner, you need to believe that you are providing meaningful warnings to your customers for which payment should be made. If you get a chance to explain why your prices are high, take that opportunity and do it.
If they don’t like the fact that you include things that others later charge extra for or that you consider being superior to them, then they are fully valued buyers. The regular customers always be yours and trust you, you should manage this.
Not being paid fast in successful small business
That’s right, the old cash flow issue. As long as you are actually making enough money to pay the bills, this problem can be solved, prevented, or at least not as bad as it could be.
Here’s the deal for successful small business
First, pay the bill to customers very quickly. It is very common for a small business not to have processes or systems in place to generate and exit doors in a timely fashion (see next section for more).
Again, it does not appear that for this reason, we are working – to get paid. But it is very easy for those responsible to get the information that the billing people are too busy to get it or they don’t have enough organization to deliver it properly.
The second part to slow down or prevent a regular cash flow crisis is to make quick payment deals with customers and the slowest possible with vendors and employees. If there is a way to not pay employees more than twice a month, you do it better.
Contractors always have an issue with this. If you have to pay weekly, tell them that they will get back the first week before you hire them, essentially buying you one week. It will help, I promise.
Part three includes credits. If your company can get a credit card, get it. This allows you to buy some important things (which you can spend) that are cash-rich.